Hudco increases interest rates on Public Deposit Scheme

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.