Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2024

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, 2023 and March 31, 2024 are summarized in the table below.

	As of March 31, 2023						As of March 31, 2024
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
	(In millions)
Funds managed by insurance company (1)	Rs.	—	Rs.	—	Rs.	864.5	Rs.	—	Rs.	—	Rs.	859.1
Funds managed by insurance company (2)		—		9,829.4		—		—		14,478.3		—
Funds managed by trust
— Government securities		—		60.8		—		—		1,792.6		—
— Debenture and bonds		—		54.8		—		—		1,200.9		—
— Others		109.6		—		—		581.9		200.5		—
Total	Rs.	109.6	Rs.	9,945.0	Rs.	864.5	Rs.	581.9	Rs.	17,672.3	Rs.	859.1
							US$	7.0	US$	212.1	US$	10.4

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, 2023 and March 31, 2024.

	Funds managed by Insurance companies as of March 31,
	2023			2024			2024
	(In millions)
Particulars
Opening balance	Rs.	779.8		Rs.	864.5		US$	10.4
On merger of eHDFC		—			25.1			0.3
Realized interest credited to fund		54.8			64.0			0.8
Contribution during the period		148.6			70.9			0.9
Amount paid towards claim		(118.7	)		(165.4	)		(2.0	)
Closing balance	Rs.	864.5		Rs.	859.1		US$	10.4

Gratuity

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, 2023 and March 31, 2024:

	As of March 31,
	2023			2024			2024
	(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period	Rs.	10,688.7		Rs.	11,491.6		US$	137.9
On merger of eHDFC		—			5,421.2			65.0
Service cost		1,398.6			1,968.8			23.6
Interest cost		773.4			981.3			11.8
Actuarial(gains)/ losses		(252.4	)		(303.0	)		(3.6	)
Benefits paid		(1,116.7	)		(1,968.0	)		(23.6	)
Projected benefit obligation, end of the period		11,491.6			17,591.9			211.1
Change in plan assets:
Fair value of plan assets, beginning of the period		10,019.3			10,916.1			131.0
Fair value of plan assets - Addition on account of acquisition of HDFC Ltd					5,121.2			61.4
Expected return on plan assets		668.2			1,036.1			12.4
Actuarial gains/(losses)		(390.0	)		2,893.5			34.7
Actual return on plan assets		278.2			3,929.6			47.1
Employer contributions		1,735.3			717.9			8.6
Benefits paid		(1,116.7	)		(1,733.0	)		(20.8	)
Fair value of plan assets, end of the period		10,916.1			18,951.8			227.3
Funded Status	Rs.	(575.5	)	Rs.	1,359.9		US$	16.2

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:

	Fiscal years ended March 31,
	2022			2023			2024			2024
	(In millions)
Service cost	Rs.	1,268.0		Rs.	1,398.6		Rs.	1,968.8		US$	23.6
Interest cost		631.2			773.4			981.3			11.8
Expected return on plan assets		(574.1	)		(668.2	)		(1,036.1	)		(12.4	)
Actuarial (gains)/losses		(497.7	)		137.6			(3,196.5	)		(38.4	)
Net gratuity cost	Rs.	827.4		Rs.	1,641.4		Rs.	(1,282.5	)	US$	(15.4	)

Schedule of Assumptions Used

The assumptions used in accounting for the gratuity plan are set out below:

	Fiscal years ended March 31,
	2022		2023		2024
	(% per annum)
Discount rate(*)		5.1-7.3		5.1-7.9		7.2-8.3
Rate of increase in compensation levels of covered employees		6.0-11.0		6.0-11.0		3.0-15.0
Rate of return on plan assets		5.1-7.0		5.1-7.2		6.5-7.4
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table

(*)  Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.

Fiscal years ending March 31,	Benefit payments
	In millions)
2025	Rs.	2,261.8
2026		1,718.4
2027		1,575.0
2028		1,497.5
2029		1,384.2
2030 - 2034		6,572.2

Schedule of Allocation of Plan Assets

As of March 31, 2024, the plan assets as a percentage of the total funds were as follows:

	As of March 31, 2024
	Funds managed by insurance company (1)(*)			Funds managed by insurance company (2)(*)			Funds managed by trust
Government securities		77.2	%		46.9	%		45.6	%
Debenture and bonds		4.5	%		12.9	%		32.8	%
Equity securities		10.3	%		39.2	%		15.6	%
Other		8.0	%		1.0	%		6.0	%
Total		100.0	%		100.0	%		100.0	%

(*)  The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2024 are provided separately.

Pension

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, 2023 and March 31, 2024:

	As of March 31,
	2023			2024			2024
	(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period	Rs.	840.9		Rs.	1,018.0		US$	12.2
Plan amendment (prior service cost)		—			—			—
Service cost		18.5			16.0			0.2
Interest cost		57.3			76.4			0.9
Actuarial (gains)/losses		221.4			(24.6	)		(0.3	)
Benefits paid		(120.1	)		(98.5	)		(1.2	)
Projected benefit obligation, end of the period		1018.0			987.3			11.8
Change in plan assets:
Fair value of plan assets, beginning of the period		8.7			3.0			0.0
Expected return on plan assets		0.4			6.5			0.1
Actuarial gains/(losses)		2.2			8.8			0.1
Actual return on plan assets		2.6			15.3			0.2
Employer contributions		111.8			241.7			2.9
Benefits paid		(120.1	)		(98.5	)		(1.2	)
Fair value of plan assets, end of the period		3.0			161.5			1.9
Funded Status	Rs.	(1,015.0	)	Rs.	(825.8	)	US$	(9.9	)

Schedule of Net Benefit Costs

Net pension cost for the fiscal years ended March 31, 2022, March 31, 2023 and March 31, 2024 comprised the following components:

	As of March 31,
	2022			2023			2024			2024
	(In millions)
Service cost	Rs.	93.0		Rs.	18.5		Rs.	16.0		US$	0.2
Interest cost		55.8			57.3			76.4			0.9
Expected return on plan assets		(0.4	)		(0.4	)		(6.5	)		(0.1	)
Actuarial (gains)/losses		32.1			219.2			(33.4	)		(0.4	)
Net pension cost	Rs.	180.5		Rs.	294.6		Rs.	52.5		US$	0.6

Schedule of Assumptions Used

The assumptions used in accounting for the pension plan are set out below:

	Fiscal years ended March 31,
	2022		2023		2024
	(% per annum)
Discount rate(*)		7.3		7.9		7.7
Rate of increase in compensation levels of covered employees		7.0		10.0		7.0
Rate of return on plan assets		6.5		6.5		6.5
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table.

(*)  Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.

Fiscal years ending March 31,	Benefit payments
	(In millions)
2025		Rs. 94.9
2026		72.1
2027		80.3
2028		81.8
2029		76.8
2030-2034		756.9

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of said plan assets for the pension benefits as of March 31, 2024 is as follows:

Asset category	Funds managed by trust
Government securities		89.6	%
Debenture and bonds		10.4	%
Other		—
Total		100.0	%