LIC Housing Finance fixed deposits also known as Sanchay deposit scheme is a secure way to gain steady and high returns on your savings with a lock-in period. LIC HFL FDs are accessible to a wide range of investors including minors, HUFs(Hindu Undivided Families), NRIs, Firms, Proprietary Concerns, Trusts, etc as they offer minimum investments of ₹20,000.
Offering high returns, the LIC HFL interest rates range from 7.00% to 7.75% p.a. with flexible tenure options of 1 year to 5 years to choose from. Furthermore, senior citizens enjoy additional interest rates of 0.25% p.a. on investment amounts of ₹20,000 to ₹2 Crores on all tenure options. With an LIC Housing Finance FD you can also enjoy loan facilities, premature withdrawal options and calculate your interest addition through FD calculator that will help you plan your investments for higher returns.
LIC Housing Finance offers loans against Fixed Deposits for up to 75% of the deposit amount, subject to company terms. The loan interest rate for the loan will be set at 2% higher than the FD interest rate.
LIC FD Interest Rates
LIC Housing Finance FD interest rates range from 7.00% to 7.75% p.a. for both cumulative and non-cumulative public deposits of up to ₹20 Crores and above. Here are the interest rates offered by LIC HFL FD:
Cumulative Public Deposit
| Maturity Period | Interest % for Deposits Up To ₹20 Crores |
Interest% for Deposits Above ₹20 Crores |
|---|---|---|
| 1 Year | 7.25% | 7.25% |
| 18 Months | 7.35% | 7.25% |
| 2 Years | 7.60% | 7.50% |
| 3 Years | 7.75% | 7.75% |
| 5 Years | 7.75% | 7.75% |
Non-Cumulative Public Deposits
| Maturity Period | Interest% Up To ₹20 Crores (Monthly Payout) |
Interest% Above ₹20 Crores (Monthly Payout) |
Interest% Up to ₹20 Crores (Annual Payout) |
Interest% Above ₹20 Crores (Annual Payout) |
|---|---|---|---|---|
| 1 Year | 7.00% | 7.00% | 7.25% | 7.25% |
| 18 Months | 7.10% | 7.00% | 7.35% | 7.25% |
| 2 Years | 7.35% | 7.25% | 7.60% | 7.50% |
| 3 Years | 7.50% | 7.50% | 7.75% | 7.75% |
| 5 Years | 7.50% | 7.50% | 7.75% | 7.75% |
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LIC FD Interest Rates For Senior Citizen
LIC Housing Finance offers senior citizens an additional 0.25% p.a. on top of existing interest rates for deposits of ₹20,000 up to ₹2 Crores. The LIC housing finance for senior citizens are:
Cumulative Public Deposit
| Maturity Period | Interest Rate% Up to ₹2 Crores |
|---|---|
| 1 Year | 7.50% |
| 18 Months | 7.60% |
| 2 Years | 7.85% |
| 3 Years | 8.00% |
| 5 Years | 8.00% |
Non-cumulative Public Deposit
| Maturity Period | Interest Rate% Up To ₹2 Crores (Monthly Payout) |
Interest Rate% Up To ₹2 Crores (Annual Payout) |
|---|---|---|
| 1 Year | 7.25% | 7.50% |
| 18 Months | 7.35% | 7.60% |
| 2 Years | 7.60% | 7.85% |
| 3 Years | 7.75% | 8.00% |
| 5 Years | 7.75% | 8.00% |
Online FD Calculator
Plan your savings with the LIC Housing Finance using an FD calculator, a free tool that will help you estimate your future FD maturity amount. This online fd calculator can help you experiment with different investment amounts and tenure to help you find the best maturity period to fit your financial goals. The calculator offers valuable insight to help you make informed decisions.
To use the calculator, all you need to do is enter the deposit amount, interest rate and tenure to get the estimated maturity amount.
| FD Maturity Date | : |
| Deposit Amount | : ₹10,000 |
| Interest Amount | : ₹666 |
| Total Amount at Maturity | : ₹10666 |
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Types of LIC HFL Fixed Deposits
LIC Housing Finance offers two types of fixed deposits, Cumulative Public Deposit and Non-cumulative Public Deposit, the details are given below:
Cumulative Public Deposit
A cumulative deposit is a fixed income investment that helps you meet your long-term financial goals. This Cumulative Public Deposit offers tenures such as 1 year, 18 months, 2 years, 3 years, and 5 years with attractive rates ranging from 7,00% to 7.75% for deposit amounts up to ₹20 Crore and above ₹20 Crore across all tenures.
Key features of the cumulative deposit include:
- Interest Compounding: Interest is compounded annually and paid on maturity along with the principal amount.
- Minimum Amount: The minimum deposit amount is ₹20,000 and subsequent deposits must be in multiples of ₹1,000.
Non-cumulative Public Deposit
A non-cumulative deposit is a fixed income investment option that is best suited for periodic fund requirements. LIC Housing Finance offers two payment options under the Non-Cumulative Public Deposit Scheme: Monthly Interest Payment and Annual Interest. Providing you the flexibility to choose between monthly and annual interest payout options based on your financial needs and goals. The tenures for the scheme include 1 year, 18 months, 2 years, 3 years, and 5 years.
The features of Non-Cumulative Deposit are as follows:
- Interest Payment Options:
- Annual Option: Interest is paid annually on 31st March.
- Monthly Option: Interest is paid on the 1st day of each month and on 31st March for the month of March.
- Minimum Deposit Amount:
- Annual Option: Minimum deposit amount is ₹20,000 and in multiples of Rs. 1,000 thereafter.
- Monthly Option: Minimum deposit amount is ₹2,00,000 and in multiples of Rs. 10,000 thereafter.
LIC HFL Fixed Deposit Eligibility Criteria
The LIC HFL FD is eligible for the following investors:
- Resident Individuals
- Non-Resident Individuals (NRIs)
- Minors through guardians
- Hindu Undivided Families (HUFs)
- Partnership Firms
- Co-operative Societies
- Association of Persons
- Proprietary Concern
- Trusts and others
LIC Housing Finance Documents Required
Minimal documents are required to open an FD account with LIC Housing Finance, these are given below:
- One recent passport-size colour photograph.
- A copy of your PAN card (self-attested).
- A copy of a valid ID document (self-attested). This could be your driver's licence, passport, voter ID, etc.
- A copy of a document proving your current address (self-attested). This could be a utility bill, bank statement, or rental agreement.
- A completed KYC form (Know Your Customer).
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Features & Benefits of LIC HFL Fixed Deposit
The features and benefits of LIC Housing Finance Fixed Deposit are:
- High Credit Rating: The FD scheme is rated AAA/Stable by CRISIL, indicating that LIC HFL fixed deposits offer high safety and reliability.
- Steady Returns: It offers fixed income with assured returns, making it a predictable investment option.
- Flexible Tenure: You can choose various tenure options ranging from 1 year to 5 years according to your financial goals and preferences.
- Competitive Interest Rates: LIC Housing Finance offers competitive interest rates on its fixed deposits that ranges from 7.00% to 7.75% p.a.
- Senior Citizen Benefits: Senior Citizens can enjoy additional interest rates of 0.25% p.a. on top of existing rates on deposits of ₹20,000 to ₹2 Crores.
- Minimum Deposit Amount: The minimum deposit amount for Cumulative deposits is ₹20,000, while for Non-cumulative deposits, it is ₹20,000 for annual interest payouts and ₹2,00,000 for monthly interest payments.
- Minimum Deposit Amount: Investors can avail loans against their fixed deposits of up to 75% to meet urgent financial needs.
- Automatic Renewal: Automatic renewal facility is available with an LIC Housing Finance FD, making sure that your investment remains active even after maturity.
- Nomination Facility: Nomination facility is available in this FD, allowing you to nominate beneficiaries for easy transfer.
- Tax Deduction at Source (TDS): TDS is deducted on the interest earned of your FD as per Income Tax regulations.
LIC HFL FD Premature Withdrawal
LIC Housing Finance fixed deposits allow for premature withdrawal of your FD account, however, it can only be granted at the discretion of LIC HFL accompanied by the following penalty:
| Period Completed From Deposit Date | Interest Payable (% p.a.) |
|---|---|
| Within 3 months | No Interest |
| After 3 months but before 6 months | 3% for Individuals, No Interest for Others |
| After 6 months but before maturity | 1% lower than deposit's interest rate OR 2% lower than company's lowest public deposit rate (whichever is lower) |
Against LIC Fixed Deposit
LIC Housing Finance offers loan facilities that are available on deposits from three months after the date of deposit. This is beneficial if you require emergency funds but do not want to break your FD. LIC HFL offers up to 75% of the deposit amount as a loan, subject to terms and conditions determined by the company. Interest on the loan is set at a rate 2% higher than the interest rate applicable to the fixed deposit.
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Frequently Asked Questions LIC Housing Finance FD
LIC HFL offers the Sanchay deposit scheme as their fixed deposit scheme.
Senior citizens enjoy higher interest rates of 0.25% on top of existing rates, the interest rates range from 7.25% to 8.00% p.a.
The highest interest rate offered by LIC is 7.75%.
LIC FD offers a highly rated investment option with higher rates, making it a strong choice compared to traditional bank FDs.
Yes, LIC offers reliable savings options with competitive interest rates and high safety ratings, making it a good choice for savings.
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