India’s largest private lender HDFC has launched green and sustainable deposits, which is a deposit to safeguard the environment from climate change. Under the initiative, the fixed deposits or FDs will be directed towards financing green and sustainable housing credit solutions and services.

Talking about the new product, HDFC Chairman Deepak Parekh 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 green and sustainable deposits offering for our customers, who can grow their wealth while they contribute to serving the needs of a changing world.”

He added that HDFC is committed to supporting India's efforts for a sustainable and green low-carbon economy.

The deposits will have interest rates up to 6.55 percent and the maturity period will be between three and five years. Those above 60 years will be eligible for an additional 0.25 percent per annum on deposits up to Rs 2 crore.

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(Edited by : Kanishka Sarkar)