LIC HFL FD Calculator

To help an individual distinguish the returns he/she will get on the maturity of the fixed deposit, a fixed deposit calculator comes in handy. If a person invests in a fixed deposit offered by LIC Housing Finance Ltd., or LIC HFL, the LIC FD Calculator is a go-to tool. The tenure of the fixed deposit may vary, and so will the interest and returns.

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A calculator will shed light on the possible interests over the principal amount to get the best possible returns over time. 

All of the benefits of the LIC Fixed Deposit Calculator and the features are discussed below. Apart from the benefits and features, the calculator and a sample calculation are briefly discussed. 

How can LIC HFL FD Calculator Help?

The LIC FD Calculator helps a person calculate the maturity value of the amount deposited at a specific interest rate offered and compounded quarterly. The maturity amount is determined using various factors such as the amount of the fixed deposit, its interest rate, tenure of the deposit, and the compounding frequency. All these factors are thoroughly discussed below:

  1. Deposit Amount

    A person deposits a certain amount initially in the LIC HFL. This amount is categorized as the principal amount. It could be a minimum of INR 1,000, with the maximum amount having no limit. The bank may allow a higher rate of interest on a high principal amount. 

  2. Interest Rate

    The rate of interest provided by the bank on the deposited amount is termed the interest rate. LIC HFL provides a high-interest rate on fixed deposits of long tenure and a low interest rate on the fixed deposits of short tenure. If the fixed deposit has a tenure of between 36 to 60 months, for a principal value below INR 3 Crore, the interest rate is 5.60%. 

  3. Period of Deposit

    For a period of 36 months or below, LIC offers an interest rate of 5.50% for a high-deposited amount. For a period of over 60 months, the interest is 5.60%.

  4. Frequency of Interest Compounding

    This is used to determine the frequency of the interest for compounding. The frequency could be monthly, quarterly, semi-annually, and annually. 

  5. Tax Deduction at Source

    TDS may be cut if applicable. To save taxes, one can opt for tax-saving schemes provided by the bank. 

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Illustration of an example: 

Adarsh wants to invest in a Fixed Deposit. He decides to deposit a sum of INR 1 Lakh for the tenure of 1 year. The interest rate for a year for the principal sum is 5.50%. Therefore, the interest on the sum deposited is INR 671. 

As and when the Fixed Deposit matures, Adarsh will have INR 1,00,671 deposited in his bank account. LIC FD Calculator helps an individual carry out these calculations with ease and calculates the interest and maturity amount at the same time. 

How Does The LIC HFL FD Calculator Work?

The LIC FD Calculator takes input from the individual calculating the parameters. Upon inputting all of the required parameters, the interest on the desired principal amount must also be inputted from the list below or an interest that you want. The calculations based on the inputs provided are then carried out, and the result with all the parameters is displayed, including the maturity amount.

Interest Rates vary not only from individual to individual but also the tenure of the fixed deposit. Some of the interest rates for individuals are listed.

  • For a year's tenure, the interest rate for the monthly option is 5.10%, and for the annual option, it is 5.25%.
  • For tenure of 18 months, the interest rate for the monthly option is 5.35%, and for the annual option, it is 5.50%.
  • For tenure of 2 years, the interest rate for the monthly option is 5.50%, and for the annual option, it is 5.65%.
  • The interest rate remains the same for the tenure of 3 years and 5 years. For the monthly option, it is 5.60%, and for the annual option, it is 5.75%.

The Interest Rates vary for both common person and senior citizens. The rates are listed as follows:

  • For a tenure of a year, the interest rate for the monthly option is 5.35%, and for the annual option, it is 5.50%.
  • For a tenure of 18 months, the interest rate for the monthly option is 5.60%, and for the annual option, it is 5.75%.
  • For a tenure of 2 years, the interest rate for the monthly option is 5.75%, and for the annual option, it is 5.90%.
  • The interest rate remains the same for a tenure of 3 years and 5 years. For the monthly option, it is 5.85%, and for the annual option, it is 6.00%.


Simple Interest VS Compound Interest

By definition, simple interest is the interest that is earned on the principal value. No matter how and when the fixed deposit is renewed, the interest earned on the principal value is only calculated, and it is called simple interest. 

Upon maturity of a fixed deposit, a maturity amount is availed by the person. This is the interest earned on the fixed deposit. When the fixed deposit is renewed, inclusive of the amount earned on the interest, a new principal value is obtained. This new principal value will have the same interest as the previously fixed deposit, and the calculations based on this are called compound interest. 

The formula to calculate the Simple Interest and Compound Interest are as follows: 

Simple Interest (F) = P x (1 + r*t)

Where, F = Maturity Amount

             P = Initial Principal 

             r = Rate of Interest 

             t = Tenure 

Compound Interest (F) = P x (1 + r/n) nt 

Where, F = Maturity Amount

             P = Initial Principal 

             r = Rate of Interest

             t = Number of time period elapsed

n = Time the interest is applied per time period

FD interest have fallen consistently over the last 5 years.
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How to Use PolicyBazaar LIC HFL FD Calculator? 

To calculate the maturity benefit on a fixed deposit, the LIC Fixed Deposit Calculator can be used. To use the LIC FD Calculator, visit the Policybazaar website and search for LIC HFL FD. One can Google the same and land on the webpage of the same. On the website, one will find all the information regarding the fixed deposit, and to calculate the interest, one will find a hyperlink that will take to the calculator page. The page will be opened on a new page where a field to input data such as principal amount, tenure, and interest will be displayed. 

One can refer to the previously mentioned interest rates to calculate the interest earned on the desired principal value. On the page, fill in the desired principal amount, the interest rate as applicable, and the tenure desired. Once filled, tap ' Calculate,' and the calculations will be displayed. The interest earned on the principal amount is displayed, including the added amount over the principal amount. 

Apart from the calculations, if a person scrolls down the page, the interest rate on fixed deposits of various other banks is also mentioned for comparison purposes. 

Advantages:

The advantage of using the LIC FD Calculator is that one need not step out of the house or call customer care to make the calculations. As it does not require the personal details of an individual, redundant phone calls from the bank can be avoided. One need not refer to a brochure and do the calculations themselves, rather, one only needs to enter the data, and the calculations are done. The LIC Fixed Deposit Calculator offers a seamless experience to an individual, as he/she need not go through any trouble visiting a branch for any information as well.

*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

FAQ's

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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