HDFC has launched a special scheme for senior citizens. The name of this scheme is Diamond Deposits. Under this scheme of HDFC (Mortgage lender), senior citizens will get more than 8 percent interest on FD of 75 months.
This special FD scheme Diamond deposits has started from March 1, 2023. Senior citizens can invest up to Rs 2 crore in this scheme. In this, you will get income under monthly, quarterly, half-yearly and annually. If you invest in it online then you will get an extra benefit of .05%.
Many banks have increased interest on FD
In the last 2 weeks, most banks have increased the interest on their FDs. Most banks like State Bank of India (SBI), ICICI Bank and HDFC Bank have increased the interest on FDs. All of them offer attractive rates of interest to their customers. They also offer an additional interest of 0.50% to senior citizens. Senior citizens generally invest a major portion of their savings in FDs. This gives them liquidity as well as a fixed income from interest from time to time. Your principal amount is also safe for emergencies.
Banks made loans expensive
HDFC has also increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent. HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) is benchmarked, by 25 basis points. Earlier this month, the Reserve Bank of India (RBI) raised the benchmark policy rate repo rate by 25 basis points to 6.50 per cent, citing rising inflation. This was the sixth hike in interest rates since May last year, from which it has increased by 2.50 per cent so far. The country’s largest bank State Bank of India (SBI) then increased the MCLR by 10 basis points.
