Categories: Business

Senior citizens to get higher rate for longer tenor deposit says HDFC Bank

Photo: FILE

HDFC bank

new Delhi. Private sector HDFC Bank said on Tuesday that it will pay 0.25 percent more interest on long-term deposits of senior citizens. The bank said in a statement that it will pay 0.75 per cent more to the senior citizens than the interest paid to ordinary customers on term deposits of more than five years and less than 10 years. According to the statement, a deposit up to Rs 5 lakh will get 0.50 percent higher interest than senior citizens and others.

It is noteworthy that earlier the State Bank of India had also made a similar offer for senior citizens. The State Bank launched the scheme named Wecare Deposit in the first week of May. According to the scheme, retail term deposits of less than 5 years will get 0.5 percent more interest than the bank's normal rates, while deposits of 5 years or more will get an additional premium interest of 0.3 percent i.e. 0.8 percent of the total. This plan of SBI will remain in force till September 30

This post was published on May 20, 2020 9:48 am

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