Product Details
Bank Name
HDFC
Eligibility
Resident individuals falling in the age group - 18 to 59 years can book HDFC Bank HealthCover FD
The Fixed Deposit should be of Rs 5 lacs and above (max 1.99 Cr) and for a tenure of 1 to 10 years.
Interest Rate
3% to 7%
Tenure
Flexi Tenure - Min tenure: 1 year, Max tenure: 10 years
Fixed Deposit Type
HealthCover FD
HDFC Bank Health Cover FD
Tax Benefits
No
Credit Ratings
CARE AAA (FD); Stable [Triple A (Fixed Deposit); Outlook: Stable]
Interest Payment Frequency
Monthly/quarterly interest payout option is available
Cummulative/Non-Cummulative
Non-Cumulative
Features
Benefits of a Fixed Deposit & the safety of a Health Insurance cover. A Health Insurance Cover which includes Hospital Cash Cover for the first year will be provided on booking an HDFC Bank HealthCover FD. Hospital Cash Cover of Rs 500 per day for 15 days on FD Amount 5 lacs to < 10 lac Hospital Cash Cover of Rs 1000 per day for 15 days on FD Amount >=10 lacs to 1.99 Cr. Avail instant Overdraft against your Fixed Deposit up to 90% of your FD amount.
Minimum Investment Amount
Min FD amount: 5 lacs, Max FD amount: 1.99 cr
Fees and Charges
Pros
Fixed Returns and Hospital Cash Cover
Flexible Tenure
Cons
Lower Interest Rates Compared to Regular FDs
Early Withdrawal Penalty
Not a Substitute for Health Insurance
Pros & Cons
Account Opening and Procedure
How to Open?
Visit Branch or Contact Relationship Manager: Health Cover FDs might not be widely advertised. It's best to visit your HDFC Bank branch or contact your relationship manager to confirm availability and discuss details.
Documents Required: Generally, for FDs, you'll need ID proof, address proof, PAN card, and income proof (salary slips or ITRs). The bank may have additional requirements, so confirm with the branch.
Deposit Details: Choose your desired deposit amount (minimum Rs. 5 lakh), tenure, and interest payout option (monthly/quarterly).
Finalize Application: Once details are confirmed, complete the application form and deposit the required amount to activate your Health Cover FD.
Application Procedure
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