LIC Housing Finance FD Calculator
LIC Housing Finance FD Interest Rates on Domestic deposits from Rs 20,000 to Rs 20 crore
| Non-Cumulative Interest Rates (% p.a.) | |||
| Tenor | Cumulative Interest Rates (% p.a.) | Monthly | Yearly |
| 1 year | 6.3 | 6.2 | 6.3 |
| 18 months | 6.4 | 6.3 | 6.4 |
| 2 years | 6.75 | 6.6 | 6.75 |
| 3 years | 6.95 | 6.75 | 6.95 |
| 5 years | 6.95 | 6.8 | 6.95 |
Note: The FD interest rates are effective as of 29 August 2022
Non-Cumulative Public Deposit
| Tenure | Rate of Interest (p.a.) – Yearly Option | Rate of Interest (p.a.) – Monthly Option |
| 1 year | 5.60% | 5.45% |
| 18 months | 5.90% | 5.75% |
| 2 years | 6.25% | 6.15% |
| 3 years | 6.40% | 6.25% |
| 5 years | 6.60% | 6.45% |
Note: The FD interest rates are effective as of 24 May 2022
LIC HF Public Deposit Scheme - Interest Rates on Deposits of Rs.20 crore and Above - Cumulative
| Tenure | Rate of Interest (p.a.) |
| 1 year | 4.95% |
| 18 months | 5.25% |
| 2 years | 5.60% |
| 3 years | 5.75% |
| 5 years | 5.95% |
Note: The FD interest rates are effective as of 24 May 2022
Non-Cumulative Public Deposit
| Tenure | Rate of Interest (p.a.) – Yearly Option | Rate of Interest (p.a.) – Monthly Option |
| 1 year | 4.95% | 4.85% |
| 18 months | 5.25% | 5.15% |
| 2 years | 5.60% | 5.50% |
| 3 years | 5.75% | 5.65% |
| 5 years | 5.95% | 5.85% |
Note: The FD interest rates are effective as of 24 May 2022
LIC Housing Finance Fixed Deposit Rates - Premature Withdrawal
| Period completed | Rate of Interest (p.a.) |
| 3 months but less than 6 months | 3% p.a. |
| 6 months but before maturity | 1% less than the applicable FD rate |
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LIC Housing Finance FD Calculator
LIC Housing Finance Ltd. is a top housing finance company of the country. It has a registered corporate office in Mumbai. LIC HFL is a subsidiary of LIC. The company was established on June 19, 1989, under the Companies Act 1956.
Fixed deposit is an excellent investment choice that offers guaranteed returns and LIC Housing Finance FD come under the name of “Sanchay Deposit” at attractive interest rates. Before you invest in FDs, you can check the probable returns using an online FD calculator. Here’s more about the online LIC Housing Finance FD calculator.
LIC Housing Finance Fixed Deposit (FD) Calculator
LIC Housing Finance FD rates vary between 7% and 7.50% for regular citizens and for senior citizens this ranges between 7.25% and 7.75%. The deposit tenure can be a minimum of 1 year and a maximum of 5 years.
The maturity amount fluctuates depending on the deposit amount and deposit tenure. If you are planning to manually calculate the returns with formulas, it can prove to be a tedious job. Moreover, there can be errors too.
Instead, you can use the online FD calculator tool for convenient calculation and instant, error-free results.
How does the LIC Housing Finance FD Calculator Work?
Fixed deposit interest is calculated in two ways: simple interest or compound interest. If you opt for manual calculation, there are two different formulas for simple and compound interests.
You need to use the following formula for simple interest calculations:
M= P+ (PXRXT/100)
Here M is the maturity amount, P is the investment amount, T is the tenure of investment and R is rate of interest.
If you are calculating the compound interest rate, the following formula should be used:
A = P (1 + r/n) ^ n*t
In this formula, “A” signifies the FD maturity amount
“P” represents your fixed deposit investment amount
“r” indicates the LIC Housing Finance FD rate
“n” denotes the frequency of compounding interest
“t” denotes the investment term or tenure
The following illustration will help clarify how the formula works:
Let’s assume you have made a fixed deposit investment of ₹20,000 for 5 years at an annual interest rate of 7% compounded annually.
As per the formula:
A = 20,000 (1 + 7%/1) ^ 1*5
A = ₹28,296
You can find out how much interest your FD has earned by subtracting the maturity amount from the capital amount, i.e., 28,296-20,000 = ₹8,296
A convenient alternative to such hectic calculations is the online LIC Housing FD calculator tool available online. The process to use this tool is really simple. You just need to follow the given steps:
1. Enter an investment amount on the “Total Investment” box
2. Drag the cursor to draw a purple line until reaching the desired tenure, or enter the number of years in the box provided
3. Finally, enter the interest rate and check the right side of the page
4. It will display the “Estimated Return”, and “Total Value” received against your FD investment
You can change the figures in deposit amount, interest rate, and tenure and check and compare multiple scenarios before making a final decision.
Benefits of an Online LIC Housing Finance FD Calculator
An online LIC Housing Finance FD calculator offers the following benefits to its users:
- Zero error: There is absolutely no chance of error in calculations. This is because the tool is completely automated and designed to provide accurate results promptly.
- Easy and fast: The process of online FD interest calculation via these tools involves no complicated mechanism. One can use this tool easily by following simple steps.
- Free to use: This tool is free to use and you can use it as many times as you want. You don’t need to provide any personal details to sign up or register.
- Hassle-free investment: You can check multiple scenarios and choose an FD scheme that is most suitable per your financial plans.
Upstox LIC Housing Finance FD calculator is an excellent tool that you can use to make your decision-making process faster and easier. This tool offers a user-friendly interface that enhances user experience. Input the necessary data in the respective fields to determine the accrued interest and maturity amount.
Frequently Asked Questions
What is the highest interest rate on LIC Housing Finance FD?
LIC Housing Finance FD offers a maximum of 7.50% interest for general citizens FD and for senior citizens, this rate can go up to 7.75%. This rate is for cumulative FDs.
What is the minimum amount of investment for FDs under LIC Housing Finance?
You can start investing with a minimum of ₹20,000 in FDs under LIC Housing Finance. The maximum amount is ₹20 crore.
Do we have a premature withdrawal facility on LIC Housing Finance FD?
Yes, LIC Housing Finance allows premature withdrawal on FDs. However, it attracts penalties.
In how many years has FD doubled in the LIC Housing Finance?
You can use the Rule of 72 to easily figure out how much time it will take for FD to double. You need to simply divide 72 by the applicable interest rate. For example, if your FD attracts an annual interest rate of 7.50%, it will take (72/7.50) 9.6 years for your FD to double.
Can I deposit an extra amount into an already existing FD?
No, you cannot deposit any additional amount into an already existing FD. You can alternatively book a new FD and start saving.
Does LIC Housing Finance provide an auto-renewal facility for fixed deposits?
Yes, LIC Housing Finance provides an auto-renewal facility for fixed deposits.
Are there any special rates for senior citizens?
Yes, LIC Housing Finance offers a preferential rate of 0.25% for senior citizen FDs over and above the basic interest rate.
What is the lock-in period for Tax Saving FD scheme?
The lock-in period for Tax Saving FD scheme is of 5 years. Premature withdrawal and loans against FD facilities are not available during this lock-in tenure.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.