The Sanchay Deposit Scheme is a public deposit scheme made available by LIC Housing Finance Limited. Deposits have been accepted by the company since May 2007, and customers find it to be one of the best investment options out there.

Eligibility Criteria to apply for LIC HFL Sanchay Deposit Scheme

The scheme is available to resident individuals, non-residents of India, associations of persons, private limited companies, co-operative societies, and Hindu undivided families.

Features of Sanchay Deposit Scheme

Sanchay Deposit Scheme Interest Rates

Following is the table showing the interest rates applicable to the cumulative / non-cumulative scheme:

Interest rates are linked to the bank’s base rate and are subject to change as per the bank’s discretion. Rates are as of December 2015.

Frequently Asked Questions of LIC HFL Sanchay Deposit Scheme

1. What schemes are available to customers?

   The deposits made under the Sanchay Deposit Scheme can be either under Non-Cumulative or Cumulative option or both.

2. Can I deposit funds under a joint account?

   Yes, customers have the option of depositing money in joint names. However, the maximum number of members in a joint scheme cannot exceed three.

3. Can Trusts deposit money into the Sanchay Deposit Scheme?

   Yes, the company does accept deposits from trusts as per Section 11(5) (ix) of the Income Tax Act, 1961.

4. How is the interest rate on this scheme calculated?

   The interest is compounded and paid on a yearly basis. Under the cumulative option, interest will be compounded and paid with annual rest at the time of maturity. In case of the non-cumulative option, interest will be compounded and paid annually on the 31^st of March. The interest will be directly credited to the customer’s bank account provided the ECS option is selected.