HDFC introduces variable rate deposits

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.

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!