LIC HFL Cumulative Public Deposit
According to the LIC HFL website, “Tenure available for 1 Year, 18 Months, 2 Year, 3 Year and 5 Year under Cumulative Public Deposit Scheme. Attractive card rate for deposit amount upto Rs 20 Crore and above Rs. 20 Crore for all tenure. Interest will be compounded annually and paid on maturity along with Principal Amount after deducting the tax wherever applicable.”
Minimum investment amount is Rs 20,000 and thereafter multiples of Rs. 1,000.
Cumulative Public Deposit interest rate
Below are the interest rates for deposits below Rs 20 crores.
- 1 year: 7.25%
- 18 months: 7.35%
- 2 years: 7.60%
- 3 years: 7.75%
- 5 years: 7.75%
Non-Cumulative Public Deposit
Under the non-cumulative deposit plan, choices for monthly and annual interest payments are offered. The non-cumulative public deposit plan offers tenure options of 1 Year, 18 Months, 2 Year, 3 Year, and 5 Year.Non-Cumulative Public Deposit interest rate
1. Monthly option for 1 year deposit: 7%
Yearly option for 1 year: 7.25%
2. Monthly option for 18 months deposit: 7.10%
Yearly option for 18 months: 7.35%
3. Monthly option for 2-year deposit: 7.35%
Yearly option for 2 years deposit: 7.60%
4. Monthly option for 3 years deposit: 7.50%
Yearly option for 3 year deposit: 7.75%
5. Monthly option for 5 years deposit: 7.50 %
Yearly option for 5 year deposit: 7.75%.
Principal and interest will be credited on maturity to the designated bank account mentioned in the application form at the time of placement of said deposit.
While making a deposit, the depositor has the choice to select either an auto renewal with principal or an auto renewal with principal plus interest on the application form. According to the instructions on the application form, the deposit will automatically be renewed for one more term under a comparable product, for the same duration, and at the interest rate in effect on the date of maturity. The deposit will be renewed for a term that is most similar to the initial period if similar product/period alternatives are not still available on the maturity date.
Things to know
- The interest will be paid via cheque, RTGS, NEFT, or IMPS transfer starting on the date when funds were credited to LICHFL’s bank account.
- Deposits can only be made via a cheque or an online transfer (RTGS, NEFT, or IMPS).
- For deposits of 20,000 or more but up to 2 crores on all tenures, senior persons receive an additional benefit of 0.25% in interest rate.
- After deducting any applicable taxes, the depositor may choose to receive interest payments under the annual option by electronic transfer or interest warrants.
- After deducting any applicable taxes, interest payments under the monthly option are only made by electronic transfer for non-cumulative public deposits.