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.
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.
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.