LIC Housing Finance Limited has started the Public Deposit Scheme from May 10, 2007 onwards.
Features and Benefits of LIC Housing Finance Limited Public Deposit Scheme:
- No tax deduction at source on interest from deposits upto Rs. 5,000/- in a Financial Year
- Cheque/Demand Draft for placing deposits should be drawn in favour of ‘LIC HOUSING FINANCE LIMITED-PUBLIC DEPOSIT A/C’ and marked “Account Payee only” payable at the city in which selected offices of the Company are located
- For Senior Citizens, Additional interest of @ 0.10% p.a. will be more on deposits upto Rs.50,000/- and 0.25% will be more on deposits above Rs.51,000/- payable for all the terms
- Under Non-Cumulative Option, interest will be paid half yearly i.e., 30th September and 31st March
- Below Rates of interest on Public Deposits with effect from June 15, 2009
| Term | Interest Rate for General Public | Interest Rate for Senior Citizens with deposits up to Rs. 50,000 | Interest Rate for Senior Citizens with deposits above Rs. 51,000 |
| 1 year | 9.00% | 9.10% | 9.25% |
| 18 months | 9.00% | 9.10% | 9.25% |
| 2 years | 9.25% | 9.35% | 9.50% |
| 3 years | 9.50% | 9.60% | 9.75% |
| 5 years | 9.50% | 9.60% | 9.75% |
Interest is Payable/Compoundable Half Yearly
Website: LIC Housing Finance Limited Public Deposit Scheme