HDFC Bank offers a customised fixed deposit (FD) that combines the benefits of a term deposit with the security of a hospital cash cover. When you open HDFC Bank HealthCover fixed deposit, you will be eligible for hospital cash cover for the first year, as per the HDFC Bank website.
Here are important things to know about HDFC Bank HealthCover FD, according to the HDFC Bank website.
What is HDFC Bank HealthCover FD?
HDFC Bank HealthCover FD is a unique investment product which offers both – the benefits of a Fixed Deposit & the safety of Hospital Cash Cover. On opening a HealthCover fixed deposit, Hospital Cash cover for the first year will be provided. For FD amt 5 lacs to 10 lacs, Hospital Cash cover of Rs 500 per day for 15 days & for Amt >=10 lacs to 1.99 cr, Hospital Cash Cover of Rs 1000 per day for 15 days
Who can invest in HDFC Bank HealthCOver FD
Resident individuals falling in the age group – 18 to 59 years can book HDFC Bank HealthCover FD.Customers who declare good health as “No” will not be eligible for this product and will only be able to book regular FDs. The complimentary health insurance (Hospi Cash) cover is only valid for one year.
How much interest will be applicable on the HDFC Bank HealthCover FD?
Interest on HDFC Bank HealthCover FD is same as offered on Regular Fixed Deposit. Interest rate will range from 6.60% to 7.25% for general citizens.
Can I choose monthly/quarterly interest payout on HDFC Bank HealthCover FD?
Yes, monthly/quarterly interest payout option is available on HealthCover FD. However, rate applicable on monthly payout will be discounted over the standard deposit rate
What is the minimum & maximum amount of HealthCover FD that can be booked?
HealthCover FD can be booked for minimum amount of Rs. 5 lacs & Maximum amount of Rs. 1.99 crore.
What is the minimum & maximum tenure of HealthCover FD that can be booked?
HealthCover FD can be booked for a minimum tenure of 12 months & maximum tenure of 120 months.
How to book a HDFC Bank HealthCover FD
Step 1
Login NetBanking
Step 2
Select Accounts
Step 3
Click on Transact
Step 4
Select Fixed deposit 5 Cr
Step 5
Select HealthCover FD.
Can I liquidate HealthCover 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 Health insurance cover will be de-activated with immediate effect
How can I apply for an HDFC Bank HealthCover FD?
You can apply for HealthCover FD online via NetBanking
Will the TDS be payable on HealthCover FD?
TDS will be applicable on the HealthCover FD as per the extant guidelines
What are the benefits of HealthCover FD?
HealthCover FD is a unique product proposition which offers Hospital Cash Cover valid for 1 year on opening of the FD.
Hospital Cash cover on the Fixed Deposit investment, For FD amt 5 lacs to 10 lacs, Hospital Cash cover of Rs 500 per day for 15 days & for Amt >=10 lacs to 1.99 Cr, Hospital Cash Cover of Rs 1000 per day for 15 days is given for the 1st year on a minimum FD of Rs 5 lacs & Max Rs 1.99 cr
How long will be the Hospital Cash Cover be valid for?
The Hospital Cash Cover will be valid for one year
Does the customer have to pay any premium for first year?
Customer does not have to pay any premium for the first year
