HDFC Bank (NYSE: HDB) wealth head discloses shares and option grants

Rhea-AI Filing Summary

HDFC Bank Ltd executive Rakesh Singh, Group Head – Wealth, has filed an initial ownership report showing his current holdings in the bank’s securities. The filing lists 491,800 Equity Shares held directly as of the reported date.

It also details a series of Employee Stock Options (Right to Buy) over Equity Shares with preset exercise prices and future expiration dates. These option positions cover multiple grants, including 130,000 underlying shares at an exercise price of 6.8000 and additional blocks such as 51,800–52,000 shares at 7.8500, 44,800–44,980 shares at 9.0000, 41,600 shares at 9.5400, and 18,400–49,140 shares at 10.6300, expiring between 2026 and 2033.

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^*

Singh Rakesh

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL

(Street)

MUMBAI K7 400013

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Group Head - Wealth

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

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)
Equity Shares	491,800	D

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	130,000	$6.8(1)	D
Employee Stock Option (Right to Buy)	07/31/2024	07/31/2026	Equity Shares	51,800	$7.85(1)	D
Employee Stock Option (Right to Buy)	07/31/2025	07/31/2027	Equity Shares	52,000	$7.85(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)	10/29/2025	10/29/2029	Equity Shares	41,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2026	10/29/2030	Equity Shares	41,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2027	10/29/2031	Equity Shares	41,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2028	10/29/2032	Equity Shares	41,600	$9.54(1)	D
Employee Stock Option (Right to Buy)	09/18/2026	09/18/2030	Equity Shares	18,400	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2027	09/18/2031	Equity Shares	24,600	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2028	09/18/2032	Equity Shares	30,700	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2029	09/18/2033	Equity Shares	49,140	$10.63(1)	D

Explanation of Responses:

1. Conversion rate as on March 16, 2026 applied : 1Rs = 0.011 USD

Remarks:

Exibit 24 - Power of Attorney Group Head - Wealth

	/s/ Dhanjit Thaivalappil, Attorney in fact for Singh Rakesh	03/17/2026
	** 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.

FAQ

What does Rakesh Singh’s Form 3 filing for HDFC Bank (HDB) show?

The Form 3 shows Rakesh Singh’s existing ownership in HDFC Bank securities. It lists his direct holding of 491,800 Equity Shares and a detailed schedule of Employee Stock Options with specified exercise prices and expiration dates, establishing his baseline equity and option position.

How many HDFC Bank Equity Shares does Rakesh Singh hold directly?

Rakesh Singh directly holds 491,800 Equity Shares of HDFC Bank. This figure represents his reported common equity ownership as of the Form 3 date, separate from his various Employee Stock Option grants over additional underlying Equity Shares.

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

The filing lists multiple Employee Stock Option grants over Equity Shares. These include blocks such as 130,000 underlying shares at a 6.8000 exercise price and additional grants around 51,800–52,000, 44,800–44,980, 41,600, and 18,400–49,140 underlying shares at higher exercise prices.

What are the exercise prices on Rakesh Singh’s HDFC Bank employee stock options?

His Employee Stock Options carry exercise prices of 6.8000, 7.8500, 9.0000, 9.5400, and 10.6300. Each price level applies to different option grants over specific numbers of underlying Equity Shares, as itemized in the Form 3 derivative holdings table.

When do Rakesh Singh’s HDFC Bank employee stock options expire?

The options have staggered expiration dates ranging from 2026 through 2033. Individual grants expire on specific dates such as 2026-10-24, 2027-07-31, 2028-09-13, 2030-09-18, and 2033-09-18, reflecting a long-dated incentive structure.

Does Rakesh Singh’s Form 3 for HDFC Bank show any stock purchases or sales?

No, the Form 3 records holdings rather than transactions. All entries are classified as holdings, with transaction codes and directions marked unknown, so the document establishes positions but does not report new open-market buys or sells.

Is there any currency information in Rakesh Singh’s HDFC Bank Form 3 footnotes?

Yes. A footnote states a conversion rate as of March 16, 2026, noting that 1 Rs equals 0.011 USD. This provides a reference exchange rate but does not change the reported share or option quantities.