Maximize Your Savings with LIC Housing Finance Ltd.'s Fixed Deposits
LIC Housing Finance Ltd. is a well-known financial institution in India that offers a range of financial products and services, including fixed deposits (FDs). LIC Housing Finance Ltd.'s FDs are a great way to maximize your savings as they offer high interest rates and a range of tenures to choose from.
Let's take a closer look at why investing in LICHFL's fixed deposits can be a smart choice:
High Interest Rates
LIC Housing Finance Ltd.'s FDs offer higher interest rates than savings accounts and other traditional investment options. As of April 2023, the interest rates for LIC Housing Finance Ltd.'s FDs range from 7.25% to 7.75% per annum, depending on the tenure and the type of FD.
LIC Housing Finance Ltd.'s FDs come with flexible tenures ranging from 1 year to 5 years. This allows you to choose a tenure that suits your financial goals and investment horizon.
LIC Housing Finance Ltd.'s FDs offer fixed returns, which means that you know exactly how much you will earn at the end of the tenure. This makes it easier for you to plan your finances and achieve your financial goals.
Safe and Secure
LIC Housing Finance Ltd. is a trusted and reliable financial institution with a strong track record of serving customers for over 30 years. Investing in LIC Housing Finance Ltd.'s FDs is safe and secure as they are rated AAA by leading credit rating agencies.
Easy to Invest
Investing in LIC Housing Finance Ltd.'s FDs is easy and hassle-free. You can invest online or offline by visiting a branch of LIC Housing Finance Ltd. You can also use the online FD calculator to calculate the interest earned and the maturity amount.
Let's explore some tips to maximize your savings with these FDs.
Choose the Right Tenure
Choosing the right tenure is crucial when investing in LIC Housing Finance Ltd.'s FDs. If you have short-term financial goals, opt for a short-term FD with a tenure of 1-3 years. If you have long-term financial goals, opt for a long-term FD with a tenure of 5-10 years. This will ensure that you earn the maximum interest on your investment.
Invest in Cumulative FDs
LIC Housing Finance Ltd.'s FDs come in two types - cumulative and non-cumulative. In cumulative FDs, the interest earned is reinvested and compounded annually, which means that you earn interest on interest. This leads to higher returns in the long run. If you don't need regular income from your investment, opt for a cumulative FD.
Diversify Your Portfolio
Diversification is important in any investment portfolio. Instead of investing all your savings in Bank FDs, diversify your portfolio by investing in corporate fixed deposit such as LIC Housing Finance Ltd. This will help you spread the risk and earn higher returns.