HDFC Bank SureCover FD: Invest in a Fixed Deposit and get a term life Insurance cover
When it comes to investing in today’s day and age, there are several financial products that can offer good return on investment. However, given the market uncertainty caused by the pandemic, investors are now prioritizing assured returns instead of high-risk investment options.
Presenting HDFC Bank SureCover FD. More than just an investment, for those who mean a lot to you.
What makes HDFC Bank SureCover better than regular FDs?
With SureCover FD, you can enjoy dual benefits of a Fixed Deposit and the security of a term life cover to safeguard your family’s future.
When you start an HDFC Bank SureCover Fixed Deposit, you get a term life cover for the 1st year equivalent to the principal amount you invest. This means that you do not have to pay any premium for an entire year. You also earn attractive interest rates on the Fixed Deposit amount which is the same as a regular HDFC Bank FD.
With HDFC Bank SureCover Fixed Deposit, you can opt for either monthly or quarterly interest payouts based on your preference. It allows you to earn compound with reinvestment FD. Thanks to the insurance benefit, your family is protected in case of an unfortunate event resulting in loss of life.
Here are some other features of HDFC Bank SureCover:
- Minimum and maximum amount: The minimum amount that can be invested in a SureCover FD is Rs. 2 lakhs, while the maximum limit is Rs. 10 lakhs.
- Tenure: You can choose to invest for a time period of anywhere between 12 months to 120 months.
- Rate of interest: The interest rate is the same as that of a regular HDFC Bank Fixed Deposits.
- Age Group: Only Resident customers within the age group of 18 to less than 50 years can avail this product
- Life Insurance benefit:
- The term life insurance cover available with SureCover FD is valid for a period of one year, after which you can renew it. However, the applicable premium amount will have to be paid for each year, starting from the second year onwards.
- In case you decide to withdraw funds >=50% from your SureCover FD within the 1st year, the life insurance benefit will not continue. Also, existing premature liquidation clause will be applicable.
- The amount of life insurance cover is equal to the principal Fixed Deposit amount.
- Overdraft benefit: You can also avail of an overdraft facility against your SureCover FD up to a maximum of 90% of the FD amount invested.
- Number of simultaneous FDs:
- Only one Fixed Deposit 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.
- 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.
- 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
You can read more about HDFC Bank SureCover Fixed Deposit benefits here.
HDFC Bank Fixed Deposit products:
HDFC Bank offers a range of FDs at attractive interest rates and overdraft facilities. Whether you are a salaried employee, a business owner, or a senior citizen, our Fixed Deposit products are designed to provide value and flexibility, both in terms of returns and investment tenure. You do not have to be an existing HDFC Bank customer to invest in one of our FDs; it’s open to all.
Contact us today for more information!
To book an HDFC Bank SureCover FD, visit your nearest HDFC Bank branch today.
Use FD Calculator and Get details of maturity amount and interest earned on deposits.
*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.