LIC Housing Finance FD Interest Rate with effect from 24 May; earn now up to 6.6%

(LIC HFL) has revised its fixed deposit (FD) interest rates effective 24 May 2022. Interest rates on all individual deposits currently range from 5.60% to 6.60%. A client can choose from a variety of flexible tenure choices. A minimum of one year and a maximum of five years are available.

Who can apply for the HFL FD LICs

Residents, nonresidents, minors through guardians, HUFs, partnership corporations, cooperative corporations, associations of persons, corporate owners, trusts, and others, as determined by management, will be eligible to open this public repository.

HFL Cumulative Public Filing

Under the cumulative public deposit system, tenure options include one year, 18 months, two years, three years, and five years. Interest will be compounded annually and paid with the principal at maturity, after deduction of applicable taxes.

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

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 the non-cumulative deposit scheme, there are options for monthly and annual interest payments. Under the non-cumulative public deposit scheme, tenure options include one year, 18 months, two years, three years and five years.

Under the annual option, on March 31 of each year, the interest will be paid. Under the monthly option, the 1st of the month and the 31st of the month.

Non-cumulative public deposit interest rate

1. Monthly option for a one-year deposit: 5.45%

Annual option for 1 year: 5.60%

2. Monthly option for 18 months down payment: 5.75%

Annual option for 18 months: 5.90%

3. Monthly option for a 2-year deposit: 6.10%

Annual option for 2 years down payment: 6.25%

4. Monthly option for 3 years down payment: 6.25%

Annual option for 3-year deposit: 6.40%

5. Monthly option for 5 years down payment: 6.45%

Annual option for 5-year deposit: 6.60%

According to the website, these are important points to note

  • Interest will be paid from the date the funds are credited to LICHFL’s bank account by check or RTGS/NEFT/IMPS transfer.
  • Only checks and online transfers (RTGS/NEFT/IMPS) will be accepted as means of payment.
  • Seniors enjoy an additional interest rate of 0.25% on deposits up to Rs. 20 crore for all terms.
  • Interest is paid on an annual basis by wire transfer or interest warrants, as specified by the depositor, after deduction of applicable taxes.
  • Monthly Interest Payment – Only by wire transfer for non-cumulative public deposits after applicable taxes have been deducted.
  • Under the Cumulative Public Deposit Scheme, interest will be compounded annually.

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