LIC Housing Finance public deposit rate hiked: Check calculator, new rates, other key details

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New Delhi: With effect from December 26, NBFC LIC Housing Finance increased its public deposit interest rates by 10-65 basis points. The public deposits total at least twenty crores. Depositors may receive a return on investment of up to 7.50 percent. Public deposit tenures range from 18 months to 5 years.

Beginning on December 26th, LIC Housing will offer a cumulative interest rate of 7.10 percent annually on public deposits up to Rs 20 crore for an 18-month term, while the interest rate will be 6.75 percent on deposits over Rs 20 crore for the same period. The interest rate for a 1-year term is 7 percent for deposits under Rs 20 crore and 6.75 percent for deposits beyond Rs 20 crore. ()

The rates for a two-year term are 7.35 percent for deposits up to 20 crores and 7 percent for deposits over 20 crores. The NBFC is currently offering 7.50 percent and 7.25 percent interest rates for terms of 3 and 5 years, respectively, on deposits up to 20 crores and 2 crores, respectively. ()

The cumulative scheme provides for the annual compounding of interest, which is paid at maturity along with the principal amount after any necessary taxes have been subtracted. The interest is paid on March 31st under the annual option in a non-cumulative plan. The interest is paid on the first day of each month and on March 31st for the monthly option.