Mortgage lender HDFC has presented ‘Diamond deposits’ for senior citizens with rate of interest of 8% p.a. for a tenure of 75 months with effect from 1 March 2023.

Additional Incentive- .05% in case of deposit placed/renewed through online.

Several banks have hiked their fixed deposit (FD) interest rates in the last few banks. Most of the popular banks including the State Bank of India (SBI), ICICI Bank and HDFC Bank offer special fixed deposit schemes, especially for senior citizen depositors.

Senior citizens generally invest a part of their savings in FDs, which offer liquidity and ensure interest income periodically. Besides, the savings are also useful to build an emergency corpus.

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) are benchmarked, by 25 basis points, with effect from March 1, according to a statement.

Earlier this month, the Reserve Bank of India (RBI) hiked the benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.