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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2017

Schedule of Allocation of Plan Assets

Plan investment assets for gratuity funds and the pension fund measured at fair value by level and in total as of March 31, 2016 and March 31, 2017 are summarized in the table below.

		As of March 31, 2016												As of March 31, 2017
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	—			Rs.	—			Rs.	431.2			Rs.	—			Rs.	—			Rs.	457.7
Funds managed by insurance company (2)			—				2,202.1				—				—				3,186.0				—
Funds managed by trust
— Government securities			—				112.1				—				—				114.7				—
— Debenture and bonds			—				444.4				—				—				444.2				—
— Others			73.3				—				—				61.2				—				—
Total		Rs.	73.3				Rs.  2,758.6			Rs.	431.2			Rs.	61.2			Rs.	3,744.9			Rs.	457.7
														US$	1.0			US$	57.8			US$	7.1

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below presents a reconciliation of all Plan investment assets measured at fair value using significant unobservable inputs (Level 3) during fiscal 2015 and 2016.

		Funds managed by Insurance companies as of March 31,
		2016				2017				2017
		(In millions)
Particular
Opening balance		Rs.	489.2			Rs.	431.2			US$	6.6
Realized interest credited to fund			53.3				47.8				0.7
Contribution during the period			61.6				124.4				1.9
Amount paid towards claim			(172.9	)			(145.7	)			(2.1	)
Closing balance		Rs.	431.2			Rs.	457.7			US$	7.1

Gratuity

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the gratuity plan and the amounts recognized in the Bank’s financial statements as of March 31, 2016 and March 31, 2017:

		As of March 31,
		2016				2017				2017
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	3,105.9			Rs.	3,590.6			US$	55.4
Service cost			513.3				860.6				13.3
Interest cost			256.1				454.6				7.0
Actuarial(gains)/ losses			(41.7	)			774.5				11.9
Benefits paid			(243.0	)			(454.7	)			(7.0	)
Projected benefit obligation, end of the period			3,590.6				5,225.6				80.6
Change in plan assets:
Fair value of plan assets, beginning of the period			2,428.8				2,879.3				44.4
Expected return on plan assets			212.3				389.7				6.0
Actuarial gains/(losses)			(136.9	)			486.9				7.5
Actual return on plan assets			75.4				876.6				13.5
Employer contributions			618.1				601.0				9.3
Benefits paid			(243.0	)			(454.7	)			(7.0	)
Fair value of plan assets, end of the period			2,879.3				3,902.2				60.2
Funded Status		Rs.	(711.3	)		Rs.	(1,323.4	)		US$	(20.4	)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2015, March 31, 2016 and March 31, 2017 was comprised of the following components:

		Fiscal years ended March 31,
		2015				2016				2017				2017
		(In millions)
Service cost		Rs.	504.7			Rs.	513.3			Rs.	860.6			US$	13.3
Interest cost			182.4				256.1				454.6				7.0
Expected return on plan assets			(166.2	)			(212.3	)			(389.7	)			(6.0	)
Actuarial (gains)/losses			(9.1	)			95.2				287.6				4.4
Net gratuity cost		Rs.	511.8			Rs.	652.3			Rs.	1,213.1			US$	18.7

Schedule of Assumptions Used

The assumptions used in accounting for the gratuity plan are set out below:

		Fiscal years ended March 31,
		2015				2016				2017
		(% per annum)
Discount rate*			8.0				8.6				6.8- 8.1
Rate of increase in compensation levels of covered employees			8.0				8.0				5.0-12.0
Rate of return on plan assets			8.0				8.0				7.0-7.6
Mortality rates used are based on the published “Indian Assured Lives Mortality (2006-2008) Ultimate” table

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2018		Rs.	648.9
2019			506.6
2020			411.4
2021			351.2
2022			319.8
2023 - 2027			1,296.5

Schedule of Allocation of Plan Assets

As at March 31, 2017, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2017
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			71.6	%			22.7	%			34.8	%
Debenture and bonds			20.8	%			25.2	%			49.1	%
Equity securities			5.5	%			49.2	%			—
Other			2.1	%			2.9	%			16.1	%
Total			100.0	%			100.0	%			100.0	%

* The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2017 are provided separately.

Pension

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the pension plan and the amounts recognized in the Bank’s financial statements as of March 31, 2016 and March 31, 2017:

		As of March 31,
		2016				2017				2017
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	574.4			Rs.	696.8			US$	10.7
Service cost			9.9				12.9				0.2
Interest cost			44.9				53.4				0.8
Actuarial (gains)/losses			169.4				25.3				0.4
Benefits paid			(101.8	)			(66.2	)			(1.0	)
Projected benefit obligation, end of the period			696.8				722.2				11.1
Change in plan assets:
Fair value of plan assets, beginning of the period			419.1				383.8				5.9
Expected return on plan assets			32.1				26.1				0.4
Actuarial gains/(losses)			14.3				7.6				0.1
Actual return on plan assets			46.4				33.7				0.5
Employer contributions			20.1				10.3				0.2
Benefits paid			(101.8	)			(66.2	)			(1.0	)
Fair value of plan assets, end of the period			383.8				361.6				5.6
Funded Status		Rs.	(313.0	)		Rs.	(360.6	)		US$	(5.5	)

Schedule of Net Benefit Costs

Net pension cost for the year ended March 31, 2015, March 31, 2016 and March 31, 2017 was comprised of the following components:

		As of March 31,
		2015				2016				2017				2017
		(in millions)
Service cost		Rs.	10.2			Rs.	9.9			Rs.	12.9			US$	0.2
Interest cost			43.7				44.9				53.4				0.8
Expected return on plan assets			(36.0	)			(32.1	)			(26.1	)			(0.4	)
Actuarial (gains)/losses			34.8				155.1				17.7				0.3
Net pension cost		Rs.	52.7			Rs.	177.8			Rs.	57.9			US$	0.9

Schedule of Assumptions Used

The assumptions used in accounting for the pension plan are set out below:

		Fiscal years ended March 31,
		2015				2016				2017
		(% per annum)
Discount rate*			8.0				8.6				8.1
Rate of increase in compensation levels of covered employees			8.0				8.0				8.0
Rate of return on plan assets			8.0				8.0				7.0
Mortality rates used are based on the published “Indian Assured Lives Mortality (2006-2008) Ultimate” table

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2018		Rs.	70.9
2019			69.6
2020			84.1
2021			59.9
2022			66.7
2023-2027			104.8

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the said plan assets for the pension benefits as at March 31, 2017 is as follows:

Asset category		Funds managed by trust
Government securities			6.9	%
Debenture and bonds			87.7	%
Other			5.4	%
Total			100.0	%

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