HDFC Bank (NYSE: HDB) finance head reports multiple stock option grants

Rhea-AI Filing Summary

HDFC Bank Ltd executive Vaidyanathan Srinivasan, Group Head – Finance, has filed an initial Form 3 detailing his holdings in the bank. The filing shows multiple employee stock options over equity shares, including one grant over 44,600 underlying shares at an exercise price of Rs 7.85, and additional grants at exercise prices of Rs 9.00, Rs 9.54, and Rs 10.63 with expirations between 2028 and 2033. He also directly holds 192 equity shares. A footnote notes a conversion rate of 1 Indian rupee = 0.011 U.S. dollars as of March 16, 2026.

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^*

Vaidyanathan Srinivasan

(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 - Finance

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	192	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)	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	40,400	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2025	09/13/2029	Equity Shares	40,400	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2026	09/13/2030	Equity Shares	40,400	$9(1)	D
Employee Stock Option (Right to Buy)	09/13/2027	09/13/2031	Equity Shares	40,240	$9(1)	D
Employee Stock Option (Right to Buy)	10/29/2025	10/29/2029	Equity Shares	29,800	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2026	10/29/2030	Equity Shares	29,800	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2027	10/29/2031	Equity Shares	29,800	$9.54(1)	D
Employee Stock Option (Right to Buy)	10/29/2028	10/29/2032	Equity Shares	29,480	$9.54(1)	D
Employee Stock Option (Right to Buy)	09/18/2026	09/18/2030	Equity Shares	16,700	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2027	09/18/2031	Equity Shares	22,200	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2028	09/18/2032	Equity Shares	27,800	$10.63(1)	D
Employee Stock Option (Right to Buy)	09/18/2029	09/18/2033	Equity Shares	44,440	$10.63(1)	D

Explanation of Responses:

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

Remarks:

Exhibit 24 - Power of Attorney Group Head - Finance

	/s/ Dhanjit Thaivalappil, Attorney in fact for Vaidyanathan Srinivasan	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 the HDFC Bank (HDB) Form 3 filing by Vaidyanathan Srinivasan show?

The Form 3 shows that Group Head – Finance Vaidyanathan Srinivasan holds multiple employee stock options on HDFC Bank equity shares and 192 directly held shares. It lists each option tranche with exercise prices, underlying share counts, and expiration dates.

How many HDFC Bank equity shares does Vaidyanathan Srinivasan hold directly?

The filing reports that Vaidyanathan Srinivasan directly holds 192 equity shares of HDFC Bank Ltd. This direct holding is separate from his employee stock options, which provide rights to acquire additional equity shares at specified exercise prices and future dates.

What employee stock options are reported for HDFC Bank executive Vaidyanathan Srinivasan?

The filing lists several Employee Stock Option (Right to Buy) grants over HDFC Bank equity shares, including one over 44,600 underlying shares at Rs 7.85 and others at Rs 9.00, Rs 9.54, and Rs 10.63, each with defined expiration dates.

Are there any buy or sell transactions in the HDFC Bank (HDB) Form 3 for Vaidyanathan Srinivasan?

No explicit buy or sell transactions are reported; the entries are coded as holding with unknown transaction direction. This Form 3 primarily discloses Srinivasan’s existing option awards and his 192 directly held equity shares in HDFC Bank.

What are the expiration dates of the HDFC Bank stock options held by Vaidyanathan Srinivasan?

The options reported in the filing have staggered expiration dates running from 2028 through 2033. Each tranche specifies an exact expiration date, such as September 13, 2028 or September 18, 2033, tied to its respective exercise price and underlying shares.

Is any currency conversion information provided in the HDFC Bank Form 3 filing?

Yes. A footnote specifies a conversion rate of 1 Indian rupee = 0.011 U.S. dollars as of March 16, 2026. This helps translate the rupee-denominated exercise prices of the employee stock options into approximate U.S. dollar terms for investors.