LIC FD Interest Rates 2023 - Latest LIC Fixed Deposit Rates
LIC FD Interest Rates 2023 - Latest LIC Fixed Deposit Rates
May 10, 2023
5 Minutes
'Unlocking Wealth Growth with LIC Housing Finance Fixed Deposits: Interest Rates and Beyond"
Introduction:
LIC Housing Finance Limited (LIC HFL) stands as a robust financial institution offering a diverse range of Fixed Deposit (FD) plans tailored to cater to the varied needs of investors. Let's delve into the intricacies of LIC FD interest rates and explore the features that make it a compelling investment avenue.
LIC FD Duration and Interest Rates:
LIC HFL offers FDs with durations spanning from 36 to 60 months, accompanied by attractive interest rates ranging between 7.25% and 7.75%. This flexibility allows investors to align their investment horizon with their financial goals.
Minimum and Maximum Deposits:
For the monthly option, a minimum deposit of Rs. 2 lakh is required, while the yearly option demands a commitment of at least Rs. 10,000. Additional deposits can be made in multiples of Rs. 10,000 for monthly deposits and Rs. 1,000 for yearly deposits, enhancing flexibility.
LIC FD Sanchay:
The Sanchay plan, encapsulating LIC Housing Finance FD, beckons investors with a minimum deposit tenure of three months. Noteworthy is the elevated senior interest rates, reaching up to 6.00 percent, making it an attractive proposition for discerning investors.
Term-wise LIC FD Rates:
Short-Term Deposits:
Ranging from 1 day to 1 year, short-term FDs offer rates from 5.25% to 5.5% for general customers and 5.5% to 5.7% for senior citizens.
Medium-Term Deposits:
Covering the span of 1 year 5 months to 4 years 11 months, medium-term FDs offer rates from 5.65% to 5.75% for general customers and 5.9% to 6% for senior citizens.
Loan Against LIC FD:
Investors can leverage their LIC FDs by availing a loan of up to 75% of the deposit amount. The interest rate on the loan is a modest 2% p.a. above the FD interest rate.
Premature Closure and Interest Payment Options:
LIC permits premature FD withdrawal, albeit with a 2% penalty on the interest rate. Interest payments are made annually for cumulative deposits, while non-cumulative deposits receive interest on March 31st of each year.
Tax Implications:
LIC Tax Saving FD provides tax-saving benefits up to Rs. 1,50,000 p.a. The interest income, however, is taxable according to income tax slab rates. TDS of 10% is applicable if the income exceeds Rs. 40,000 p.a., and for senior citizens, the limit is Rs. 50,000 p.a.
FAQs:
Interest Payment Options:
Interest on cumulative deposits is compounded annually, and clients are paid at maturity. Non-cumulative deposits receive interest on March 31st of each year.
Penalties for Missing PAN Information:
Failure to provide PAN card information results in a higher TDS rate of 20%, no issuance of TDS certificate, and possible denial of TDS credit.
Various Interest Payment Options:
Customers can choose between cumulative and non-cumulative term deposits.
Joint Account Creation:
Yes, joint accounts can be created, but interest payments will be made only in the name of the original depositor.
Interest Payment Process:
Interest is credited directly to the FD holder's bank account via ECS.
Premature Withdrawal Procedure:
Withdrawals are permitted three months from the start of the FD.
Conclusion:
With competitive interest rates and a commitment to delivering a high return on investment, LIC Housing Finance Fixed Deposits emerge as a trustworthy choice for investors seeking wealth growth and financial stability. Explore the potential of LIC FDs to pave the way for a secure and prosperous financial future.
'Unlocking Wealth Growth with LIC Housing Finance Fixed Deposits: Interest Rates and Beyond"
Introduction:
LIC Housing Finance Limited (LIC HFL) stands as a robust financial institution offering a diverse range of Fixed Deposit (FD) plans tailored to cater to the varied needs of investors. Let's delve into the intricacies of LIC FD interest rates and explore the features that make it a compelling investment avenue.
LIC FD Duration and Interest Rates:
LIC HFL offers FDs with durations spanning from 36 to 60 months, accompanied by attractive interest rates ranging between 7.25% and 7.75%. This flexibility allows investors to align their investment horizon with their financial goals.
Minimum and Maximum Deposits:
For the monthly option, a minimum deposit of Rs. 2 lakh is required, while the yearly option demands a commitment of at least Rs. 10,000. Additional deposits can be made in multiples of Rs. 10,000 for monthly deposits and Rs. 1,000 for yearly deposits, enhancing flexibility.
LIC FD Sanchay:
The Sanchay plan, encapsulating LIC Housing Finance FD, beckons investors with a minimum deposit tenure of three months. Noteworthy is the elevated senior interest rates, reaching up to 6.00 percent, making it an attractive proposition for discerning investors.
Term-wise LIC FD Rates:
Short-Term Deposits:
Ranging from 1 day to 1 year, short-term FDs offer rates from 5.25% to 5.5% for general customers and 5.5% to 5.7% for senior citizens.
Medium-Term Deposits:
Covering the span of 1 year 5 months to 4 years 11 months, medium-term FDs offer rates from 5.65% to 5.75% for general customers and 5.9% to 6% for senior citizens.
Loan Against LIC FD:
Investors can leverage their LIC FDs by availing a loan of up to 75% of the deposit amount. The interest rate on the loan is a modest 2% p.a. above the FD interest rate.
Premature Closure and Interest Payment Options:
LIC permits premature FD withdrawal, albeit with a 2% penalty on the interest rate. Interest payments are made annually for cumulative deposits, while non-cumulative deposits receive interest on March 31st of each year.
Tax Implications:
LIC Tax Saving FD provides tax-saving benefits up to Rs. 1,50,000 p.a. The interest income, however, is taxable according to income tax slab rates. TDS of 10% is applicable if the income exceeds Rs. 40,000 p.a., and for senior citizens, the limit is Rs. 50,000 p.a.
FAQs:
Interest Payment Options:
Interest on cumulative deposits is compounded annually, and clients are paid at maturity. Non-cumulative deposits receive interest on March 31st of each year.
Penalties for Missing PAN Information:
Failure to provide PAN card information results in a higher TDS rate of 20%, no issuance of TDS certificate, and possible denial of TDS credit.
Various Interest Payment Options:
Customers can choose between cumulative and non-cumulative term deposits.
Joint Account Creation:
Yes, joint accounts can be created, but interest payments will be made only in the name of the original depositor.
Interest Payment Process:
Interest is credited directly to the FD holder's bank account via ECS.
Premature Withdrawal Procedure:
Withdrawals are permitted three months from the start of the FD.
Conclusion:
With competitive interest rates and a commitment to delivering a high return on investment, LIC Housing Finance Fixed Deposits emerge as a trustworthy choice for investors seeking wealth growth and financial stability. Explore the potential of LIC FDs to pave the way for a secure and prosperous financial future.
Author
Pluto Team
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