Housing and Urban Development Corporation (Hudco) has increased the interest rates on its Public Deposit Scheme effective from 15th June, 2011 by 0.05% to 0.30% p.a. to make the rates more attractive, competitive and comparable with other banks / financial institutions.
The revised Interest Rates vary from 9 percent p.a. to 9.1 percent p.a. for the period ranging 1–7 years.
Additional Interest Rate of 0.25% p.a. for Senior Citizens in each slab is also offered.
Hudco’s long term Credit Rating for PDS document is given as ‘tAA+(ind)’ by Fitch & ‘CARE AA+(FD)’ by CARE.
Public Deposit with Hudco is also eligible for Tax benefit under Section 80 C (2)(xvi)(a) of Income Tax Act, 1961. Loan facility is available up to 75% of deposit.