Mumbai: Housing Development Finance Corp. Ltd, the country’s oldest mortgage firm, on Tuesday introduced a variable interest rate deposit product.
The so-called “systematic savings plan” offers medium- to long-term deposit instalment options that allow a depositor to choose any period between 24 and 60 months and monthly payments of between Rs2,000 and Rs50,000 into the deposit account.
“Being a variable interest rate plan, the rate of interest is linked to the benchmark rate, reset at the beginning of each calendar quarter. The current interest rates for this plan with effect from 3 February 2010 are 7%, 7.25% and 7.75% for 24-35 months, 36-59 months and 60 months, respectively,’’ the bank said.