LIC Housing Finance public deposit rate hike: Earn up to 7.5% interest; details here

Life Insurance Corporation of India (LIC) Housing Finance has hiked the interest rates on its public deposit by 10-65 basis points (bps). The revised rates came into effect from 26 December. Depositors can earn up to 7.5 per cent interest on their LIC Housing Finance deposit. The tenures for the public deposit range from 18 months to five years. Public deposits are going to be accepted from resident individuals, non-resident individuals, minors through guardians, and Hindu Undivided Families (HUFs). The deposit will also be accepted from partnership firms, association of persons, co-operative societies, proprietary concerns, trusts and others as decided by management. Auto renewal/ auto repayment facility is available on the public deposit. Cumulative rates: LIC Housing Finance is providing cumulative returns of 7.1 per cent per annum (p.a.) on public deposits of up to Rs 20 crore for 18 months tenure. The interest rate stands at 6.75 per cent for deposits of more than Rs 20 crore for the same tenure. The depositors can earn 7 per cent interest on deposits of up to Rs 20 crore with a year-long maturity period. The interest rate stands at 6.75 per cent on deposits above Rs 20 crore for the same tenure. For a tenure of two years, the rate stands at 7.35 per cent for deposits of up to Rs 20 crore and 7 per cent for deposits of more than Rs 20 crore. For the tenures of three and five years, the LIC Housing is providing 7.5 per cent each on deposits of above Rs 20 crore. The non-bank financial institution (NBFC) is offering 7.25 per cent for each tenure on deposits of more than Rs 2 crore. Interest will be compounded annually under the cumulative scheme. The return is going to be paid on maturity, with the principal amount, after the deduction of tax wherever applicable. Non-Cumulative rates: There are two options available for non-cumulative interest rates- monthly and yearly. Monthly option LIC Housing Finance is offering 6.9 per cent interest on deposits of up to Rs 20 crore under this option. It is providing a 6.55 per cent rate on deposits of more than 20 crore for the 18-month tenure. For a one-year tenure, the interest stands at 6.8 per cent on deposits of up to Rs 20 crore, and 6.55 per cent on deposits above Rs 20 crore. For the two-year tenure, the NBFC is offering 7.1 per cent return for deposits of up to Rs 20 crore, and 6.8 per cent on deposits above Rs 20 crore. For the tenure of three years, the interest rate provided is 7.25 per cent on deposits of up to Rs 20 crore. For the same tenure, 7 per cent return is being offered on deposits of above Rs 20 crore. The interest on deposits of up to Rs 20 crore is 7.35 per cent and 7 per cent for deposits of above Rs 20 crore. Yearly option For deposits of up to Rs 20 crore, the NBFC is giving 7.1 per cent return on 18-month tenure, and 7 per cent on one-year tenure. It is giving 7.35 per cent interest on two-year tenure, and 7.5 per cent each on tenures of three and five years for the deposits of the same amount. On deposits above Rs 20 crore, the NBFC is offering 6.75 per cent interest on tenures of 18 months and one year. It is giving 7 per cent interest on deposits maturing in two years, and 7.25 per cent each on three and five-year tenure deposits of the same amount. The interest is paid on 31 March under the annual option of non-cumulative scheme. The interest is paid on the first day of the month and on 31 March for the month under the monthly option. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.