HDFC Bank has come up with a special deposit scheme to give higher interest on investment to senior citizens.
HDFC is offering up to 8 per cent interest rate on Diamond Deposit Scheme to senior citizens. This interest rate is effective from March 1, 2023 and you can invest less than Rs 2 crore in this deposit scheme.
HDFC offers deposit schemes such as Sapphire Deposit, Special Deposit, Premium Deposit and Regular Deposit, where the interest rates vary depending on the tenure. The options for investment income plans are monthly, quarterly, half yearly. The customer can choose any one of the options for payment of interest. Note that the minimum amount varies depending on the income plan.
Diamond Deposit Plan
The Diamond Deposit Scheme under HDFC Deposit Scheme is exclusively for Senior Citizens. The interest rates under the deposit in this plan vary depending on the income plan. The bank offers an interest rate of 8 per cent per annum for a tenure of 75 months.
Interest rate on Special Deposit Scheme
The tenure of HDFC’s Special Deposit Scheme is 33 months and 66 months. The interest rate varies depending on the plan, and requires a minimum of Rs 40,000 for the Monthly Income plan and Rs 20,000 for other options. According to the monthly income plan on an investment of Rs 40,000, an interest rate of 7.30 per cent has been offered for a tenure of 33 months and an interest rate of 7.40 per cent for a tenure of 66 months.
Additional interest rate to senior citizens
According to the HDFC website, senior citizens (above 60 years) will be eligible to get an additional 0.25 per cent interest rate per annum on FD deposits up to Rs 2 crore. Whereas, on renewal of the deposit scheme, an additional rate of interest of 0.05 per cent per annum will also be applicable on the deposit.
