In transfer option you can add your Indian bank details. You need a bank code for this. Talk to the relationship manager of your Indian bank or call customer care. As far I can remember, for HDFC, it is their Mumbai branch code. Anyway confirm that. Then you transfer the money from ETrade about to your bank. It will be credited to the account if your home branch instead of your account. You will be notified with a mail. Call your home branch or relationship manager. Actually someone from the home branch will call you. They will collect some information from you. Then that amount will be credited to your account. The conversion rate is based on the forex rate of the day. You may check that by searching “HDFC forex rate today”. They update it everyday.
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There is a transfer option..just check the UI. First wire it to your US bank account and then, initiate an international wire transfer to your Indian account.