Bhavesh Zaveri (NYSE: HDB) reports HDFC Bank share and option holdings

Rhea-AI Filing Summary

HDFC Bank Ltd director Bhavesh Zaveri has filed an initial Form 3 reporting his ownership in the company. He holds 292,808 equity shares directly and a further 1,273,360 equity shares indirectly through his spouse. The filing also lists multiple employee stock options over HDFC Bank equity shares, with individual grants covering up to 110,000 underlying shares each, at exercise prices between 6.8000 and 10.2100 and expiration dates ranging from 2026 to 2034. This Form 3 records existing holdings rather than new market purchases or sales.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Zaveri Bhavesh

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL WEST

(Street)

MUMBAI INDIA 400013

(City) (State) (Zip)

INDIA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
HDFC BANK LTD [ HDB ]

3a. Foreign Trading Symbol
[HDFCBANK]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Equtiy Shares	292,808	D
Equtiy Shares	1,273,360	I	Spouse

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	10/24/2024	10/24/2026	Equity Shares	110,000	$6.8(1)	D
Employee Stock Option (Right to Buy)	11/25/2024	11/25/2026	Equity Shares	43,200	$8.34(1)	D
Employee Stock Option (Right to Buy)	11/25/2025	11/25/2027	Equity Shares	42,800	$8.34(1)	D
Employee Stock Option (Right to Buy)	09/26/2023	09/26/2027	Equity Shares	44,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2024	09/26/2028	Equity Shares	44,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2025	09/26/2029	Equity Shares	44,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/26/2026	09/26/2030	Equity Shares	44,600	$7.85(1)	D
Employee Stock Option (Right to Buy)	09/13/2024	09/13/2028	Equity Shares	44,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2025	09/13/2029	Equity Shares	44,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2026	09/13/2030	Equity Shares	44,800	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2027	09/13/2031	Equity Shares	44,980	$9(1)	D
Employee Stock Option (Right to Buy)	01/30/2026	01/30/2030	Equity Shares	39,400	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2027	01/30/2031	Equity Shares	39,400	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2028	01/30/2032	Equity Shares	39,400	$9.23(1)	D
Employee Stock Option (Right to Buy)	01/30/2029	01/30/2033	Equity Shares	39,004	$9.23(1)	D
Employee Stock Option (Right to Buy)	02/03/2027	02/03/2031	Equity Shares	34,600	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2028	02/03/2032	Equity Shares	34,600	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2029	02/03/2033	Equity Shares	34,600	$10.21(1)	D
Employee Stock Option (Right to Buy)	02/03/2030	02/03/2034	Equity Shares	34,742	$10.21(1)	D

Explanation of Responses:

1. Conversion rate as on March 17, 2026 applied : 1Rs = 0.011 USD

Remarks:

Exhibit 24- Power of Attorney Executive Director The equity shares of the Bank are also listed on BSE (Security code is 500180)

	/s/ Dhanjit Thaivalappil, Attorney in fact for Zaveri Bhavesh	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Bhavesh Zaveri’s Form 3 filing for HDFC Bank (HDB) show?

The Form 3 shows Bhavesh Zaveri’s existing ownership in HDFC Bank, including direct and spouse-held equity shares plus several employee stock option grants, without reporting any new market purchases or sales.

How many HDFC Bank (HDB) shares does Bhavesh Zaveri hold directly and indirectly?

Bhavesh Zaveri reports direct ownership of 292,808 HDFC Bank equity shares and indirect ownership of 1,273,360 equity shares held through his spouse, giving a detailed picture of his disclosed shareholdings in the bank.

What stock options are reported in Bhavesh Zaveri’s HDFC Bank (HDB) Form 3?

The filing lists multiple employee stock options over HDFC Bank equity shares, including grants with up to 110,000 underlying shares, at exercise prices from 6.8000 to 10.2100, with expiration dates extending from 2026 through 2034.

Does Bhavesh Zaveri’s Form 3 for HDFC Bank (HDB) disclose any share purchases or sales?

No, the Form 3 functions as an initial ownership statement. It lists Bhavesh Zaveri’s existing equity shareholdings and employee stock options in HDFC Bank, without identifying any new open-market purchases or sales transactions.

How long do Bhavesh Zaveri’s HDFC Bank (HDB) stock options remain exercisable?

The employee stock options disclosed in the filing have expiration dates ranging from 2026 to 2034, indicating that different grants remain exercisable over a multi‑year period, depending on each grant’s specific schedule.