Mumbai:HDFC Bank has launched two special tenure fixed deposit schemes with durations of 35 and 55 months with higher interest rates. The introduction of these schemes comes as the bank aims to enhance its deposit mobilization efforts ahead of its merger with its parent company, HDFC.
Read More: Want To Start A Post Office Franchise? Here’s All You Need To Know
Under the newly introduced schemes, customers can get an interest rate of 7.20% for fixed deposits held for 35 months (2 years and 11 months), and an interest rate of 7.25% for fixed deposits held for 55 months (4 years and 7 months). Senior citizen customers benefit from an extra interest margin of up to 0.5% above the applicable interest rate.
Read More: Gold Rates 22 Carat Rise In India; Check Latest Price In Your City On June 1
With deposit rates currently at their peak, the special tenure fixed deposit schemes offer customers the opportunity to earn high returns while keeping their money invested for an extended period.
Ravi Santhanam, the marketing head at HDFC Bank, said that fixed deposits are seen as the safest instruments for investment, providing assured returns. “The new schemes will benefit our customers and non-customers looking to keep their money safe for extended durations with high returns,” he said.
Read More: TCS Work From Office Policy: IT Firm Warns of Paycut, Leave Deduction For Employees
HDFC Bank, with a balance sheet exceeding Rs. 24 lakh crore, is India’s largest private sector bank. These special tenure fixed deposit schemes are a limited period offer and are available for deposits under Rs. 2 crore.
