PRODUCT NOTE
LIC Housing Finance Ltd.
Incorporated in 1989, LIC Housing Finance (LICHF) was promoted by the Life Insurance Corpora- tion of India (40.5% stake) with equity participation from UTI, ICICI and IFCI
Rating: FAAA by CRISIL denoting highest degree of safety regarding timely servicing of financial obligations.
Cumulative Non-Cumulative Scheme Tenure Scheme* Extra Benefits (Months) Monthly Quarterly Half Yearly Yearly Interest
12 5.10% - - 5.25% 5.25% 18 5.35% - - 5.50% 5.50% 24 5.50% - - 5.65% 5.65% For Senior Citizens – 36 5.60% - - 5.75% 5.75% 0.25% p.a. extra 60 5.60% - - 5.75% 5.75% Minimum 200,000 20,000 20,000 Amount *Compounded Annually
Who Can Invest? Offline: RESIDENT INDIVIDUALS NON RESIDENT INDIVIDUALS HUFs PARTNERSHIP FIRMS CO-OPERATIVE SOCIETIES ASSOCIATION OF PERSONS TRUSTS (COMPANY IS ELIGIBLE TO ACCEPT DEPOSITS FROM TRUSTS AS PER SECTION 11(5) (IX) OF INCOME TAX ACT, 1961)
How to Invest?
Offline Procedure – Application for deposits in the prescribed form duly signed by all the joint applicants, along with the cheque / RTGS confirmation advice valid KYC documents with Original Seen Verified(OSV) by Relationship Manager (PAN Card and address proof, and cancelled cheque) and form 15G/15H (as applicable) should be submitted at their collection centre. Note: The TAT for FD processing is 3-4 weeks. Link to download the e-receipt : https://www.lichousing.com/pd_certificates.php
Mode of Acceptance: a) By issuing an account payee cheque favoring “LIC Housing Finance Limited-Collection A/C." b) By remitting funds through NEFT/RTGS or fund transfer. Bank Account details: Beneficiary Name : LIC Housing Finance Limited Account Number : 919020003182009 Bank Name : Axis Bank Ltd. Branch : Cuffe Parade Branch IFSC Code : UTIB0000447 MICR Code : 400211039
Physical copies of the Application forms to be sent to the Registrar REGISTRAR TO THE PUBLIC DEPOSIT SCHEME DATAMATICS GLOBAL SERVICED LIMITED
Address of correspondence: Unit : LIC Housing Finance Limited, Knowledge Centre, Plot No 58, Street No. 17. M.I.D.C Andheri (E), Mumbai 400093 India
Contact: 022-6102001(Ext: 5381/0201)
Email: [email protected] All communications should be addressed to the Registrar at the above address only.
Important Points-
JOINT HOLDER FACILITY Available NOMINATION Available 15H/15G Available If interest earned during a financial year is more than Rs. 5000, TDS income tax will be deducted at source as per section 194A of the income tax Act, 1961 at the rates in force. ECS/NEFT Available PAN Mandatory Link InTime India Pvt. Ltd. C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai -400708. ADDRESS FOR Tel. No. :022249186260 COMMUNICATION E-mail: [email protected] [email protected] Contact Person – Mr. Sharad Amin (Mobile No: 9820261454)
TAT for FD processing 3-4 weeks
DOCUMETATION AND PROCESS FOR NRI INVESTMENT
NRI's can invest in LIC HFC deposit scheme for a maximum tenor of 3 years. Funds can be transferred from an NRO a/c only or from a NRO cheque along with the application form. TDS on interest will be deducted @30.90% p.a. If TRC (Tax Residency Certificate) is submitted it will be adjusted accordingly.
Application form Cancelled Cheque/declaration from bank for NRO account KYC documents with I-sec OSV – PAN card, address proof of India Passport copy, address proof of foreign country TRC (Tax Residency Certificate) (If applicable) FATCA (Format attached) In case of POA, KYC and deed.
Individual Self-Certification_FATCA and CRS.PDF
Payment of interest on Deposit-
Non- Cumulative Scheme Interest will be paid on 31st March every year
In case of interest payment for part period, the same will be made on pro-rate basis. However, if a deposit is made within a period of 30 days prior to the interest payment date, the interest for the part period will be paid on the next interest payment date. Payment of interest will be made through interest warrant or through Electronic Clearing Service (ECS) in respect of the places where such facility has been offered by the company.
Loan on Deposit –
Loans may be granted against Public Deposits upto 75% of the deposit amount, carrying interest at the rate of 2% per annum (annually rests) above the interest rate of the deposit, provided such deposits has run for a minimum period of 3 months. The outstanding loan together with interest will be settled in one lump sum by the depositor or will be adjusted against the maturity value of the deposit. However, the granting of loan will be at the sole discretion of the Company. This facility will not be available for the deposit in the name of minors and NRI.
In respect of Cumulative scheme, interest will be accumulated with principal with annually rest and payment of interest will be made along with repayment of principal at the time of maturity.
Premature Withdrawal Clause & Process –
Clause- As per the directions of the National Housing Bank, the deposit shall not be repaid before the expiry of 3 months from the date of deposit. In case of premature withdrawal after 3 months, interest shall be paid at the following rates:- Period Exceeding But Less Than Applicable Interest rate 3 months 6 months 4% simple interest for the period for which deposit was held 6 months Before the Date of Maturity The interest payable shall be 1% lower than the interest rate applicable for the period for which the deposit has run or if no rate has been specified for that period, then 2% lower than the minimum rate at which the public deposits are accepted by the company.
Process-Request letter to be submitted signed by All Holders stamp along with Original Fixed Receipt duly discharged by pasting Rs.1/- revenue stamp at the back side of it cross signed by the all Holders, in case of Online Applications a print out of the e-receipt should be send.
Maturity/Renewal Process
In case of Renewal of Deposits, a fresh application form duly filled should accompany the duly discharged deposit receipt.
In case of repayment, the duly discharged deposit receipt should be surrendered at least 15 days before the date of maturity to LIC HFL. No part payment of the renewal will be permitted.
Indemnity Bond In case of the loss of the Original FDR, a duly filled in Indemnity Bond has to be submitted.
Notes: 1. To be executed on non-judicial stamp paper of Rs.300/-. 2. To be signed by all Fixed Deposit Holders in cases of joint holding.
BROKER NAME & CODE SUB-BROKER CODE I004 EMP CODE