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Sanchay is the public deposit scheme offered by LIC Housing Finance Limited. It has been rated FAAA/Stable by global analytical company, CRISIL. The minimum amount required to open this deposit account is Rs. 10,000. LIC Housing Finance began to accept deposits under the Sanchay scheme in May 2007.
Entities seeking to open a Sanchay account can download the application form from the company website or collect it from an authorized back office. The duly-completed application form has to be submitted along with identity and address proofs at the company’s office. The fixed deposit receipt shall be dispatched within a period of three weeks from the receipt of documents.
About LIC Housing Finance - Established in 1989, LIC HFL provides long-term finance to individuals for buying or constructing a house/flat. The company additionally provides finance on existing property for personal or commercial needs, and lends to professionals for construction or purchase of office space, clinics, diagnostic centres, etc. LIC HFL introduced the public deposit scheme - Sanchay – in May 2007, and this is regarded as one of the best investment options for risk-averse investors.
(Note - All the information contained in this page has been sourced from the official website of LIC Housing Finance Limited.)
The features of the Sanchay Public Deposit scheme are as under:
The benefits of investing in Sanchay Public Deposit scheme are as follows:
The depositor will have to submit identity proof and address proof along with the duly-completed application form. The proof of identity can be passport, PAN card, driving license , Aadhaar card , etc., while proof of address can be latest electricity/gas bill, passport, Aadhaar, registered rent agreement, etc. The documents needed from other categories of persons can be found in the “SANCHAY” Public Deposit Application Form.
Can NRIs open an FD with LIC HFL?
Yes, NRIs can open Sanchay deposit account with LIC HFL.
Is LIC HFL FD safe?
The LIC HFL FD has been rated as a stable and safe investment by CRISIL.
How much amount can be invested in Sanchay scheme?
The minimum investment that can be made is Rs. 10,000, and thereafter additional deposit accepted is in multiples of Rs. 1,000.
Can deposits in Sanchay scheme be made jointly?
Yes, deposits are accepted in joint names, not more than three in number. All communication will, however, be addressed to the first name depositor and interest payment and principal amount repayment shall be made to the first named depositor.
Are senior citizens offered higher interest rate?
Yes, senior citizens are eligible for additional interest at the rate of 0.25% p.a. (for deposits ₹10,000/- to below ₹20 crores) on all tenures.