On Monday the leading private mortgage lender HDFC announced the introduction of "Green and Sustainable Deposits," with the goal of saving our green planet from environmental issues. HDFC stated in a statement that the fixed deposits will be used to promote green and sustainable housing credit solutions and services. The interest rate on these deposits will be up to 6.55 percent, with a tenor ranging from 3 to 5 years. On deposits up to Rs 2 crore, senior citizens over the age of 60 would be liable for an additional 0.25 percent interest per annum compared to regular citizens.
Deepak Parekh, Chairman of Housing Development Finance Corporation (HDFC), India's leading housing finance company, commented on the launch that "Today, sustainability is no longer about doing less harm, but about doing more good." He further added that "HDFC anticipates growing demand for green solutions and has launched green and 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 towards supporting India's efforts for a sustainable and green low-carbon economy."
HDFC Bank on the other hand offers an interest rate ranging from 2.50% to 5.50% on regular term deposits of tenor ranging from 7 days to 10 years. The private lender offers an interest rate ranging from 3.00% to 6.25% to senior citizens across the same tenure and against deposits of less than Rs 2 Cr. HDFC Bank also offers a special fixed deposit scheme to senior citizens for a limited period of time.
On its official website, the bank has stated that "An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 30th Sep'21."
HDFC Ltd. has a large distribution chain of 603 offices that are all interconnected which includes 202 offices of HDFC Sales. HDFC has reach initiatives all throughout India and has HDFC Sales, HDFC Bank, and third-party Direct Selling Associates as its distribution across the country.