LIC Housing Finance Ltd has revised its interest rates on domestic fixed deposits. LIC HFL is now offering interest rates on public deposits that range from 7.25% to 7.75% on a deposit tenor of 1 year to 5 years. One of the largest housing finance companies in India, LIC Housing Finance Ltd (LICHFL), which was founded in 1989, announced that its latest FD rates are effective as of 12th April.
LIC HFL FD Rates
Under the cumulative public deposits of upto Rs. 20 Crores depositors can get an interest rate of 7.25% on a tenor of 1 year, 7.35% on a tenor of 18 months, 7.60% on a tenor of 2 years, 7.75% on a tenor of 3 to 5 years. Interest will be compounded yearly and paid along with the principal amount on maturity and the choice of tenure ranges from 1 year, 18 months, 2 years, 3 years, or 5 years on the cumulative public deposit scheme.
Whereas under the non-cumulative deposit scheme of up to ₹20 Cr, LIC HFL is offering an interest rate of 7.00% as a monthly option and 7.25% as a yearly option on 1-year tenor, 7.10% as a monthly option and 7.35% as a yearly option on 18 months of tenor, 7.35% monthly and 7.60% yearly on 2 years of tenor, 7.50% monthly and 7.75% yearly on 3 years to 5 years of tenor.
LIC Housing Finance Limited has introduced Sanchay deposit plan in May 2007. From its debut Sanchay deposit programme by LIC Housing Finance Ltd is rated AAA/Stable by CRISIL. All of LIC Housing Finance Ltd.’s branches accept public deposits that may be made by residents, non-residents, minors with legal guardians, HUFs, partnership firms, cooperative societies, Association of Persons, Proprietary Concern, Trusts and others.
The LIC HFL Sanchay deposit scheme also offers quick approval of loan against deposits up to 75% of the deposit amount, auto renewal/auto repayment facility, electronic payment facility, additional benefit of 0.25% p.a. in interest rate to senior citizens for deposits of ₹20,000 and above but up to ₹2 Crores on all tenures. One can open a fixed deposit account with LIC HFL by depositing a minimum amount of Rs. 20,000/- and thereafter multiples of Rs. 1,000.
“A depositor can deposit upto Rs. 20 Crore in each of the period between 1st to 15th & 16th to the last day of a month at the applicable card rates. If the total deposit amount exceeds Rs. 20 Crore in any of the above-mentioned period, the interest rates for that period will be the rates applicable for deposits exceeding Rs. 20 Crore,” mentioned LIC HFL on its website.
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