HDFC Bank raised the fixed pay of its top executives in FY26 after RBI approval, with performance-linked bonuses and ESOPs boosting their total remuneration
Deputy Managing Director Kaizad Maneck Bharucha emerged as the bank's highest-paid executive, earning ₹17.14 crore
Executive Director V Srinivasa Rangan received the highest percentage increase in fixed pay at 5.25%
HDFC Bank increased the salaries of its top executives in financial year 2025-26, according to its annual report. Kaizad Maneck Bharucha, the bank's Deputy Managing Director, became the top-earning executive at the lender.
He received a total remuneration of ₹17.14 crore during the year, as per a report by The Economic Times (ET).
4 July 2026
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Managing Director Sashidhar Jagdishan earned ₹15.13 crore in the same period. The private lender raised the annualised fixed compensation for its whole-time directors, which took effect on April 1, 2025.
The Reserve Bank of India approved this wage revision on December 2, 2025.
Breakdown of Fixed Pay
Bharucha drew the highest fixed salary of ₹8.57 crore, registering a 5.12% jump. This package contained a ₹3.60 crore basic salary and ₹4 crore in allowances. It also featured a ₹42.9 lakh provident fund contribution alongside ₹53.6 lakh in superannuation.
Jagdishan saw his fixed pay grow by 3.22% to reach ₹7.84 crore. His compensation consisted of a basic salary of ₹3.31 crore and ₹3.63 crore in allowances. The bank added a provident fund contribution of ₹39.5 lakh and ₹49.4 lakh for superannuation.
Executive Director V Srinivasa Rangan secured the largest percentage hike at 5.25%. His revised fixed pay stood at ₹8.10 crore. This included a basic salary of ₹4.03 crore, allowances worth ₹2.98 crore, a ₹48 lakh provident fund contribution and ₹60 lakh towards superannuation.
Fellow Executive Director Bhavesh Chandulal Zaveri retired on April 18, 2026. His fixed compensation rose 3.22% to ₹5.10 crore. The total comprised a ₹2.02 crore basic salary, ₹2.53 crore in allowances, ₹24.2 lakh for provident fund and a ₹30.2 lakh superannuation contribution.
Variable Pay and ESOPs
Performance-linked variable bonuses significantly boosted the overall remuneration for the leadership team. Bharucha secured a variable payout of ₹8.57 crore, while Jagdishan took home ₹7.29 crore as a performance bonus.
Rangan earned a variable pay component of ₹3.18 crore during the financial year. Zaveri received ₹2.02 crore under the same performance bracket.
The private lender additionally rewarded its senior management with employee stock options. Bharucha was granted ESOPs valued at ₹6.23 lakh, the highest among the executive directors, followed by Jagdishan with an allocation of ₹4.28 lakh. Rangan was granted ESOPs worth ₹2.93 lakh and Zaveri acquired ₹1.38 lakh in stock options.
