India's largest Housing Finance company LIC Housing Finance Limited had revised its Public Deposit scheme " SANCHAY PUBLIC DEPOSIT SCHEME " Interest rates from 07/05/2020.
Features of Monthly Interest payment option for Public Deposit Scheme:
1. Scheme type: Monthly Interest Payment Option is applicable only on Non-Cumulative Deposits.
2. Minimum Deposit: Rs. 2,00,000/-, Additional Deposit: In multiples of Rs. 10,000/-
3. Payment Date of Interest: Interest will be paid on 1st day of the Month & on 31st March for the month of March. For new deposits processed before 15th of the month, broken period interest will be paid on 1st day of the next month. For new deposits processed after 15th of the month, interest will be paid on 1st day of the second interest cycle on a pro-rata basis.
4. Payment Mode: The payment of interest will be made through Electronic Payment Mode only.
LIC Housing Finance Limited had revised the rate of interest on Public & Corporate Deposits, with effect from 07.05.2020. The new Interest rates are as follows:
Rate of interest applicable to Public Deposit (Resident / Non-Resident Individuals, Co-Operative Societies, Association of Persons, Partnership firm, HUF, Trusts) up to Rs. 20 Crores and above Rs. 20 Crores w.e.f. 07/05/2020
Senior Citizens: Additional interest @0.25% p.a. (for deposits up to Rs. 20 crores on all tenors). No Senior citizen benefit on deposit of above Rs. 20 crores.
Features of the scheme of Cumulative & Non-cumulative deposits (Annual option):
1. Revised Minimum Deposit: Rs. 20,000/-, Additional Deposit: In multiples of Rs. 1,000/-
2. Interest is payable annually on 31st March for the non-cumulative scheme.
3. Interest is compounded annually for the cumulative scheme.
The date of credit to the bank account shall be the date of deposit and the rate applicable shall be the rate prevailing on the date of credit to our bank account. No claim whatsoever in this regard shall be accepted. Splitting of deposit/s is not allowed. If the total Public Deposits received from single deposit holder/s within a period of one calendar month exceeds Rs. 20 Crores it shall be treated as a single deposit and the interest rate shall be the rate applicable for deposits exceeding Rs. 20 Crores. Other terms and conditions remain unchanged.
