HDFC Bank’s incoming managing director and CEO Anup Bagchi is set to receive a higher proposed annual compensation than outgoing chief executive Sashidhar Jagdishan, according to the bank’s remuneration disclosures.
HDFC Bank has proposed annual compensation of Rs 35.89 crore for Bagchi for the 2026-27 performance year. This compares with Rs 28.65 crore received by Jagdishan in FY26.
Based on the disclosed figures, Bagchi’s proposed package is about Rs 7.24 crore, or 25% higher than his predecessor’s remuneration. However, the comparison is not entirely like-for-like because stock-option components can be valued differently.
Anup Bagchi’s proposed compensation
Bagchi’s proposed package includes Rs 8.97 crore in fixed remuneration and performance-linked variable pay of up to Rs 26.92 crore.
The fixed component includes an annual salary of around Rs 3.32 crore, housing benefits of approximately Rs 1.66 crore and car or conveyance benefits of Rs 54 lakh. It also includes retirement benefits, allowances and other perquisites.
The variable component is capped at 300% of fixed pay. Of the Rs 26.92 crore variable portion, around Rs 8.88 crore will be paid in cash, while Rs 18.04 crore will be provided through employee stock options (ESOPs).
Half of the cash incentive will be deferred over three years, while the ESOPs will vest over four years.
Bagchi, 56, is scheduled to take charge as HDFC Bank’s CEO on October 27, 2026, for a three-year term. His appointment and remuneration have received RBI approval and remain subject to shareholder approval.
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