Secure Health Cover and High Returns: Invest in HDFC Bank FD
By Team CodeForBanks | December 30, 2023
Fixed Deposit is a popular and most preferred investment option in India when we talk about security, liquidity and returns on our investment.
There are many FDs which also offer some extra benefits in addition to regular FD returs to their investors. Such extra benefits may include discount on credit products, discount on locker charges, Health Insurance with Fixed Deposit, and many others.
Similarly, HDFC Bank is offering extra benefits on one of its FDs called "HDFC Bank HealthCover FD", which comes along with health insurance benefits. Let's discuss more about this FD in this post.
Comprehensive Overview of HDFC Bank HealthCover FD
HDFC Bank HealthCover FD is a unique and innovative fixed deposit scheme offered by HDFC Bank that provides added hospital cash cover along with the benefits of a traditional fixed deposit to the investors. This feature confirms that investors not only grow their wealth but also safeguard their well-being.
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 amount Rs.5 lakh to < Rs.10 lakh: Hospital Cash cover of Rs.500 per day for 15 days is given for the 1st year
- For amount >=Rs.10 lakh to Rs.1.99 Crore: Hospital Cash Cover of Rs.1000 per day for 15 days is given for the 1st year
Who Can Open HDFC Bank HealthCover FD Account?
HDFC Bank HealthCover FD is open to all individuals who meet the following HDFC HealthCover FD eligibility criteria,
- Applicant to be a resident individual
- Applicant should come with in the age bracket of 18 years to 59 years
HDFC Bank HealthCover Fixed Deposit Features
Dual Benefits FD: HDFC Bank HealthCover FD provides the dual advantage of wealth creation through FD returns and hospital cash cover. It's a product offering solution addressing both financial and health-related needs.
Flexible Investment Tenure: Investors can choose any tenure between 1 year and 10 years as per their financial goals and liquidity requirements. HDFC Bank offers different interest rates on such a range of tenures.
HDFC FD Nomination Facility: HDFC Bank HealthCover FD provides a nomination facility so that the accumulated wealth seamlessly passes on to the nominee in the unfortunate event of the investor's demise in order to avoid any legal complexities.
Interest Rates: Interest rates offered is same as Regular Fixed Deposit.
Benefits
Outlined below are the key benefits of HDFC Bank HealthCover FD.
| Benefits | Details |
|---|---|
| Fixed Returns | Assured returns on the fixed deposit component |
| Health Benefits | Offers hospital cash cover to provide financial support in medical emergencies |
| No Lock-in Period | Fixed Deposit can be liquidated fully or partially any time |
| Flexible Investment Tenure | Choose from a range of tenures to match your financial goals and liquidity needs |
| Flexible Interest Payouts | Choose from monthly/ quarterly payout option as per your needs |
Tenure & Quantum
FD must be for a term of 1 year to 10 years. Fixed Deposit should be of Rs 5 lakh and above to a maximum of Rs. 1.99 crore.
HDFC Bank HealthCover FD Interest Rates w.e.f. 01.10.2023
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 7 - 14 days | 3.00 | 3.50 |
| 15 - 29 days | 3.00 | 3.50 |
| 30 - 45 days | 3.50 | 4.00 |
| 46 - 60 days | 4.50 | 5.00 |
| 61 - 89 days | 4.50 | 5.00 |
| 90 days - 6 months | 4.50 | 5.00 |
| 6 months 1 days - 9 months | 5.75 | 6.25 |
| 9 months 1 day less than 1 Year | 6.00 | 6.50 |
| 1 Year to less than 15 months | 6.60 | 7.10 |
| 15 months to less than 18 months | 7.10 | 7.60 |
| 18 months to less than 21 months | 7.00 | 7.50 |
| 21 months to 2 years | 7.00 | 7.50 |
| 2 Years 1 day to less than 2 Year 11 Months | 7.00 | 7.50 |
| 2 Years 11 Months | 7.15 | 7.65 |
| 2 Years 11 Months 1 day- 3 years | 7.00 | 7.50 |
| 3 Years 1 day to less than 4 Years 7 Months | 7.00 | 7.50 |
| 4 Years 7 Months | 7.20 | 7.70 |
| 4 Year 7 Months 1 day - 5 years | 7.00 | 7.50 |
| 5 Years 1 day - 10 years | 7.00 | 7.75 |
Why Should You Opt for HDFC Bank HealthCover FD?
(1)Integrated Financial and Health Solution
HDFC Bank HealthCover FD offers a combined solution of an attractive FD returns with hospital cash cover. It addresses these dual needs in a single investment.
(2)Assured Returns
Investors benefit from the assured fixed returns on the deposited amount by getting an income stream over the chosen tenure.
(3)Flexible Investment Tenure FD
Investors can make their investments to meet specific financial goals and liquidity preferences as a variety of tenure options are available under HDFC Bank HealthCover FD.
(4)Receive Regular Interest
Monthly/quarterly interest payout option is available. Interest rate on HDFC Bank HealthCover FD is same as offered on HDFC Bank Regular FD. You can use the Fixed Deposit Interest Calculator to calculate the interest that you would receive.
(5)Overdraft Facility
Investor may avail instant overdraft against his Fixed Deposit up to 90% of the FD amount.
How to Open HDFC Bank HealthCover FD Online?
In order to open HDFC Bank HealthCover FD online, you need to go through the following step-by-step process.
Step 1: Visit HDFC Bank's Official Website
Navigate to the official HDFC Bank website.
Step 2: Login or Register your Netbanking Account
If you are an existing customer, log in to your HDFC Bank account. If you are a new customer, register for internet banking.
Step 3: Navigate to Account Section
Once logged in, locate the section for Account.
Step 4: Click on Transact
Now you need to click on Transact.
Step 5: Choose HealthCover FD
Select "Fixed deposit < 5 Crore" and then "HealthCover FD" from the list of fixed deposit options.
Step 6: Fill in the Application Form
Complete the online application form. Provide the necessary details such as deposit amount, tenure and nominee information.
Step 7: Upload Documents
Upload the required documents such as KYC documents and a passport-sized photograph.
Step 8: Make the Deposit
Transfer the funds from your linked HDFC Bank account.
Step 9: Confirmation
Once the deposit is made, you will receive a confirmation of your FD investment. In this way you can submit HDFC FD Online Application.