HDFC Bank launches special scheme for deposits offering higher rates

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HDFC Bank launches special scheme for deposits offering higher rates - Business Standard

Quick Summary:

The bank has indicated that it will grow its advances slower than its deposits to bring down its elevated credit-deposit ratio.

According to its website, for deposits below Rs 3 crore, the bank is offering 7.35 per cent for 35 months’ tenure, and 7.40 per cent for 55 months’ tenure.

Commenting on the decrease, Sashidhar Jagdishan, Managing Director and Chief Executive Officer, HDFC Bank, said: “This time around we were surprised with the period-end numbers because of some unexpected flows in the current account, which were more than what we had anticipated.