LIC Fixed Deposit Scheme for Senior Citizens in 2023

FDs or Fixed Deposits are a safe investment option. LIC FD schemes 2023 are ideal for senior citizens.

LIC Fixed Deposit Scheme for Senior Citizens in 2023

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.

Benefits of LIC FD scheme for senior citizens.

– These plans allow the elderly generation to      enjoy special interest rates which help       them to earn more

– The senior citizens can receive the interest      which they earn on the FDs as monthly pay      to lead a comfortable life after getting      retired

– They can also enjoy tax savings u/s 80C      of the IT Act

– With the regular payout option, a retired     person can lead a comfortable life by using     it as a source of extra income

– The term duration of LIC Housing Finance      FDs starts at 36 months and goes up to 60      months

– At present, the maximum interest rate     offered on LIC HFL for senior citizens is 6%,     which is payable with cumulative or non-    cumulative term deposits of 3 to 5 years     (for amounts below INR 20 Crores)

LIC Fixed Deposit Interest Rates 2023 for Senior Citizens

Tenure of FD

Interest rates for senior citizens

1 year

5.50%

18 months

5.75%

2-years

5.90%

3-years

6.00%

5-years

6.00%

8 Key Features of LIC FD Interest Rates 2023

Below are some key elements of LIC FD interest rates 2023:

1. The LIC FD account can be opened with a     small sum of money with no upper limit

2. Need to deposit minimum INR 2 lakh for      monthly pay option.

3. Minimum INR 10,000 for yearly payout.

4. Additional deposits in multiples of INR      10,000 (monthly) and INR 1,000 (yearly).

5. The tenure of the FD is 18 months to 5      years

6. The plans offer nomination facility

7. Loan available against LIC Housing      Finance FD.

8. Under this scheme, a part of the deposit      can be withdrawn if there is an urgent      need

Added Features of LIC FD Deposit Scheme

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.

Tax Benefits and TDS

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.

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