HDFC Bank SureCover FD

What is SureCover FD?

SureCover FD is a unique product which combines benefits of Fixed deposit & safety of insurance. A life insurance cover equivalent to the Fixed Deposit principal for the first year will be provided on booking HDFC Bank SureCover FD.

How much interest will be applicable on the SureCover FD?

Interest on SureCover FD is same as offered on Regular Fixed Deposit

Can I choose monthly/quarterly interest payout on SureCover FD?

Yes, monthly/quarterly interest payout option is available on SureCover FD. However, rate applicable on monthly payout will be discounted over the standard deposit rate.

Who all can book SureCover FD?

Residents Individuals falling in the age group 18 to 50 years can avail of the HDFC Bank SureCover FD

What is the minimum & maximum amount of SureCover FD that can be booked?

SureCover FD can be booked for minimum amount of Rs. 2 lacs & Maximum amount of Rs. 10 lacs

What is the minimum & maximum tenure of SureCover FD that can be booked?

SureCover FD can be booked for a minimum tenure of 12 months & maximum tenure of 120 months

Can I liquidate SureCover FD fully/partially before maturity?

Yes. However, if the Fixed Deposit is liquidated fully or partially i.e. (>=50% of original principal value) within a year, then the insurance cover will be de-activated with immediate effect

How can I apply for the SureCover FD?

You can apply for SureCover FD online via Netbanking. Please click here to book via NetBanking > Accounts > Transact> Fixed deposit < 5 Cr > SureCover FD Or by visiting a nearest HDFC Bank branch.

Can Non HDFC Customers avail this SureCover FD?

Yes, non-HDFC Bank customers can apply for the SureCover FD by visiting their nearest HDFC Bank branch

Will the TDS be payable on SureCover FD?

TDS will be applicable on the SureCover FD as per the extant guidelines

What are the benefits of SureCover FD?

• SureCover FD is a unique product proposition which offers Term Life Cover valid for 1 year on opening of the FD. The premium for the subsequent years i.e. 2nd year onwards (if availed) shall be chargeable and paid by the primary holder of the FD. 

• Term Life cover equivalent to FD principal value is given for the 1st year on a minimum deposit of Rs 2 lacs with a deposit tenure of >=1 year
  
  

What is the eligibility for SureCover FD?

FD should be of Rs 2 lacs and above (max 10 lacs) and of minimum tenure of 1 year.

Age of customer investing in SureCover FD should be between 18 and 50 years and the customer should be in good health

How long will the life insurance be valid for?

The life insurance will be valid for one year and can be renewed by the primary holder 2^nd year onwards by paying the applicable premium amount.

Does the customer have to pay any premium for first year?

Customer does not have to pay any premium for the first year. However, the premium for subsequent years i.e. 2nd year onwards (if availed) shall be chargeable and paid by the primary holder of the FD

What annexure/documents to be obtained when customer opts for SureCover FD?

The following SureCover FD annexure is mandatory; Customer has to read, sign and attach the same with Fixed Deposit application form 

• Existing HDFC bank customers do not have to submit any other document along with Fixed Deposit application form apart from the SureCover FD annexure
• Non HDFC bank customers need to submit address proof, identity proof, recent photograph and SureCover FD annexure along with Fixed Deposit application form
• Click here to view the SureCover FD Annex

Can customer avail more than one SureCover FD at a point in time?

No, customer cannot avail another SureCover FD, if he has a Live SureCover FD under his customer id. However, Customer can avail another SureCover FD only after completion of 1 year from his existing FD maturity/pre closure date