North India Statesman
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On hearing the name of Life Insurance Corporation of India (LIC), the thought of trust and security comes to everyone’s mind. But do you know that LIC offers not only insurance but also great investment schemes like Fixed Deposit (FD)? The FD scheme run by LIC Housing Finance Limited is a great option for investors who want guaranteed and high returns on their money without any risk.
Let us know the complete information about this special FD scheme of LIC, its interest rates and how much benefit you will get if you invest Rs 2 lakh in it.
What is the FD scheme of LIC Housing Finance?
It is a corporate fixed deposit scheme operated by LIC Housing Finance Limited, a subsidiary of LIC. In this, like bank FD, money is deposited for a fixed time, on which you get attractive interest. You can invest in this scheme for minimum 1 year and maximum 5 years.
Investors get two types of options in this:
- Callable: In this, you can withdraw your money even before maturity if needed.
- Non-Callable: In this, you can withdraw money only after completion of maturity, on which usually you get slightly higher interest.
How much interest is being received? (interest rates)
LIC HFL is offering better interest rates than banks on its fixed deposits. In this, interest rates are different for different periods. Senior citizens (above 60 years) are given an additional interest of 0.25% over the normal rates, which makes it even more attractive.
The interest rates currently applicable are as follows (on deposits up to ₹20 lakh):
- For 1 year: 7.25%
- For 18 months: 7.35%
- For 2 years: 7.60%
- For 3 years: 7.75%
- for 5 years: 7.75%
How much return will you get on an investment of ₹2 lakh in 5 years?
If you deposit Rs 2 lakh in this scheme for 5 years, you will get huge benefits on maturity. Let us understand its complete calculation.
- investment amount: ₹2,00,000
- Duration: 5 years
- Interest Rate (General Citizen): 7.75% per annum
Calculation: After 5 years, with compound interest you will get approx. ₹2,92,750 You will get Rs. That means your income is only from interest. ₹92,750 Will happen.
At the same time, if someone senior citizen If someone invests Rs 2 lakh, he will get interest at the rate of 8.00% (7.75% + 0.25%). In this situation, at maturity they will get approximately ₹2,98,965 You will get Rs., in which the interest amount will be ₹98,965 Will happen.
Other special features of the scheme
- Minimum Investment: You can start investing in this scheme with a minimum of ₹20,000.
- Maximum Investment: There is no limit on maximum investment.
- Loan facility: You can also take a loan up to 75% of the deposit amount against your FD.
- Safe Investment: This scheme is completely safe with the trust of LIC.
If you are looking for an investment option where your money is safe and you also get better returns from the bank, then LIC Housing Finance’s FD scheme can be a great opportunity for you.
