If you rented a videotape from an Erol's store over the weekend, you don't have to return it to Blockbuster -- yet.

The planned takeover of the local video chain by the national giant won't fully take effect for several months, and officials of the companies were somewhat vague yesterday about their plans for merging the operations of the two chains. "We're open-minded -- we're going to take the best of what we do and the best of what they do and pass it on to the consumer so the consumer gets the best of both companies," said Steven R. Berrard, vice chairman of Fort Lauderdale, Fla.-based Blockbuster.

However, based on Blockbuster's track record in its past acquisitions of other video chains, industry officials and analysts said the deal probably will mean the following changes for consumers:

Most Erol's stores will become Blockbuster locations, but many -- particularly smaller outlets in out-of-the-way locations -- will be closed.

Blockbuster's pricing policy -- $3 for three nights per tape -- will replace Erol's $2.69 for two nights price. But some industry observers say Blockbuster might raise prices after the merger.

Erol's card holders will receive Blockbuster memberships.

The converted Erol's stores will have a slightly broader selection of movies and other videos, more extravagantly displayed, than they did before -- although analysts say Erol's selection already was almost as broad as Blockbuster's.

The future of Erol's unique policy of allowing customers to drop off tapes at any location for a 50-cent extra charge is uncertain, although Blockbuster officials say they will keep it in effect for at least several months.

The Blockbuster takeover of Erol's is expected to have a positive effect on another portion of the video industry: independents. "It may even save some independents, because there won't be a {new} Blockbuster in their backyard if there's an Erol's already there," said Eric Heckman, president of Video Place, a nine-store chain based in Rockville.