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.
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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.
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.Also Read: HDFC Bank MD says Chakraborty’s abrupt exit a ‘challenging event’ that raised governance questions
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.