How to find the best rates for LIC Housing Finance Fixed Deposit
LIC Housing (LIC HFL) is a leading financial institution in India, primarily involved in providing housing finance. The company also accepts public deposits. LIC Housing’s FD schemes are rated FAAA/Stable by CRISIL, making it a safe and preferred savings option. The rates offered on LIC Housing’s fixed deposits are comparable, if not better than those offered by leading banking institutions in India.
The above table accurately captures all information pertaining to the latest interest rates offered on LIC Housing fixed deposit schemes.
LIC HFL Short-Term FD Rates
At 8.25% p.a., the company offers very attractive rates on short-term savings. This rate is applicable on its FD schemes with terms ranging between 1 year and 1.6 years. Returns, are compounded on a bi-annual basis.
LIC HFL Medium and Long-Term FD Rates
The interest rate on a 2-year deposit is 8.35%. This is increased by 0.4% for deposits with durations of 3 and 4 years to 8.75%. The highest rate on offer is for the 5-year scheme at 8.5%.
LIC HFL Senior Citizen FD Rates
Senior citizens earn 0.25% extra on interest rates across all fixed deposit schemes on offer by LIC HFL. This puts returns in the range of 8.5% to 8.75% for this category of deposit holders.
Interest Rates Reduced on LIC Housing Fixed Deposits
LIC Housing Finance has initiated rate cuts on its FD products as have other NBFCs. The company reduced rates by 25 to 40 basis points on FDs with holding periods of 3 to 5 years.
These cuts follow reductions in interest rates on bank FDs after the repo rate cut which prompts banks to lower both deposit and lending rates. With further cuts from RBI, deposit rates are likely to be revised downwards again in coming months.
Bank FDs currently offer returns at the rate of 8% to 8.5% which is about 1% to 1.5% lower than that offered by non-banking companies.
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