HDFC Bank's deputy managing director Kaizad Bharucha drew a higher total pay packet than the bank's managing director and chief executive Sashidhar Jagdishan in the financial year ended March 2026, according to disclosures in the bank's annual report.
Bharucha's total cash remuneration came to about Rs 17.14 crore, against Jagdishan's roughly Rs 15.13 crore, with the gap driven mainly by a larger performance bonus and a bigger stock option grant for the deputy.
The Wider Pay Picture
Non-executive directors were paid a fixed Rs 30 lakh each for the year under the RBI's governance norms, on top of sitting fees, while outgoing part-time chairman Atanu Chakraborty drew a pro-rated Rs 50 lakh before his resignation in March 2026.
The contrast with the top of the executive bench underlines how the board structured pay differently across roles even as overall managerial compensation grew.
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Rank-and-file pay told a different story to boardroom pay. Median employee remuneration across HDFC Bank's 2,11,178 permanent staff rose 11.43% during the year, well ahead of the 3.22% fixed pay increase given to Jagdishan and Bharucha alike.
Key managerial personnel as a group averaged a 12.03% hike, against 6.98% for non-managerial staff, a gap the bank attributed largely to annual increments and promotions among front-line and overseas employees.
The steepest jump of all went to company secretary Ajay Agarwal, whose fixed pay rose 46.04% following his elevation to Group Head of Secretarial and Group Oversight from April 2025.
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