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 Climate Change

Finance
Published on: Aug. 24, 2021, 2:52 p.m.
HDFC launches green deposits
  • Parekh: sustainability is no longer about doing less harm, but about doing more good

By Business India Editorial

Anticipating a growing demand for green solutions in the near future, HDFC, one of the country’s largest mortgage lenders, has launched a ‘green and sustainable’ deposit scheme for retail clients.

The funds from these deposits will be used to finance sustainable housing credit solutions and services, according to a statement from HDFC.

Under the scheme, depositors can earn interest at 6.55 per cent for a period from 3-10 years. Senior citizens are eligible for an additional 0.24 per cent per annum on their deposits of up to Rs2 crore. If the deposits are made on the bank’s online platform, an additional interest rate of 0.1 per cent per annum for up to Rs50 lakhs.

Deepak Parekh, Chairman, HDFC Ltd, said: “Today, sustainability is no longer about doing less harm, but about doing more good. HDFC anticipates growing demand for green solutions and has launched a Green & Sustainable Deposits offering for our customers who can grow their wealth while they contribute to serve the needs of a changing world.” 

He said that HDFC is committed towards supporting India’s efforts for a sustainable and green low-carbon economy.

Renu Karnad, managing director, HDFC Ltd, said: “The larger purpose is to provide another product to environmentally conscious customers who also want to contribute towards a better environment and are looking for a dependable platform that can help them contribute to this cause at a very nominal cost and minimum effort.”

HSBC India has also launched a green deposit programme for corporate clients. The bank had said it will use the funds from this programme for financing gre¬en initiatives such as renewable energy, clean transportation, pollution prevention and control, green building, sustainable water, wastewater management, and others.


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