The full form of HDFC is Housing Development Finance Corporation. It is a financial organisation in India that was founded in 1977 with the intention of giving the country’s citizens access to cheap house financing. The Industrial Credit and Investment Corporation of India (ICICI), which funded HDFC at the time of its establishment, helped the World Bank set up the organisation. One of the major private sector banks in India today, HDFC offers a variety of financial services and products, including banking, insurance, loans, credit cards, and investment services. The primary component of the HDFC Group, HDFC Bank, is widely recognised for its innovative and client-focused approach to banking.
With its headquarters in Mumbai, Maharashtra, India, HDFC Bank also maintains a significant online presence through its website and mobile app in addition to having a substantial nationwide network of branches and ATMs. One of the most valuable firms on the Indian stock market, HDFC Bank is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Features or Characteristics of HDFC
- HDFC was founded as a provider of mortgage financing and is renowned for its knowledge in this field. To meet the demands of various consumers, it provides a range of home loan packages.
- Over the years, HDFC has expanded the scope of its product offerings to include, among other things, banking, insurance, loans, credit cards, and investment services.
- HDFC is renowned for its client-centred philosophy and has received several honours for its offerings. To satisfy the changing demands of its clients, it provides a variety of cutting-edge goods and services.
- HDFC is well-known online and provides a variety of online services to its clients, including digital payments, internet banking, and mobile banking.
- HDFC has a strong risk management structure in place to guarantee the security of its clients’ money. Best practices for risk management and compliance are followed.
- HDFC adheres to industry best practices and has a solid corporate governance framework in place. In all of its operations, it is dedicated to accountability and openness.
History of HDFC
- The Housing Development Finance Corporation (HDFC) was founded in 1977 with the intention of giving the people of India access to affordable house financing. With the help of the World Bank, the Industrial Credit and Investment Corporation of India (ICICI) promoted HDFC.
- HDFC first specialised solely in offering mortgage financing and created a number of cutting-edge products and services in this sector. Longer repayment terms for housing loans were offered, which made it simpler for people to purchase their own homes. It also popularised the idea of mortgage-backed securities, which enabled it to access capital markets for funding.
- HDFC developed its banking arm, in 1994. In 1995, HDFC Bank began conducting business as a scheduled commercial bank. Rapidly becoming a dominant force in the Indian banking sector, HDFC Bank is renowned for its customer-centric philosophy as well as for its cutting-edge goods and services.
- The variety of products offered by HDFC has expanded over time to include, among other things, banking, insurance, loans, credit cards, and investment services. It now has operations in a number of other nations, including Bahrain, Hong Kong, and Dubai, and it provides its clients with a variety of international banking services.
Core Values and Ideals of HDFC
- Customer Service: HDFC bases all of its decisions on the wants and demands of its clients. The organisation wants to establish enduring relationships with its customers by offering great customer service.
- Integrity: HDFC does business with the greatest moral and open standards possible. In all of its interactions with clients, staff members, and other stakeholders, the business aims to uphold honesty, fairness, and responsibility.
- Innovation: To suit the evolving demands of its consumers, HDFC believes in continuously developing and upgrading its goods and services. The firm promotes the use of creative thinking and the development of original solutions to issues.
- Professionalism: HDFC is dedicated to upholding a high standard of professionalism across all parts of its operations. The business seeks and keeps bright individuals that are committed to giving consumers outstanding service.
- Teamwork: Teamwork is something that HDFC appreciates highly since it understands that the success of the business depends on the efforts of all of its workers. The workplace promotes an inclusive, respectful, and collaborative atmosphere.
- Social Responsibility: HDFC is dedicated to having a beneficial influence on both society and the environment. By promoting sustainable practices and aiding social causes through its corporate social responsibility initiatives, the company aspires to be a responsible corporate citizen.
Products and Services of HDFC
- Home Loans: HDFC is best recognised for its home loan offerings, which cover a range of client needs, including the purchase of a new home, building a home, renovating a home, and adding on to an existing home.
- Deposits: HDFC provides its clients with fixed deposits, recurring deposits, and savings accounts with competitive interest rates.
- Insurance: To satisfy its clients’ insurance needs, HDFC offers a range of insurance products, including life insurance, health insurance, auto insurance, travel insurance, and house insurance.
- Loans secured by property: At affordable interest rates, HDFC offers loans secured by both residential and commercial properties.
- Credit Cards: HDFC provides a selection of credit cards with enticing reward points, cashback deals, and other advantages.
- Mutual Funds: HDFC provides its clients with mutual funds that enable them to invest in equity, debt, and hybrid funds in accordance with their risk tolerance and financial goals.
- Demat Accounts: Investors may keep and manage their securities electronically with the help of HDFC’s demat accounts.
- Fixed Deposits: HDFC provides fixed deposits with excellent interest rates for a variety of terms, from 7 days to 10 years.
- Personal Loans: HDFC provides personal loans to clients for a range of needs, including travel, wedding, and medical costs.
- Business Loans: HDFC offers a range of business loans, including loans for working capital, loans for equipment, and loans for SMEs and MSMEs.