In a periodic interest payout option, LIC Housing Finance would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a LIC Housing Finance cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator LIC Housing Finance – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of LIC Housing Finance in a year exceeds 5000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the LIC Housing Finance records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your LIC Housing Finance FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
LIC Housing Finance will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
LIC Housing Finance FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
To know more or apply, contact any of the branches of LIC Housing Finance in your city
LIC Housing Finance reported a marginal 7 per cent growth in net profit at Rs 408 crore in the quarter ended June due to higher provisioning. Net interest margins improved to 2.61 per cent from 2.41 per cent in the same period last year. Total income was Rs 3380 crore as against Rs 2965 crore during the same period previous year. The company took additional provisioning to the tune of Rs 90 crore due to aging of some NPAs in the project loans and hence provisions remained higher at Rs 116.5 crore.
20th May 16 LIC Nomura Mutual Fund is LIC MF again after Nomura quits
Japanese firm Nomura has exited from its JV with LIC Mutual Fund. LIC Nomura Mutual Fund is again being positioned as LIC Mutual Fund. There are now two new partners in LIC Mutual fund, they are GIC Housing Finance and Corporation Bank with 11.7 per cent and 4 per cent stake, respectively. Meanwhile, the existing partner LIC Housing Finance has picked up another 19.3 per cent stake to reach 39.3 per cent in the company. The rest 45 per cent is owned by the parent firm Life Corporation of India.
19th Apr 16 LIC Housing Finance Q4 PAT up to Rs 448 Cr
LIC Housing Finance reported an 18.5% rise in its standalone net profit for the quarter ended March to Rs 448.02 Cr on the back of a rise in loan disbursement and improved operating performance. The company total income from operations for the quarter stood at Rs 3246 Cr, up over 14%. Income rose faster than expenses, which rose slightly over 12% to Rs 2579.67 Cr, thereby lifting the lender operating profit margin. The company earnings before interest, tax depreciation and amortization margin rose by 121 basis points year on year to 20.61% for the quarter.
18th Jan 16 LIC Housing Finance Q3 profit up 22% at Rs 419 cr
LICHFL posted a 22 per cent rise in net profit for the Q3FY16. Continued focus on growth with profitability coupled with lower cost of funds has resulted in improvement in margins.
15th Oct 15 LIC Housing Q2 FY16 Results
LIC Housing, home loan arm of LIC, reported Q2 FY 2016 net profit at Rs 411.73 crore (up 21%).
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