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LIC Product and Forms
LIC OF INDIA
 
Postal Schemes
Saving Account
Saving Bank Ready Reckoner (as on 01 April 2003)
Savings Accounts
Type of Account Rate of Interest per annum
01.10.79 to
31.12.98
01.1.99 to
28.02.2001
01.03.2001 to 30.11.2011 01.12.2011 onwards
Single Account 5.5 4.5 3.5 4
Pension Account 5.5 4.5 3.5 4
Joint Account 5.5 4.5 3.5 4
 
Recurring Deposit Accounts (RD)
Period during which opened Amount (Rs. repayable for an account of Rs. 10/-
denomination
From To
01.10.1991 01.09.1993 856.40
02.09.1993 31.12.1998 833.40
01.01.1999 14.01.2000 811.15
15.01.2000 28.02.2001 789.60
01.03.2001 28.02.2002 758.53
01.03.2002 28.02.2003 748.49
01.03.2003 30.11.2011 728.90
01.12.2011 onwards 738.62
bullet Default Fee : 20 Paisa for Rs. 10 denomination for each month of default.
bullet Rate or interest on RD: withdrawals on or after 01.04.1993 : 15%
bullet
Premature closure allowed only after three years from the date of opening w.e.f. 04.11.99 interest at the rate of single saving accounts is admissible in such cases.
 
Time Deposit Accounts (TD)
Period during which opened Rate of Interest per annum
From To 1 year 2 years 3 years 4 years
01.04.1991 30.09.1991 9.5 10 11 11.5
01.10.1991 15.12.1991 10 11 13 13.5
16.12.1991 01.09.1993 12 12 13 13.5
02.09.1993 31.12.1998 10.5 11 12 12.5
01.01.1999 14.01.2000 9 10 11 11.5
15.01.2000 28.02.2001 8 9 10 10.5
01.03.2001 28.02.2002 7.5 8 9 9
01.03.2002 28.02.2003 7.25 7.5 8.25 8.50
01.03.2003 30.11.2011 6.25 6.5 7.25 7.50
01.12.2011 onwards 7.7 7.8 8.0 8.30
Premature withdrawal of a deposited in TD accounts is allowed subject to the following conditions
bullet No withdrawal is allowed before the expiry of six months from the date of deposited
bullet No interest is payable on withdrawals after six months but before the expiry of one year.
bullet
In case of withdrawals after the expiry of one year from the date of deposited in a 2 Year, 3 Year of 5 Year account, interest at the rate which shall be 2 % less than the rate specified for deposited of 1 year, 2 years or 3 years respectively will be paid for the completed years and months
bullet
Interest already paid on the deposited shall be recovered from the amount of repayment of deposited and the interest payable under this rule.
 
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