National Housing Bank (NHB) has launched a Special Deposit Scheme for Housing Finance Companies. The Scheme has been rated FAAA by CRISIL and tAAA by Fitch indicating highest safety with regard to timely payment of financial obligations. The Deposit Scheme is open only to the HFCs accepting deposits from public and the amount deposited with NHB under the scheme would be an eligible investment for SLR requirement under Section 29B(2) of the National Housing Bank Act, 1987.
Minimum deposit accepted under the scheme is Rs.25,00,000/- and in the multiple of Rs.5,00,000/- thereafter for duration of 18 months to 60 months. The interest rates on offer are as follows:
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| Existing Interest Rates |
Revised Interest Rates
(w.e.f. 01/01/2009)
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| Duration |
Interest Rate*(in % p.a.) |
Duration |
Interest Rate* (in % p.a.) |
| 18 Months – up to 2 years |
9.50 |
18 Months to 2 Years |
8.75 |
| 2 Years to 3 Years |
9.50 |
2 Years to 3 Years |
8.50 |
| 3 Years to 5 Years |
9.00 |
3 Years to 5 Years |
8.50 |
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*Interest rates offered above are as on date on quarterly compounding basis. NHB retains the right to change/modify the above rates at any point of time for fresh deposits
For further details or clarification please contact NHB Resources Department (Phone No. 011-24617832).
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