From March 1, 2023, mortgage provider HDFC has created ‘Diamond Deposits” for senior adults with an annual interest rate of 8% and a term of 75 months.
Investment Amount: Less Than 2 Crore Income Strategy: Monthly, Quarterly, Semi-Annually, Annually, Cumulative. Extra incentive:.05% if a deposit is made or renewed online.
Some banks have recently increased their fixed deposit (FD) interest rates. The majority of well-known institutions, such as the State Bank of India (SBI), ICICI Bank, and HDFC Bank, provide specific fixed deposit programmes for older citizens.
Most older people put some of their money in FD-insured deposits, which give them cash and interest income on a regular basis. Moreover, money can be used to construct an emergency fund.
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Moreover, HDFC has boosted its retail prime lending rate by 25 basis points to a minimum of 9.20%. With effect from March 1, HDFC has increased its retail prime lending rate (RPLR) on home loans, against which its adjustable rate home loans (ARHL) are benchmarked, by 25 basis points.
Earlier this month, the Central Bank of India (RBI) raised the benchmark policy rate by 25 basis points, bringing it to 6.5%. They did this because core inflation was still high.
This was the sixth interest rate increase since May of last year, bringing the total to 250 basis points.
The State Bank of India (SBI), the largest bank in India, increased the MCLR by 10 basis points across all maturities in response to the rate hike by the central bank. The revised pricing will become effective on February 15.
The private Kotak Mahindra Bank also boosted its loan rates across all terms by 5 basis points.