The Hindu Business Line : HDFC introduces variable rate deposit scheme for children

HOUSING Development Finance Corporation (HDFC) on Monday introduced a variable rate instalment deposit scheme for children, on the occasion of Children's Day.

The plan can be opened with a minimum instalment amount of Rs 1,000 with no ceiling and for a minimum deposit period of 36 months going up to a maximum of 84 months.

This variable rate product is benchmarked to the interest rate under HDFC's fixed rate annual income plan for the corresponding period. The current applicable rate of interest is 6.50 per cent per annum for 36-59 months and 6.75 per cent per annum for deposits placed between 60-84 months, said a news release from the company.

The interest rate will be reset on April 1 each year whereas interest will be compounded on March 31 every year and will be paid on maturity.

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