Exhibit 8
List of Subsidiaries of HDFC Bank Limited
(as of March 31, 2025)
| Legal Name of Subsidiary |
Jurisdiction of Incorporation |
Percentage Held |
Holding | |||||
| HDB Financial Services Limited(1) |
India | 94.9 | % | Direct | ||||
| HDFC Securities Limited |
India | 94.8 | % | Direct | ||||
| HDFC Securities IFSC Limited(2) |
India | 94.8 | % | Indirect | ||||
| HDFC Life Insurance Company Limited(3) |
India | 50.3 | % | Direct | ||||
| HDFC International Life & Re. Company Limited(4) |
Dubai | 50.3 | % | Indirect | ||||
| HDFC Pension Fund Management Limited(4) |
India | 50.3 | % | Indirect | ||||
| HDFC Asset Management Company Limited(3) |
India | 52.5 | % | Direct | ||||
| HDFC AMC International (IFSC) Limited(5) |
India | 52.5 | % | Indirect | ||||
| HDFC Sales Private Limited |
India | 100 | % | Direct | ||||
| HDFC Capital Advisors Limited |
India | 89.3 | % | Direct | ||||
| HDFC Trustee Company Limited |
India | 100 | % | Direct | ||||
| Griha Pte Limited |
Singapore | 100 | % | Direct | ||||
| Griha Investments |
Mauritius | 100 | % | Direct | ||||
| (1) | As a result of an IPO, HDB Financial Services Limited’s equity shares were listed on July 2, 2025. Following the IPO, the Bank holds 74.7 percent of the outstanding equity share capital of HDB Financial Services Limited. |
| (2) | Wholly owned subsidiary of HDFC Securities Limited. |
| (3) | Publicly listed. |
| (4) | Wholly owned subsidiary of HDFC Life Insurance Company Limited. |
| (5) | Wholly owned subsidiary of HDFC Asset Management Company Limited. |