LIC Housing Finance Ltd is a Mumbai-based housing finance company established in 1989 with a vision to provide housing finance at an affordable rate. It is one of the leading housing finance companies in the country with an aim to provide long-term finance, making construction and purchase of houses or flats affordable for Indians. It has a massive loan book of ₹2 lakh crore with 25 lakh customers and a cumulative disbursement record of ₹ 3.35 lakh crore. Apart from credit products, it offers fixed deposits to the public. It has two types of public fixed deposits: cumulative public deposits and non-cumulative public deposits. Now, let’s discuss more on LIC housing finance fixed deposit rates, FD features and benefits, types of FD offered, eligibility, documents required and more.
| Minimum Deposit | ₹20,000 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 1 Year |
| Maximum Tenure | 5 Years |
| Interest Rates | 7.25% to 7.75% per annum |
| Lock-in Period | 3 months |
| Senior Citizen | 0.25% additional interest rate on the regular rates |
| General Citizen | 7.00% to 7.25% |
LIC Housing Finance Fixed Deposit Rates 2024
| Tenure | General Citizen | Senior Citizen |
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Features and Benefits of LIC Housing FD
Here are some salient features and benefits of LIC Housing FD Interest Rates:
- LIC housing finance FD rates are quite lucrative and offer a good investment option with a very low risk involved.
- It offers an additional rate of interest of 0.25% p.a. for senior citizens for deposits up to ₹2 crore.
- It offers loans against deposits of up to 75% of the deposit amount.
- Depositors can avail of FD auto-renewal facilities and add nominees for their fixed deposits.
- LIC Housing Finance FD has been rated as one of the safest and most stable by one of the top credit rating agencies. Also, an amount of up to ₹5 lakhs on all LIC fixed deposit schemes are insured by DICGC.
- Upon making a premature FD withdrawal, LIC charges a minimal penalty of 2% on the contracted interest rate.
How to Book LIC Housing FD?
With LIC Housing Finance Ltd, you can book your fixed deposit offline, i.e., by physically visiting your nearest LIC Housing branch. Here is a step-by-step guide on how to book your LIC Housing FD offline:
- Step 1: Visit your nearest LIC Housing Finance branch along with the necessary documents.
- Step 2: Obtain an FD opening form from the LIC officials, duly fill it out and attach all the necessary with it. You can also download the LIC Housing FD account opening form from the website.
- Step 3: Submit the form along with all the necessary documents.
- Step 4: The officials will then accept your application and provide you with an acknowledgement receipt.
You can expect your request to be processed within a couple of days.
Documents Required to Book LIC Housing FD
Here is the list of documents required to avail of the attractive LIC FD interest rates.
- Duly Filled Fixed Deposit account opening form
- Two recent passport-sized coloured photographs
- Documents specifying bank account details such as account number, IFSC code, and branch name
- PAN card (self-attested copy) or Form 60/61
- Self-attested copy of any identity proof (Aadhaar Card, Driving License, Passport)
- Self-attested copy of any address proof (Aadhaar Card, Telephone Bill, Electricity Bill or any other valid utility bills)
- Proof of age (Birth Certificate etc.)
Eligibility to Open LIC Housing FD
Below are some individuals and entities eligible to open an FD with LIC Housing Finance.
- Applicant type: Resident Indians, Non-Resident Indians, Hindu Undivided Families (HUF), Joint-stock Companies, Cooperative societies, Partnership Firms, Sole Proprietors Firms, Clubs, Associations and Trusts.
- Age (in case of individual applicants): Applicants should be at least 18 years of age. Individuals below this age level need to apply through their guardian.
Types of LIC Housing Finance FD Schemes
Here are the LIC Housing Finance FD schemes you can avail of in 2024.
1. Cumulative Public Deposit Scheme
Cumulative Public Deposit offers attractive rates for tenures like 1 year, 18 months, 2 years, 3 years and 5 years to meet medium or long-term fund requirements. This FD scheme provides high-yielding interest, which is compounded annually and paid on maturity after tax deductions.
- Minimum Deposit: ₹20,000
- Maximum Deposit: No maximum limit
- Tenure: 1 year to 5 years
- Interest Rate: 7.25% to 7.75% per annum
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
2. Non-Cumulative Public Deposit Scheme
A Non-Cumulative Public Deposit Scheme is another type of LIC FD scheme, highly popular among investors seeking regular income. Under this scheme, you can avail of two options for interest payout: monthly and annual interest payout.
- Minimum Deposit: ₹20,000 (for annual interest pay-out option), ₹2,00,000 (for monthly interest pay-out option)
- Maximum Deposit: No maximum limit.
- Tenure: 1 year to 5 years
- Interest Rate: 7% to 7.75% per annum
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
Although a secured option for generating regular income or growing savings, LIC Housing Finance fixed deposit rates and schemes are subject to change over time. Therefore, make sure to verify such rates and go through all the associated terms and conditions carefully before making a decision.
