HDFC unveils new deposit product
Mumbai: Housing Development Finance Corporation (HDFC) has launched a special monthly deposit product to customers that promises higher returns by offering variable rate of interest.
The HDFC Systematic Savings Plan will be available from Wednesday for customers in select cities. The customers can deposit a fixed monthly installment - in the range of 
2,000 to 50,000 every month and can choose any period between 24 and 60 months.
The rate of interest, which is linked to the benchmark rate, will be reset at the beginning of each calendar quarter, HDFC said. Linking deposit rates to the benchmark rate means that customers would get the benefit of higher rate when the interest rate increases.
2,000 to 50,000 every month and can choose any period between 24 and 60 months.
The rate of interest, which is linked to the benchmark rate, will be reset at the beginning of each calendar quarter, HDFC said. Linking deposit rates to the benchmark rate means that customers would get the benefit of higher rate when the interest rate increases.