IDBI Bank brings you Suvidha Suraksha Recurring Deposit, a recurring deposit with in-built insurance cover at a comparatively lower premium. The deposit shall allow an insurance cover equivalent to all Recurring Deposit installments, so that your dreams for your family get fulfilled even in your absence.
IDBI Bank Suvidha Suraksha Recurring Deposit Advantage
- Insurance Cover Term: Equal to Suvidha Suraksha RD tenure (Minimum: 1 year and Maximum: 5 years). In case Suvidha Suraksha RD tenure is not in complete years the insurance cover will be available up to the next cover anniversary following the Suvidha Suraksha RD maturity date.
- Benefit on maturity: The Accumulated Savings under the Suvidha Suraksha RD account.
- Benefit on death during the cover term: Principal Sum Insured + The Accumulated Savings under the Suvidha Suraksha RD account.
- Tax benefits: The plan provides tax benefits u/s 80C of IT Act, 1961 for the premiums paid and u/s 10(10D) of IT Act, 1961 for the amount received as death benefits.
IDBI Bank Suvidha Suraksha Recurring Deposit Features
- Eligible members: Resident accountholders whose age last birthday is between age 18-60 years inclusive. Age on date of maturity shall not exceed 65 years. Joint account can be opened, but the insurance will be available to the primary account holder provided he/she should satisfy the eligibility norms.
- Rate of interest: The interest rate on Suvidha Suraksha Recurring Deposit is linked to Retail Term Deposit rate.
- Minimum Amount: Rs. 1,000/- p.m. & in multiples of 1,000/-.
- Maximum Amount: Less than Rs. 1 Crore per month.
- Minimum period: 12 months and in multiple of completed quarter.
- Maximum period: 5 Year.
- Sum Insured: Sum of all the Suvidha Suraksha RD installments from inception to maturity (Subject to a maximum of Rs. 10 Lakh).
- Premium payment frequency: Yearly by the account holder.
How to Apply
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