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# Monthly Interest payment dates will be the First day of each month. LIC Housing Finance Fixed Deposits are rated CRISIL FAAA / Stable . This rating indicates that the degree of safety regarding timely payment of interest and principal is very strong, so your investments are never at risk. With the strength and support of so many investors, LIC Housing Finance Fixed Deposit investors are also increasing day by day. So, if you are looking for options wherein you can invest your money, have a look at the features and benefits of the LIC Housing Finance Fixed Deposit or Sanchay Public Deposit Scheme.
Depositors can claim the exemption while filing income tax returns. To open a term deposit account in LIC Housing Finance, one needs the following documents. The Co-owners of the property in respect of which financial assistance is sought, must be co-applicants.
Features of LIC Housing Finance Fixed Deposit
Additional investments can be done in multiples of INR 10,000 for monthly deposits and INR 1,000 for yearly deposits. Inflation is one of the primary variables influencing term deposit rates, among others. To a significant part, this affects the interest rates that banks and other financial institutions provide.
Moreover, senior citizens get a preferential rate of interest of 0.5% on their FDs. Also, the interest gets compounded quarterly, and the payout frequency depends on the investor’s choice – monthly, quarterly or annually. The highest term deposit rate for LIC Housing Finance is 5.60% for a regular investor for the tenure of 5 years and above.
Loan Against LIC FD
TDS will be deducted at source as per Sec. 194A of IT Act, 1961. The payment by the Company to the nominee shall constitute full discharge to the Company of its liability in respect of the deposit. LIC Housing Finance FD receipt will issue within 6 weeks from the cheque clearance date or such extended period as may be decided by LIC Housing Finance. Interest rates applicable from August 29, 2022 subject to review subsequently.
Since investments are a part of future planning, this fixed deposit scheme of LIC can surely help your build a good path. Under this scheme, you need to invest money for a minimum of 1 year and to the maximum of 5 years to enjoy a higher return on your investment. LIC Housing Finance term deposit interest rates range between 5.50% and 5.60% for regular citizens. For senior citizens, the interest rates range between 5.75% and 5.85% for a tenure of 18 months to 1 year.
Term wise LIC FD Rates
LIC Housing Finance Offering Loans for Purchase, Construction, Extension, Repairs/Renovations, Purchase of Plot & take over from other Institutions/Banks + Top up. Xii) The Company has been assigned a rating of FAAA/STABLE by CRISIL for its Public Deposits. Ix) Acceptance of deposits is subject to Mumbai jurisdiction only.
The scheme is available for both cumulative and non-cumulative deposits with a tenure of 1 to 5 years. The duly filled fixed deposit application form along with the required KYC documents and Cheque/ DD has to be submitted at the nearest below LIC Housing Finance branches / collection centers. Interest will be paid from the date funds are credited to LIC housing finance's bank account by cheque or RTGS/NEFT/IMPS transfer. Only cheques and online transfers (RTGS/ NEFT/IMPS) will be accepted as forms of payment. Certain economic changes have a significant impact on the interest rates given by the country's banks and financial institutions.
LIC Housing Finance FD Returns Based on Investment Amount
People in most developing economies strive to get credit to satisfy their financial demands. In addition, when credit is in great demand, banks may offer higher interest rates to entice new depositors. The interest on all cumulative term deposits will be paid and compounded annually, and the client will be paid at maturity. Interest will be paid on all non-cumulative time deposits on March 31st of each year. The minimum amount of deposit for LIC FDs is INR 2,00,000 for the monthly option and INR 10,000 for the yearly option. There is no limit on the maximum investment amount for the deposit.
At present, the interest rates offered ranges from 7.30% to 7.45% on all individual deposits and 7.40% to 7.55% on all senior citizen deposits. There are flexible tenure options that a customer can choose from. The tenure ranges from a minimum of 1 year to a maximum of 5 years. Also, interest on LIC RDs are subject to change periodically.
Interest of 4.50% per annum on Public Deposits above Rs. 20 Crores. Interest of 5.15% per annum on Public Deposits upto Rs. 20 Crores. Minimum investment amount of Rs 20,000 in multiples of Rs 1,000. To open an FD account in LIC Housing Finance, one has to be eligible. Following are the individuals that are eligible to invest in LIC FDs.
Furthermore, the deposit schemes of LIC have an AAA or AA by the rating agencies. Agents are not authorized to accept cash or issue receipt on behalf of LIC Housing Finance Limited. Brokerage will be paid to the agents at the rate decided by the management from time to time. If the depositor does not choose any option, the maturity amount will automatically remitted to depositor’s designated bank account mentioned herein on maturity of the deposit.
Senior citizens earn an additional 0.25 percent on savings ranging from Rs.20,000 to less than Rs.20 crore. Interest rate of 4.50% per annum on Public Deposits above Rs. 20 Crores. Interest rate of 4.40% per annum on Public Deposits above Rs. 20 Crores. Interest is paid on the 1st day of the month and on 31st March for the month of March under Monthly Option. Though a PAN card isn’t mandatory while opening a LIC FD, there are few implications of not disclosing PAN details. The applicable TDS rate will be 20% instead of the usual 10%, as per the regulations of section 206AA.
The minimum deposit required to invest in a LIC Housing Finance Fixed Deposits starts from Rs. 20,000 to Rs. 2,00,000, which makes it easier to invest. LIC HFL is amongst the pioneers in India ensuring access to housing finance for home ownership. With a strong business foundation, an extensive distribution network and proven industry expertise, LIC HFL is a respected and trusted financial services company.
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