HDFC Bank SureCover FD
HDFC Bank SureCover FD is an FD that offers all the features of a fixed deposit with the benefits of a life insurance cover. Not only does this offer assured returns on your deposit, but it also has an overdraft facility.
Tenures are flexible ranging from one year to 10 years. Interest rates for fixed deposits below Rs.3 crore range from 6.60% p.a. to 7.40% p.a. Senior citizens are offered an additional 0.50% on the interest rate.
Features of HDFC Bank SureCover FD
Some of the salient features of the HDFC Bank SureCover FD are as given below:
- Insurance cover provided for the first year of the tenure.
- Insurance coverage is equivalent to the principal amount of the FD.
- Overdraft of up to 90% of the FD amount can be availed instantly.
- FD amount that can be opened ranges from Rs.2 lakh to Rs.10 lakh.
- Reinvestment option is available with compound interest.
- Monthly and quarterly interest payout is available.
Eligibility Criteria for HDFC Bank SureCover FD
The eligibility criteria for opening an HDFC Bank SureCover FD are as follows:
- Indian Residents
- Between the age of 18 and 50
Documents Required to Open HDFC Bank SureCover FD
The documentation required to open an HDFC Bank SureCover FD is as given below:
HDFC Bank customers: No documents required except for:
- FD application form
- SureCover FD annexure
Non-HDFC Bank customers: The following documents are required:
- Proof of address
- Proof of identity
- FD application form
- SureCover FD annexure
- Recent photographs
Interest Rate for HDFC Bank SureCover FD
The interest rates for HDFC Bank SureCover FD are as given below:
Tenure | Interest Rates (p.a.) |
1 year to < 15 months | 6.60% |
15 months to < 18 months | 7.10% |
18 months to < 21 months | 7.25% |
21 months - 2 years | 7.00% |
2 Years 1 day to < 2 Year 11 Months | 7.00% |
2 Years 11 Months - 35 Months | 7.35% |
2 Years 11 Months 1 day <= 3 Year | 7.00% |
3 Years 1 day to < 4 Years 7 Months | 7.00% |
4 Year 7 Months - 55 months | 7.40% |
4 Year 7 Months 1 day <=5 Years | 7.00% |
5 Years 1 day to 10 Years | 7.00% |
*New rates are effective from 24 July 2024 and can change from time to time.
FAQs on HDFC Bank SureCover FD
- How can I open an HDFC Bank SureCover FD?
You can open an HDFC Bank SureCover FD by visiting the nearest branch of HDFC Bank.
- Is premature closure allowed for HDFC Bank SureCover FD?
Yes, you can liquidate HDFC Bank SureCover FD either partially or fully. If the FD is prematurely closed before one year of the tenure is over, the insurance cover will no longer be active.
- Can non-HDFC Bank customers apply for the HDFC Bank SureCover FD?
Yes, individuals who are not customers of HDFC Bank can also open an HDFC Bank SureCover fixed deposit.
- Is the insurance cover for HDFC Bank SureCover FD valid only for the first year?
The premium for the insurance cover of the HDFC Bank SureCover FD does not have to be paid by the primary holder. However, after one year, the insurance cover can be continued if the premium is paid by the primary holder.
- Is TDS applicable on HDFC Bank SureCover FD?
Yes, Tax Deducted at Source (TDS) is applicable on the HDFC Bank SureCover FD.
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