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LIC Fixed Deposit in India

LIC Housing Finance Ltd (LICHFL), a leading player in the Indian housing finance sector offers depositors an attractive Fixed Deposit scheme.
The Fixed Deposit scheme has been rated FAAA/Stable by CRISIL indicating the highest degree of safety. Depositors in LICHFL's Fixed Deposit scheme stand to earn a handsome yield on different tenure. The minimum deposit is Rs. 10,000, and thereafter in multiples of Rs. 1000/-.

Features with LIC Fixed Deposits,

  • Cumulative and Non Cumulative options for Fixed Deposits:
    The Fixed Deposits for LIC housing finance are accepted under Cumulative Option and Non-Cumulative Option.  The terms of the deposits are 1 year, 18 months, 2 years, 3 years & 5 years in both the schemes. The payment of interest under cumulative Option is done on the basis of half yearly compounding. Under Non-Cumulative Option, interest will be paid half yearly.
  • Fixed Deposits for Senior Citizens:
    For Senior Citizens,  additional interest of  @ 0.10% p.a. will be more on fixed deposits upto Rs.50,000/- and 0.25% more on deposits above Rs.51,000/-   payable for all the terms.
  • Deduction of Tax at source:
    In cases where the interest amount exceeds Rs.5,000/- (or any such amount notified by the Government from time to time) in a financial year, income tax will be deducted at source as per the Income tax Act, 1961. If the depositors, who are not liable to pay income tax and the interest to be paid/ credited in the financial year does not exceed the maximum amount are exempted from tax; however depositor may submit a declaration in Form 15G.
  • Tax Benefits:
    No tax deduction at source on interest from deposits upto Rs. 5,000/- in a Financial Year. 
  • Nominations:
    Individual depositors, singly or jointly, can nominate under this facility. In case the fixed deposit is placed in the name of a minor the nomination can be made only by a person lawfully entitled to act on behalf of the minor.
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