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Life Insurance Corporation (LIC) of India is the single largest public sector life insurance policy provider in India. The organization was founded in 1956 and has collaborated with 245 other insurers and prudent societies to become a conglomerate. LIC has its headquarters in Mumbai and they offer extensive products in the category of term plans, investment policies and saving plans among others. Being a public sector company, LIC is regarded as the most sought-after insurer among customers in both urban and rural areas.
LIC trades in NSE or National Stock Exchange as well as in Bombay Stock Exchange and is registered with the National Housing Bank. LIC HFL or LIC Housing Finance Limited, founded in 2007, is termed as among the largest Housing finance companies in India offering wide ranging FDs or Fixed Deposit plans to serve the needs of investors of all categories. The FDs offered by LIC are available with good return on investment along with several other benefits. Let us discuss below the LIC FD interest rates 2023 for senior citizens.
FDs offered for senior citizens by LIC are the term deposit plans with lucrative LIC interest rates which cater to people above the age of 60. Offering a range of benefits to the elderly, senior citizen FDs allow regular payout to them along with handsome interest rates. Such benefits allow the elderly to have a steady flow of income in their late years of life.
The LIC FDs serve the senior citizens above the age of 60 years by offering a maximum interest rate as compared to the rates offered to general citizens.
Here are the LIC FD rates for Senior Citizens 2023:
| Tenure of FD | Interest rates for general citizens | Interest rates for senior citizens |
| 1 year | 5.25% | 5.50% |
| 18 months | 5.50% | 5.75% |
| 2-years | 5.65% | 5.90% |
| 3-years | 5.75% | 6.00% |
| 5-years | 5.75% | 6.00% |
Below are some key elements of LIC FD interest rates 2023:
LIC Housing Finance does not allow the option of depositing any added amount in an FD that is already active. However, if you want to add more money to FD, you can open a new FD account and deposit the extra money in it. The safety of the LIC FDs is confirmed by an AAA or AA rating offered by agencies to indicate its high safety assurance.
LIC FD Deposit Scheme for Senior Citizens provides tax benefits under section 80C of the Income Tax Act, 1961, if the term duration is of 5 years and above. Depositors are allowed to claim the exemption when filing the returns of income tax. Also, a TDS of 10% is deducted in case the interest income exceeds INR 4 to 5 lakhs for Senior Citizens.
There are various external and internal factors on which LIC FD rates depend. Some of them are:
Inflation is one of the primary factors which regulates the LIC FD rates as well as the FD rates of other banks. Similarly, policies and guidelines by RBI also play an important role in the rate of interest of FDs. The economic situations in the country are another vital factor that influences the interest rates of FDs offered by LIC and other financial institutions/banks.
LIC FD account can be availed by :
Here are the documents required:
To Conclude
LIC is India’s top and biggest insurer offering FDs for people of different age groups. Elderly citizens above the age of 60 years can avail the LIC FD for Senior Citizen schemes. They come with good interest rates so that the senior citizens can spend their retired life without any financial difficulty.
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Yes, LIC offers FD schemes. LIC Housing Finance Ltd. has launched SANCHAY deposit scheme in May 2007
Yes, they get special interest rates, can avail payout on a monthly basis, and can gain tax benefits.
Both are different products. FD is purely an investment product whereas life insurance is an insurance product. So, both have their unique benefits as well.
There are many LIC Fixed Deposit Monthly Income Plans offered by the insurer. You can have a look at these plans in the LIC fixed deposit plan chart to choose your plan accordingly.
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