HDFC Bank, India’s largest private sector lender, has reduced its notice period for employees from 90 days to 30 days, according to an FE report. The bank hopes that this change will improve flexibility. This is the second private sector lender to make this change after ICICI Bank in 2020 cut the notice period from 90 days to 30 days.
“This change in policy aims to provide more flexibility for employees while ensuring smooth transitions,” the FE report quoted a senior HDFC Bank official as saying.
HDFC Bank employees were informed of the change in the HR policy by email on May 6, according to the report citing sources.
According to the latest changes, employees under probation need to serve a 30-day notice period. However, employees, according to the report, employees can even be relieved in less than 30 days if their request is approved by their reporting manager.
Currently, Kotak Mahindra Bank has a notice period of 90 days. Public sector lenders like State Bank of India, Punjab National Bank and Bank of Baroda also have the same duration of notice period.
The total number of employees at HDFC Bank crossed the 2 lakh mark to reach 208,066 in the third quarter of FY24.
In Q4 FY24, HDFC Bank reported a 37.05 per cent jump in its standalone net profit to Rs 16,511.85 crore. Its net interest income (interest earned less interest expended) during the quarter ended March 31, 2024, grew 24.51 per cent to Rs 29,076.82 crore, from Rs 23,351.83 crore a year ago, according to a BSE filing.
For the full year 2023-24, Its net profit stood at Rs 60,810 crore, which is 37.9 per cent higher as compared with that in the year-ago period.
It also declared a dividend of Rs 19.50 per equity share, or 1,950 per cent, for the financial year 2023-24. This was higher than the Rs 19 dividend announced in the previous year 2022-23 and the Rs 15.5 announced in 2021-22.
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