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Monday, March 26, 2012

HUDCO Fixed Deposit -Benefit under 80C


Housing and Urban Development Corporation Limited Invites Deposits under Public Deposit Scheme

Highlights
  • Safe Investment
  • High Returns
  • Easy Liquidity
  • Advance Interest Warrants (For HUDCO Regular Plus) 
  • Tax benefit under Section 80C (2)(xvi)(a) of Income-tax Act, 1961.
  • Tax Benefits – Trust deposits are specified investment under section 11(5) (ix) of Income Tax Act, 1961.No tax deduction at source from interest paid/credited up to Rs.5,000/- in a financial year.
  • Interest compounded on quarterly basis
  • Credit Rating 'tAA+(ind)' by FITCH and ‘CARE AA+(FD)’ by CARE
  • Loan facility against Deposit (excluding deposits received u/s 80C)
HUDCO Regular Plus- Periodic Income Scheme:

You can earn interest every Qtrly/half-yearly/yearly as per the rates given below:



 
Period of Deposit
(Months)
Rate of interest
(% p.a.)
*Interest payable on minimum deposit of Rs.50,000/-
Qly.
Hly.
Yly.
12
9.60
1200
2429
4976

$
(1231)
(2493)
(5110)
24 
9.70
1213
2454
5029

$
(1244)
(2518)
(5164)
36
9.60
1200
2429
4976

$
(1231)
(2493)
(5110)
48 
9.40
1175
2378
4868
$
(1206)
(2442)
(5002)
60
9.30
1163
2352
4815

$
(1194)
(2416)
(4949)
72
9.20
1150
2326
4761

$
(1181)
(2390)
(4895)
84 
9.10
1138
2301
4708

$
(1169)
 (2365) 
(4841)






  • Minimum deposit amount is Rs.50,000/-. Additional amount in multiple of Rs.5,000/-.
  • Interest compounded on quarterly basis.
  • 0.25% p.a. extra interest for deposits under HUDCO Regular Plus Scheme in each rate slab received from senior citizens of 60 years & above age.  Age to be supported by attested copy of a passport or birth certificate or high school/10th class certificate/PAN Card/Valid LIC Policy/Driving Licence, Voter ID Card, etc.

Conditions for pre-mature withdrawal for depositors availing Tax benefits under Section 80C(2)(xvi)(a) of Income-tax Act, 1961: -

  1. The minimum lock in period of five years is fixed for depositors availing Tax benefits under Section 80C and no pre-mature withdrawal is allowed for such deposits prior to the above lock in period.
  2. In case of joint holding by two or three persons, only the first depositor would be eligible for tax benefit under Section 80C.
 Loan Facility - The loan facility will be up to 75% of the amount of deposit(i.e. principal amount and excluding accrued interest, if any) except in case of deposits received u/s 80C.The Loan facility can be availed only after expiry of 3 months from the date of deposit.

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