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LICHF launches ‘Sanchay’

Premier housing finance company LIC Housing Finance Ltd (LICHF) has launched public deposit scheme ‘Sanchay’ at attractive interest rates on its new online IT platform. The deposits are accepted from individuals, companies, non-resident Indians (NRIs), cooperative societies and association of persons.

The term period for deposits ranges from one to five years with minimum amount of Rs 10,000 and thereafter in multiples of Rs 1,000. 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 31and September 30.
The rate of interest ranges from 8.75 to 9.50 per cent for general public for period ranging from 1 year to 5 years.  For senior citizens, additional 0.10 per cent is offered for deposits upto Rs 50,000 and 0.25 per cent for deposits of Rs 51,000 and above.
While unfolding the scheme, Sushobhan Sarker, MD, LIC of India,
said that LIC HFL has taken the right step in targeting public deposits which will diversify the source of funds for deployment to housing loan business.

To augment resources for the company, it has been decided to mobilize deposits at operating offices and, for this IT module is presently being introduced in 20 selected offices across the country.  The deposits would be accepted at these offices and interim acknowledgement would be issued on the spot.

However, VK Sharma, MD & CEO of LIC HFL said that the company’s public deposit scheme is enjoying FAAA stable rating from CRISIL. LIC HFL has been accepting public deposits since 2007 and the deposit portfolio has shown an increasing trend during the last three years.  It has grown from Rs 261.20 crore in FY 2010-11 to Rs 839.15 crore as on June 30, 2013.