Senior citizens to get high rate for longer tenor deposits: HDFC Bank

Private sector lender HDFC Bank on Tuesday said it is increasing additional interest paid to senior citizens by 0.25 percentage point if they are willing to make a longer tenor deposit.

For fixed deposits of over five years but under ten years, the city-headquartered bank will be paying an additional interest of 0.75 per cent, the lender said in a statement.

For deposits of up to Rs 5 lakh, the interest rate differential between the senior citizens and the others will be 0.50 per cent on the card rate for the respective tenor, it said.

It can be noted that a few days ago, SBI, the largest lender in the country, had also launched a similar offering to help senior citizens despite a heavy accretion in deposits when loan demand has gone down.