Interest rates

Revision of LIC Housing Finance FD interest rates. Check the latest rates in effect from May 24

Revision of LIC Housing Finance FD interest rates. Check the latest rates in effect from May 24

New Delhi: Days after Reserve Bank of India Governor Shaktikanta Das announced a 40 basis point hike in the repo rate on May 4, LIC Housing Finance (LIC HFL) has revised its interest rates on deposits fixed (FD). The new rates will come into effect from May 24, 2022.

Interest rates on all individual deposits currently range from 5.60% to 6.60%. Deposits are available for a minimum of one year and a maximum of 5 years are available.

Who can apply for the LIC HFL FD?

Residents, nonresidents, minors through guardians, HUFs, partnership corporations, cooperative corporations, associations of persons, owners, trusts, and others, as determined by management, will be eligible to make a deposit in these DFs.

LIC HFL Cumulative public repository

Under the cumulative public filing system, the term options are 1 year, 18 months, 2 years, 3 years, and 5 years. Interest under this plan will be compounded annually and paid with the principal at maturity, after applicable taxes have been deducted.

The minimum amount is Rs 20,000 and multiples of Rs 1,000/- thereafter.

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Cumulative public deposit interest rate

1 year: 5.60%

18 months: 5.90%

2 years: 6.25%

3 years: 6.40%

5 years: 6.60%

Non-cumulative public filing

Under this plan, depositors will have options for monthly and annual interest payments. Term options include 1 year, 18 months, 2 years, 3 years and 5 years. While interest will be credited on March 31 of each year under the annual option, it will be paid on the 1st of the month and the 31st of the month under the monthly option.

Non-cumulative public deposit interest rate

Monthly option for a one-year deposit: 5.45%; Annual option for 1 year: 5.60%

Monthly option for 18 months deposit: 5.75%; Annual option for 18 months: 5.90%

Monthly option for 2-year deposit: 6.10%; Annual option for 2 years deposit: 6.25%

Monthly option for 3 years deposit: 6.25%; Annual option for the 3-year deposit: 6.40%

Monthly option for 5-year bond: 6.45%; Annual option for the 5-year deposit: 6.60%

Interest will be paid from the date the funds are credited to the LIC Housing Finance bank account by check or RTGS/NEFT/IMPS transfer. Only checks and online transfers (RTGS/NEFT/IMPS) will be accepted as means of payment.

It should be noted that seniors will earn an additional interest rate of 0.25% on deposits up to Rs 20 crore for all terms.