HDFC Bank Reduces Notice Period for Employees

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HDFC Bank, India’s largest private sector bank, has reduced its employee notice period from 90 days to 30 days, as reported by FE. The bank aims to enhance flexibility with this adjustment, following in the footsteps of ICICI Bank, which made a similar change in 2020.

A senior official from HDFC Bank mentioned, “The policy adjustment is designed to offer greater flexibility to employees while ensuring seamless transitions.”

Employees of HDFC Bank were notified of this HR policy amendment via email on May 6, as per sources cited in the report.

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Under the updated policy, probationary employees are required to serve a 30-day notice period. However, employees may be relieved in less than 30 days with approval from their reporting manager.

As of the third quarter of FY24, HDFC Bank’s employee count surpassed 208,066.

In Q4 FY24, HDFC Bank recorded a 37.05% increase in standalone net profit to Rs 16,511.85 crore. Its net interest income for the quarter ended March 31, 2024, grew by 24.51% to Rs 29,076.82 crore, compared to the previous year, according to a BSE filing.

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For the fiscal year 2023-24, HDFC Bank’s net profit reached Rs 60,810 crore, marking a 37.9% increase over the preceding year.

Additionally, the bank announced a dividend of Rs 19.50 per equity share (1,950%), higher than the dividends of Rs 19 and Rs 15.5 declared in the fiscal years 2022-23 and 2021-22, respectively.

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