HDFC Bank SureCover FD: Safeguard your family with a financial corpus
Fixed Deposits (FDs) offer the right blend of returns and security that makes them ideal for investors of all age groups. That’s not all; there are a number of value-added FDs that offer multiple benefits, one such as the HDFC Bank SureCover FD.
HDFC Bank SureCover FD - More than just an investment, for those who mean a lot to you.
The distinguishing feature of SureCover is that it offers term life insurance cover for the first year equivalent to the principal amount you invest. SureCover FD offers Resident individuals, who are 18- <50 years of age, the dual benefit of investment growth via FD and security through a life insurance of one year for the Primary FD holder.
In case you need funds to meet emergency expenses, HDFC Bank SureCover FD offers an overdraft facility up to 90% of the FD principal amount. This feature is helpful when unexpected expenses suddenly crop up, and you are faced with a shortage of funds. Also, interest payouts are available on a monthly or quarterly basis.
HDFC Bank SureCover Fixed Deposit lets you maximize your income with compound interest on reinvestment deposits while providing security for your family. Here are some of the key terms and conditions that are worth learning about:
- Minimum and maximum amount: You can book a SureCover FD for a minimum of Rs. 2 lakhs, while the maximum limit is Rs. 10 lakhs.
- Minimum and maximum tenure: Depending on your investment goal, you can opt to invest in SureCover FD for 12 to 120 months.
- Rate of interest: The interest rate is on par with that of a regular HDFC Bank Fixed Deposits.
- Life insurance benefit:
- The validity of term life insurance cover is one year, after which it is renewable on payment of the applicable premium amount. This means that regular premium payments will be due based on the sum insured starting from the second year.
- For continued life insurance coverage, the deposit must be maintained for a minimum of 12 months. In case of premature withdrawal, the life insurance benefit will cease. Also, existing premature liquidation clause will be applicable
- The sum insured is equal to the principal amount of the deposit
- Overdraft benefit: You can also avail overdraft facility against your SureCover FD up to a maximum of 90% of the FD amount invested.
Number of simultaneous FDs
Only one FD allowed per customer across all branches. For customers who want to re-open an FD that had been prematurely closed/matured earlier, a cooling period of 1 year is applicable from date of maturity/premature closure.
Premature Liquidation Clause:
- The interest rate applicable on premature closure of deposits (all amounts) will be lower of:
a) The rate for the original/contracted tenor for which the deposit has been booked
b) The base rate applicable for the tenor for which the deposit has been in force with the Bank
For deposits booked on or after 7th march'19, the base rate is the rate applicable to deposits of less than Rs.2 Cr as on the date of booking the deposit. Prior to this the base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the deposit.
- In case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower
HDFC Bank Fixed Deposit products:
Whether you want to save tax or are looking for a safe investment, HDFC Bank has the ideal solution for all your FD requirements. Resident Senior citizens are eligible for up to 0.50% extra (0.25% over & above the existing premium of 0.50%)in terms of interest rate on select tenures and plans. What’s more, you can book an FD from the comfort of your home by logging on to HDFC Bank NetBanking.
To book an HDFC Bank SureCover FD, visit your nearest HDFC Bank branch today
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Why is the HDFC Bank SureCover Fixed Deposit a better option than a regular Fixed Deposit? Click here to find out more.
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*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.