HSBC deposit schemes with higher interest rates

HSBC last week launched an integrated campaign, which comprises three products designed to help customers save even more than before.

It gives customers the chance to increase their earnings on deposits through foreign currency deposits with high interest rates, among other benefits. The latter is especially remarkable in that the customer can potentially earn more than twice the amount of interest than on a regular foreign currency deposit, the Bank said.

The three different ways through which HSBC customers can save better are:

HSBC Smart Savings Accounts -- With an interest rate of six per cent, this allows customers to earn more, as long as they grow their balance by Rs10,000 or more monthly. The initial deposit required is Rs 30,000 and the minimum balance and the minimum balance requirement is Rs 25,000.

HSBC Foreign Currency Deposits -- With a special HSBC Foreign Currency Deposit, customers can earn up to eight per cent on interest. The deposit, which would be made for a fixed tenure, is linked to foreign currency rates, allowing a high potential return.