A subsidiary of HDFC Ltd, Gruh finance is a housing finance company recognised by the National Housing Bank. Gruh finance offers several fixed deposit schemes (rated FAAA by CRISIL and MAAA by ICRA) divided into monthly, quarterly, annual and cumulative plans. Under quarterly income plan, interest will be paid every quarter on July 1st, October 1st, January 1st and March 31st.
Interest under annual income plan will be paid on March 31st. Under cumulative growth plan, interest will be compounded annually on March 31st. Also, ECS facility will be available for payment of interest on non-cumulative deposits.
Gruh Finance Term Deposit Plans
Gruh finance offers interest rate* of 8.25% for 1 Year. For a period of 1 Year 6 Months, the interest rate offered increased by 0.25% and stands at 8.5%. The rates are the same under all the plans for a period of 120 Months. The highest cumulative interest rate for a period ranging from 13 Months to 120 Months is 8.5% while the lowest stands at 8.25% for a period of 12 Months.
*Interest rates are subject to change. The above table shows the latest figures.
Gruh Finance changes Fixed Deposits interest rates
Gruh Finance, HDFC Ltd.’s subsidiary and a housing finance company that's recognised by the National Housing Bank. Gruh Finance also provides their customer with fixed deposits. The deposits that you can choose from to make a saving will be for a period of 1 Year 6 Months which would have earned you an interest rate of 8.5% will now earn you an interest of 8.25%. For a tenure of 13 months to 23 months the interest rate was 8.5% and continues to be the same. The changes in interest rates have come into effect only the RBI announced their repo rate cuts. The rates of interest of these fixed deposits also change with the change in lending rates.
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