By Accommodation Times News Serveices
LIC Housing Finance Ltd has launched a public deposit scheme “Sanchay” whereby it will offer the highest interest rate of 9.50 per cent on five-year deposits. The term period for deposits ranges from one to five years with minimum amount of deposit being Rs 10,000 and thereafter in multiples of Rs 1,000.
The rate of interest (for deposits up to Rs 5 crore) ranges from 8.75 per cent to 9.50 per cent for general public for period ranging from one year to five years. For senior citizens, the company offers additional 0.10 per cent for deposits up to Rs 50,000 and 0.25 per cent for deposits of Rs 51,000 and above.
In the cumulative scheme, the interest accumulated with half-yearly rest will be paid on maturity and in the non-cumulative scheme the interest will be paid on a half yearly basis i.e. March 31 and September 30. The housing finance company said it will accept deposits from individuals, Hindu undivided families, companies, non-resident Indians, cooperative societies and association of persons.
LICHFL’s public deposit scheme has a ‘FAAA Stable’ rating from Crisil, the company said in a statement. As of June-end 2013, the company had a deposit portfolio of Rs 839 crore.