Retirement benefits (Tables)
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12 Months Ended |
Mar. 31, 2025 |
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| Schedule of Allocation of Plan Assets |
Plan investment assets for gratuity funds and the pension fund measured at fair value by level and in total as of March 31, 2024 and March 31, 2025 are summarized in the table below.
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Funds managed by insurance company (1) |
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Rs. |
— |
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Rs. |
— |
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Rs. |
859.1 |
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Rs. |
— |
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Rs. |
— |
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Rs. |
769.1 |
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Funds managed by insurance company (2) |
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— |
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14,478.3 |
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— |
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— |
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15,803.1 |
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— |
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— |
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1,792.6 |
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— |
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— |
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1,799.5 |
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— |
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— |
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1,200.9 |
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— |
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— |
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1,131.1 |
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— |
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581.9 |
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200.5 |
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— |
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649.8 |
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238.9 |
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— |
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Rs. |
581.9 |
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Rs. |
17,672.3 |
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Rs. |
859.1 |
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Rs. |
649.8 |
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Rs. |
18,972.6 |
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Rs. |
769.1 |
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US$ |
7.6 |
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US$ |
222.0 |
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US$ |
9.0 |
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| Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
The table below presents a reconciliation of all Plan investment assets measured at fair value using significant unobservable inputs (Level 3) during the fiscal years ended March 31, 2024 and March 31, 2025.
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Funds managed by Insurance
companies as of March 31, |
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Rs. |
864.5 |
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Rs. |
859.1 |
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US$ |
10.1 |
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25.1 |
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— |
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— |
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Realized interest credited to fund |
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64.0 |
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70.2 |
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0.8 |
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Contribution during the period |
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70.9 |
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88.6 |
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1.0 |
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Amount paid towards claim |
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(165.4 |
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(248.8 |
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(2.9 |
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Rs. |
859.1 |
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Rs. |
769.1 |
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US$ |
9.0 |
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| Gratuity |
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| Schedule of Defined Benefit Plans Disclosures |
The following table sets out the funded status of the gratuity plan and the amounts recognized in the Bank’s consolidated financial statements as of March 31, 2024 and March 31, 2025:
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Change in benefit obligations: |
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Projected benefit obligation (“PBO”), beginning of the period |
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Rs. |
11,491.6 |
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Rs. |
17,591.9 |
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US$ |
205.9 |
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5,421.2 |
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— |
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— |
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1,968.8 |
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3,213.5 |
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37.6 |
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981.3 |
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1,313.5 |
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15.4 |
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(303.0 |
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611.7 |
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7.2 |
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(1,968.0 |
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(1,353.4 |
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(15.8 |
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Projected benefit obligation, end of the period |
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17,591.9 |
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21,377.2 |
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250.3 |
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Fair value of plan assets, beginning of the period |
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10,916.1 |
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18,951.8 |
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221.8 |
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Fair value of plan assets - Addition on account of acquisition of HDFC Ltd |
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5,121.2 |
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— |
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— |
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Expected return on plan assets |
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1,036.1 |
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1,283.4 |
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15.0 |
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2,893.5 |
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237.5 |
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2.8 |
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Actual return on plan assets |
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3,929.6 |
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1,520.9 |
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17.8 |
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717.9 |
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1,010.2 |
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11.8 |
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(1,733.0 |
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(1,252.9 |
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(14.7 |
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Fair value of plan assets, end of the period |
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18,951.8 |
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20,230.0 |
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236.7 |
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Rs. |
1,359.9 |
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Rs. |
(1,147.2 |
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US$ |
(13.6 |
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| Schedule of Net Benefit Costs |
Net gratuity cost for the years ended March 31, 2023, March 31, 2024 and March 31, 2025 comprised the following components:
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Fiscal years ended March 31, |
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Rs. |
1,398.6 |
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Rs. |
1,968.8 |
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Rs. |
3,213.5 |
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US$ |
37.6 |
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773.4 |
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981.3 |
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1,313.5 |
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15.4 |
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Expected return on plan assets |
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(668.2 |
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(1,036.1 |
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(1,283.4 |
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(15.0 |
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137.6 |
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(3,196.5 |
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374.2 |
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4.4 |
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Rs. |
1,641.4 |
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Rs. |
(1,282.5 |
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Rs. |
3,617.8 |
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US$ |
42.4 |
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| Schedule of Assumptions Used |
The assumptions used in accounting for the gratuity plan are set out below:
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Fiscal years ended March 31, |
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5.1-7.9 |
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7.2-8.3 |
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6.5-8.1 |
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Rate of increase in compensation levels of covered employees |
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6.0-11.0 |
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3.0-15.0 |
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4.0-14.0 |
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Rate of return on plan assets |
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5.1-7.2 |
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6.5-7.4 |
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6.5-7.0 |
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Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table |
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( *) |
Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost. |
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| Schedule of Expected Benefit Payments |
The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.
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Fiscal years ending March 31, |
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Rs. |
2,788.5 |
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2,389.1 |
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2,262.6 |
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2,085.8 |
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1,969.3 |
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| 2031 - 2035 |
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8,266.1 |
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| Schedule of Allocation of Plan Assets |
As of March 31, 2025, the plan assets as a percentage of the total funds were as follows:
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Funds managed by insurance company (1) ( * ) |
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Funds managed by insurance company (2) ( * ) |
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75.2 |
% |
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44.6 |
% |
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45.3 |
% |
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8.6 |
% |
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13.8 |
% |
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30.5 |
% |
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9.9 |
% |
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39.2 |
% |
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5.1 |
% |
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6.3 |
% |
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2.4 |
% |
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19.1 |
% |
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100.0 |
% |
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100.0 |
% |
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100.0 |
% |
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The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2025 are provided separately. |
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| Pension |
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| Schedule of Defined Benefit Plans Disclosures |
The following table sets out the funded status of the pension plan and the amounts recognized in the Bank’s consolidated financial statements as of March 31, 2024 and March 31, 2025:
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Change in benefit obligations: |
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Projected benefit obligation (“PBO”), beginning of the period |
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Rs. |
1,018.0 |
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Rs. |
987.3 |
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US$ |
11.6 |
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Plan amendment (prior service cost) |
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— |
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— |
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— |
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16.0 |
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28.4 |
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0.3 |
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76.4 |
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71.6 |
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0.8 |
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(24.6 |
) |
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274.7 |
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3.2 |
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(98.5 |
) |
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(111.7 |
) |
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(1.3 |
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Projected benefit obligation, end of the period |
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987.3 |
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1,250.3 |
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14.6 |
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Fair value of plan assets, beginning of the period |
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3.0 |
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161.5 |
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1.9 |
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Expected return on plan assets |
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6.5 |
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10.5 |
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0.1 |
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8.8 |
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1.3 |
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— |
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Actual return on plan assets |
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15.3 |
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11.8 |
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0.1 |
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241.7 |
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99.9 |
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1.2 |
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(98.5 |
) |
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(111.7 |
) |
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(1.3 |
) |
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Fair value of plan assets, end of the period |
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161.5 |
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161.5 |
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1.9 |
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Rs. |
(825.8 |
) |
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Rs. |
(1,088.8 |
) |
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US$ |
(12.7 |
) |
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| Schedule of Net Benefit Costs |
Net pension cost for the fiscal years ended March 31, 2023, March 31, 2024 and March 31, 2025 comprised the following components:
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Rs. |
18.5 |
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Rs. |
16.0 |
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Rs. |
28.4 |
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US$ |
0.3 |
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|
57.3 |
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|
76.4 |
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|
71.6 |
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0.8 |
|
Expected return on plan assets |
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(0.4 |
) |
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(6.5 |
) |
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|
(10.5 |
) |
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(0.1 |
) |
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219.2 |
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(33.4 |
) |
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273.4 |
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3.2 |
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Rs. |
294.6 |
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Rs. |
52.5 |
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|
Rs. |
362.9 |
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US$ |
4.2 |
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| Schedule of Assumptions Used |
The assumptions used in accounting for the pension plan are set out below:
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| |
|
Fiscal years ended March 31, |
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| |
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| |
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|
7.9 |
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7.7 |
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|
7.2 |
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Rate of increase in compensation levels of covered employees |
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10.0 |
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|
7.0 |
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|
7.0 |
|
Rate of return on plan assets |
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|
6.5 |
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|
6.5 |
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|
6.5 |
|
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table. |
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( *) |
Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost. |
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| Schedule of Expected Benefit Payments |
The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.
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|
|
Fiscal years ending March 31, |
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| |
|
Rs. |
106.4 |
|
| |
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|
118.6 |
|
| |
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|
128.1 |
|
| |
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|
184.0 |
|
| |
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|
197.2 |
|
| |
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|
993.1 |
|
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| Schedule of Allocation of Plan Assets |
The weighted-average asset allocation of said plan assets for the pension benefits as of March 31, 2025 is as follows:
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