Synopsis
HDFC Bank executives saw salary increases in fiscal year twenty twenty-six. Deputy Managing Director Kaizad Bharucha earned seventeen point one four crore rupees. This total remuneration surpassed CEO Sashidhar Jagdishan's fifteen point one three crore rupees. Performance-linked variable pay significantly boosted their overall compensation packages. Executive Director V. Srinivasa Rangan received the largest percentage fixed pay hike.
HDFC Bank's top executives received salary hikes in FY26, with Deputy Managing Director Kaizad Maneck Bharucha emerging as the bank's highest-paid executive after taking home a total remuneration of ₹17.14 crore, ahead of Managing Director and CEO Sashidhar Jagdishan's ₹15.13 crore, according to the bank's annual report.
The bank also increased the annualised fixed pay of its whole-time directors effective April 1, 2025, after receiving approval from the Reserve Bank of India on December 2, 2025.
Bharucha received the highest fixed pay among the bank's executive leadership at ₹8.57 crore a year, comprising a basic salary of ₹3.60 crore, allowances and perquisites of ₹4 crore, provident fund contribution of ₹42.9 lakh and superannuation contribution of ₹53.6 lakh. His fixed pay was raised by 5.12% over the previous year.
Jagdishan's annualised fixed pay rose 3.22% to ₹7.84 crore. This included a basic salary of ₹3.31 crore, allowances and perquisites of ₹3.63 crore, provident fund contribution of ₹39.5 lakh and superannuation contribution of ₹49.4 lakh.
Live Events
Executive Director V. Srinivasa Rangan received the highest percentage increase in fixed pay among the bank's whole-time directors, with a 5.25% hike taking his annualised fixed pay to ₹8.10 crore. His package comprised a basic salary of ₹4.03 crore, allowances and perquisites of ₹2.98 crore, provident fund contribution of ₹48 lakh and superannuation contribution of ₹60 lakh.
Executive Director Bhavesh Chandulal Zaveri, who retired on April 18, 2026, saw his fixed pay increase 3.22% to ₹5.10 crore, including a basic salary of ₹2.02 crore, allowances and perquisites of ₹2.53 crore, provident fund contribution of ₹24.2 lakh and superannuation contribution of ₹30.2 lakh.
The higher total remuneration for Bharucha and Jagdishan was driven by performance-linked variable pay. Bharucha received a performance bonus of ₹8.57 crore during FY26, while Jagdishan was paid ₹7.29 crore. Rangan received ₹3.18 crore in variable pay and Zaveri ₹2.02 crore.
The bank also granted stock options to its senior management under its employee stock option schemes. Bharucha received Rs 6.23 lakh in ESOPs, the highest among the executive directors, while Jagdishan was granted Rs 4.28 lakh ESOPs. Rangan received Rs 2.93 lakh ESOPs and Zaveri was granted Rs 1.38 lakh ESOPs.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.
(You can now subscribe to our Economic Times WhatsApp channel)
(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.)
Subscribe to The Economic Times Prime and read the ET ePaper online.