Housing Development Finance Corporation (HDFC) Ltd introduced a fixed deposit (FD) named ‘Green & Sustainable Deposits’ to safeguard the environment from climate change.
Features of the FDs:
i.The Fixed deposit period ranges from 36-120 months. Both residents and Non-resident Indians (NRIs) are eligible to invest. The deposits would carry interest rates up to 6.55 percent per annum (p.a.).
ii.Additional Interest:
- Senior citizens (above 60 years) are eligible for an additional 0.25 percent per annum interest on deposits up to Rs 2 crore.
- The additional Return on investment (ROI) of 0.10 percent p.a. will be provided for deposits up to Rs 50 lakh per calendar month per customer if placed/renewed through the banks’ online platform.
iii.The FD will be directed towards the financing of green and sustainable housing credit solutions and services.
-HDFC Life Released the Life Freedom Index 2021 Report
HDFC Life released its latest Life Freedom Index (LFI) 2021 report. The report analyses the financial freedom of consumers across 4 different segments viz, Proud Parents, Wisdom Investors, Young Aspirants and Smart Women.
- The report also includes 4 sub-indices such as Financial Awareness Index, Financial Planning Index, Financial Sufficiency and Adequacy Index, and Financial Liberty Index.
- The 2021 LFI study was conducted along with NielsenIQ across 14 cities (including Metros, Tier 1 and Tier 2) with 1987 respondents.
Key Findings of the Report:
i.Due to COVID-19, the LFI of 2021 was reduced by 4.8 points from 2019 due to the impact of COVID-19. Consumer confidence was also reduced after the 2 waves of COVID-19.
ii.Financial awareness has increased during the last 2 waves of COVID-19 and Familiarity with term insurance also increased by 11 points.
iii.Nuclear families have been the most impacted with an LFI drop of 10.5 points, whereas the joint families have been stable.
iv.The impact of COVID-19 on financial preparedness is more notable amongst Proud Parents followed by the segment of Smart Women.
Recent Related News:
On April 21, 2021, HDFC Ltd and Indiabulls Housing Finance Limited (Indiabulls HFL) entered into a strategic co-lending partnership to offer housing loans to homebuyers.
About HDFC Life Insurance Company Ltd:
It is a joint venture between HDFC Ltd., and Standard Life Aberdeen
Establishment – 2000
Headquarters – Mumbai, Maharashtra
MD & CEO – Vibha Padalkar
About Housing Development Finance Corporation (HDFC) Ltd:
Establishment –1977
Headquarters – Mumbai, Maharashtra
MD – Ms. Renu Sud Karnad
Vice-Chairman & CEO – Mr. Keki M. Mistry
Tagline – With You, Right Through
