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HDFC Bank (NYSE: HDB) calls US$ 1B 3.7% Additional Tier 1 notes

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

HDFC Bank Limited has elected to exercise the call option on its US$ 1,000,000,000 3.7% Additional Tier 1 Notes issued on August 25, 2021, in accordance with the bonds’ redemption-at-issuer’s-option terms.

The bank will redeem all outstanding bonds in full on the first call date of August 25, 2026 at 100% of principal, together with accrued and unpaid interest or distributions up to the redemption date, as provided in the bond documentation. After redemption, all rights and obligations relating to the bonds will cease, other than bondholders’ entitlement to receive the redemption amount.

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AT1 Notes Principal US$ 1,000,000,000 Principal amount of 3.7% Additional Tier 1 Notes subject to redemption
Coupon Rate 3.7% Interest rate on the Additional Tier 1 Notes being redeemed
Redemption Price 100% of the principal amount outstanding Price at which the bonds will be redeemed on the first call date
Issuance Date August 25, 2021 Original issue date of the US$ 1,000,000,000 3.7% Additional Tier 1 Notes
Redemption Date August 25, 2026 First call date when all outstanding Additional Tier 1 Notes will be redeemed
Additional Tier 1 Notes financial
"US$ 1,000,000,000 3.7% Additional Tier 1 Notes (“Bonds”) issued on August 25, 2021"
Call Option financial
"the Bank has elected to exercise the Call Option in respect of the US$ 1,000,000,000"
A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time period. Think of it as a refundable reservation to buy an item later at today’s price: you pay a fee up front and can profit if the stock rises, while your downside is limited to that fee; investors use calls to gain leverage, speculate on upside, or hedge positions without owning the shares.
Redemption Date financial
"On the Redemption Date, the Bonds will be redeemed in full and all rights and obligations"
The redemption date is the specific day when a debt-like security (such as a bond, preferred share, or certificate) must be repaid by the issuer and the investor receives the principal plus any final interest or dividends. It matters to investors because it tells when cash will return, shapes the effective return and price of the security, and creates reinvestment and timing considerations—like knowing when a loan is due so you can plan what to do with the returned money.
Trust Deed financial
"pursuant to the Trust Deed between the Issuer and Citicorp International Limited"
A trust deed is a legal document used to secure a loan with real property: the borrower transfers title to a neutral third-party trustee to hold as collateral until the loan is repaid. It works like handing the house keys to a trusted friend while you pay back the debt, allowing the lender quicker recovery if the borrower defaults. Investors care because a trust deed determines the lender’s priority, speed of foreclosure, and likelihood of recovering funds in a default.
Redemption at the Option of the Issuer financial
"in accordance with Condition 4(b) (Redemption at the Option of the Issuer) of the Terms"
A clause that lets the borrower (the company that issued a bond or preferred share) choose to pay back the security before its stated maturity date. It matters to investors because early repayment changes expected income and timing — like a loan being paid off ahead of schedule — which can lower total returns and force reinvestment at potentially lower interest rates; buyers often demand higher yields or call protection to compensate.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What did HDFC Bank (HDB) announce about its US$ 1,000,000,000 Additional Tier 1 notes?
HDFC Bank (HDB) has decided to exercise the call option on its US$ 1,000,000,000 3.7% Additional Tier 1 Notes. All outstanding bonds will be redeemed in full on August 25, 2026, following the issuer call provisions in the bond terms.

When will HDFC Bank (HDB) redeem the Additional Tier 1 notes and at what price?
The notes will be redeemed on the first call date, August 25, 2026. Bondholders will receive 100% of the principal amount outstanding plus accrued and unpaid interest or distributions up to the redemption date, in line with the bonds’ terms and conditions.

What are the key terms of HDFC Bank’s (HDB) Additional Tier 1 notes being called?
The bonds total US$ 1,000,000,000 with a 3.7% coupon and were issued on August 25, 2021. They are being redeemed at 100% of principal on August 25, 2026, together with any accrued and unpaid interest or distributions.

Which ISINs and CUSIPs are covered by HDFC Bank’s (HDB) AT1 call and redemption?
The redemption covers bonds with ISINs USY3119PFH74 and US40415FAA93, and CUSIPs Y3119PFH7 and 40415FAA9. These identifiers correspond to Additional Tier 1 notes sold under Regulation S and Rule 144A structures.

What happens to HDFC Bank (HDB) bondholders’ rights after the AT1 notes are redeemed?
On the redemption date, all bonds will be redeemed in full and related rights and obligations will cease. Bondholders will retain only the right to receive the redemption amount and any accrued distributions, as specified in the bond terms and conditions.

How are HDFC Bank (HDB) bondholders notified and who should they contact about redemption?
HDFC Bank instructed the trustee to issue a redemption notice, with trustee notification requested on July 26, 2026. Bondholders are asked to contact their depository participant, custodian, or paying agent for any procedural matters related to the redemption process.
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of July, 2026

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

 

 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

HDFC BANK LIMITED

   

    (Registrant)

Date: July 24, 2026     By:  

/s/ Ajay Agarwal

   

Name:  Ajay Agarwal

   

Title:   Company Secretary

   

    Group Head – Secretarial & Group Oversight

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this report pursuant to the General Instructions for Form 6-K.

Exhibit No. 99

Description

Disclosure

 

Exhibit 99

July 24, 2026

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: Disclosure

We wish to inform you that the Bank has elected to exercise the Call Option in respect of the US$ 1,000,000,000 3.7% Additional Tier 1 Notes (“Bonds”) issued on August 25, 2021, in accordance with condition 4(b) (Redemption at the Option of the Issuer) of the Terms and Conditions of the said Bonds.

We wish to further inform you that the Bank will redeem the said Bonds in full on the First Call Date, i.e., August 25, 2026, at the applicable redemption price, together with accrued and unpaid interest/distributions up to (but excluding/including, as applicable) the redemption date, in accordance with the Terms and Conditions of the said Bonds.

A letter dated July 24, 2026 has been issued to the Trustee i.e. Citicorp International Limited, with an instruction to issue a notice of redemption to all the eligible Bondholders as per the prescribed timelines and mode of delivery.

The terms and conditions of the call exercise are given below:

 

Nature of
Securities		    Description of
securities		    ISIN    CUSIP    Amount
Outstanding		    Call/
Redemption
Date		    Redemption
Price
Additional Tier1 Notes sold under Regulation S    US$ 1,000,000,000 3.7% Additional Tier 1 Notes    USY3119PFH74    Y3119PFH7    US$ 1,000,000,000    August 25, 2026    100% of the principal amount outstanding (together with accrued and unpaid interest/ distributions up to, but excluding/ including, the redemption date, as applicable under the terms and conditions.)

Additional Tier1 Notes sold under Rule 144A

 

 

 

    US40415FAA93    40415FAA9

A copy of the said letter is also enclosed herewith.

This is for your information and record.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Ajay Agarwal

Company Secretary

Group Head – Secretarial & Group Oversight

LOGO

  

HDFC Bank Limited

HDFC Bank House,

Shiv Sagar Estate,

Dr. Annie Besant Road,

Worli, Mumbai - 400 018.

Tel : 022 – 66521000

NOTICE OF EXERCISE OF CALL OPTION AND REDEMPTION

OF ADDITIONAL TIER 1 NOTES

HDFC Bank Ltd. (Issuer)

Date: 24th July 2026

Citibank, N.A., London Branch

14/F, Citigroup Centre,

Canada Square,

Canary Wharf,

London E14 5LB,

United Kingdom

Attn: Agency & Trust

With a copy to:

Citicorp International Ltd.

Floor 39, Champion Tower,

Three Garden Road, Central,

Hong Kong

Subject: Notice of Redemption US$ 1,000,000,000 3.7% Additional Tier 1 Notes pursuant to Exercise of Call Option

Dear Trustee/ Bondholders,

Reference is made to the US$ 1,000,000,000 3.7% Additional Tier 1 Notes (“Bonds”) issued by HDFC Bank Ltd. (the “Issuer”) pursuant to the Trust Deed between the Issuer and Citicorp International Limited (the “Trustee”) dated on August 25, 2021. Capitalised terms used herein shall have the meanings ascribed to them in the Terms and Conditions of the Bonds.

In accordance with Condition 4(b) (Redemption at the Option of the Issuer) of the Terms and Conditions of the Bonds, the Issuer hereby wish to irrevocably notify the Bondholders that it has elected to exercise its option to redeem all outstanding Bonds on the First Call Date of August 25, 2026.

The Trustee is requested to issue the relevant notice to the bondholders on 26th July 2026.

Accordingly, please find below details of the call exercise.

 

  •  

Description of Securities: US$ 1,000,000,000 3.7% Additional Tier 1 Notes

 

  •  

For the Additional Tier I Notes sold under Regulation S:

ISIN: USY3119PFH74

CUSIP: Y3119P FH7

 

                            www.hdfcbank.com                            

Regd. Office: HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400 013

Corporate Identity No.: L65920MH1994PLC080618

LOGO

 

  •  

For the Additional Tier I Notes sold under Rule 144A:

ISIN: US40415FAA93

CUSIP: 40415F AA9

 

  •  

Outstanding Principal Amount: US$1,000,000,000

 

  •  

Call Date/ Redemption Date: August 25, 2026

 

  •  

Redemption Price: 100% of the principal amount outstanding (together with accrued and unpaid interest/distributions up to, but excluding/including, the Redemption Date, as applicable under the Terms and Conditions)

 

  •  

Redemption Date: August 25, 2026

On the Redemption Date, the Bonds will be redeemed in full and all rights and obligations relating to the Bonds shall cease, except for the right of Bondholders to receive the redemption amount and any accrued distributions payable in accordance with the Terms and Conditions of the Bonds.

Bondholders are requested to contact their depository participant, custodian, or paying agent for any procedural matters relating to the redemption process.

 

For and on behalf of
HDFC Bank Ltd.
Authorized Signatory

LOGO

Arup Rakshit
Group Head — Treasury

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

1 document

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