Home / Money / Personal Finance /  Key features of HDFC's Green & Sustainable Deposits

NEW DELHI : Housing Development Finance Corporation Ltd (HDFC Ltd) has launched its “Green & Sustainable Deposits" with an aim to safeguard the environment from climate change. These fixed deposits will be directed towards financing of green and sustainable housing credit solutions and services.

HDFC’s deposits have been rated AAA by both CRISIL and ICRA for the past 27 consecutive years, and can be placed conveniently through its online deposit platform.

According to a press release issued by the firm, the key features of its Green and Sustainable Deposits are: Any Indian individual, be it a resident or non-resident, is eligible to make these deposits; the period of deposits ranges from  36 to 120 months; the deposits fetch interest rates of up to 6.55% every year; senior citizens (above 60 years) will be eligible for an additional 0.25% per annum interest on deposits up to 2 crore; additional return on investment of 0.10% per annum will be applicable on these deposits up to 50 lakh per calendar month, per customer if they are placed or renewed through HDFC's online platform.

Deepak Parekh, chairman, HDFC Ltd, said, “Today, sustainability is no longer about doing less harm, but about doing better. HDFC anticipates growing demand for green solutions and has launched a Green & Sustainable Deposits offering for our customers who can grow their wealth while they contribute to serve the needs of a changing world. HDFC is committed to supporting India's efforts for a sustainable and green low-carbon economy."

Renu Sud Karnad, managing director, HDFC Ltd added, "We have always had a successful deposits programme. Though we do not have a target in mind, even a fraction of what we have been raising by way of our regular retail deposits can translate to a reasonable amount. The larger purpose is to provide another product to environmentally conscious customers who also want to contribute towards a better environment and are looking for a dependable platform which can help them contribute to this cause at a very nominal cost and least effort. For example, 10 bps translates to just 100 on a deposit of 100,000."

"We have also, as much as possible, used recycled paper for deposit certificates, application forms, and promotional material, and are also encouraging depositors to use our online platform by providing them 10 bps extra on their deposits," said Karnad.

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