The HDFC chief would also be honoured on Friday by the American Indian Foundation (AIF), a non-profit group working toward accelerating social and economic change in India.
HDFC was listed on NYSE on July 20, 2001 after an initial public offer of its American Depositary Shares in the US.
The Foundation is hosting its annual Spring Awards Gala on May 11 to raise funds for its development work in India in the fields of education, livelihood and public health.
"With strong support from Indo-centric individuals and corporations in the US, AIF is in a truly unique and exciting position to have a meaningful and lasting impact in India," AIF Executive Director Pradeep Kashyap said in a statement.
Besides Parekh, AIF is honouring American International Group (AIG) Inc President and CEO Martin J Sullivan for their philanthropy and leadership.
The guests at the previous events of AIF include Hillary Clinton, Deepak Chopra, Richard Gere and AR Rahman and the foundation is expecting many high-profile guests this year.
AIF was formed in 2001 under the leadership of President Bill Clinton, who now serves as the Honorary Chair.
The AIF India Advisory Council comprises of ICICI Bank's KV Kamath and HDFC's Deepak Parekh as co-chairmen, Parmeshwar Godrej and RA Mashelkar among others.