LIC Housing Finance
Ltd (LIC HFL) has launched a public deposit scheme “Sanchay” whereby it will
offer the highest interest rate of 9.50% on 5 year deposits.
Term period
The term period for
deposits ranges from 1 to 5 years with minimum amount of deposit being
Rs.10,000 and thereafter in multiples of Rs. 1,000.
The rate of interest
(for deposits up to Rs. 5 crore) ranges from 8.75% to 9.50% for general public
for period ranging from 1 year to 5 years.
For senior citizens,
the company offers additional 0.10% for deposits up to Rs. 50,000 and 0.25% for
deposits of Rs. 51,000 and above.
Interest
In the cumulative
scheme, the interest accumulated with half-yearly rest will be paid on maturity
and in the non-cumulative scheme the interest will be paid on a half yearly
basis i.e. March 31 and September 30.
The housing finance
company - LIC HFL - said it will accept deposits from individuals, Hindu
undivided families, companies, non-resident Indians, cooperative societies
& association of persons.
LICHFL’s public
deposit scheme has a ‘FAAA Stable’ rating from Crisil, the company said in a
statement. As of June-end 2013, the company had a deposit portfolio of Rs. 839
crore.
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