The annual pay of the HDFC Bank Managing Director (MD) and Chief Executive Officer (CEO), Sashidhar Jagdishan, rose by about 12% to ₹12.08 crore in FY25.
The increased FY25 salary comprises basic salary of ₹3.09 crore, allowances and perquisites of ₹3.46 crore and performance bonus of ₹4.67 crore.
As per the reports shared by HDFC Bank, Jagdishan earned ₹10.79 crore in FY24. He was paid 50% of the cash variable pay of the performance year 2023-24 at ₹2.63 crore in January 2025. The cash variable pay approved by the Reserve Bank of India (RBI) was at ₹5.25 crore.
Kaizad Bharucha, HDFC Bank’s Deputy Managing Director, earned ₹11.01 crore in FY25. This includes basic salary of ₹2.81 crore, allowances and perquisites of ₹3.25 crore, and performance bonus (as on March 31, 2025) of ₹4.19 crore. Bharucha’s compensation in FY24 was ₹11.13 crore.
On May 10, 2025, Bharucha was given a total quantum of 1.30 lakh employee stock options for the performance year 2023-24. As per the report, he was provided 4.77 lakh employee stock options for 2020-2023, before he was appointed as Executive Director at HDFC Limited, as a one-time grant.
With the amalgamation of HDFC Limited and HDFC Bank with effect from July 1, 2025, the grant was meant to recognise Bharucha’s work at HDFC Limited. For performance year 2023-24, Bharucha was given 1.26 lakh ESOPs.