(Bloomberg) -- HDFC Bank said deposits are being lifted by its mega-merger with Housing Development Finance Corp., as more customers open savings accounts with India’s largest private sector bank to route their monthly mortgage installments.
Before the merger in July about 30% to 35% of such payments were customers with an HDFC Bank savings account, Arvind Kapil, country head for mortgage banking at the lender, said in a statement. This has reached about 80% post-merger, he said.
“The home loan business for the bank has become both an asset and liability generator and is growing sizeably,” he said. “This leads to a higher stickiness quotient and a stronger customer connect with the bank for a longer duration.”
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