FD VANTAGE is a bundled Term deposit product that not only earns you interest but also secure your life with Insurance coverage as well.  The product, which provides you competitive rate of interest along with security, comes in three variants as mentioned below.
 
 

Variant Name
Deposit Amount
Insurance coverage
FD-VANTAGE-Alpha
 
Minimum Rs 1 lakh
Rs 2 lakhs -    Accident death and permanent disability
Rs 1 lakh -      Partial disability
 
FD-VANTAGE-Beta  
 
Minimum Rs 3 lakhs
Rs 10 lakhs-   Accident Insurance coverage
Rs 1 lakhs-     Hospitalization expense
Rs 0.5 lakhs-   Baggage Insurance
FD-VANTAGE-Gamma   
Minimum Rs 5 lakhs
Rs 2 lakhs-      Life Insurance coverage

 
  • FD VANTAGE is a normal fixed deposit product with Insurance benefits. So, all the terms and conditions applicable to the existing deposit schemes (KND/FD/RD) will be applicable to FD VANATGE also.
  • Amount of Deposit    :  Rs 1 lakh to less than Rs 2 crores
  • Duration of deposit   :  1 year and above
  • Rate of Interest          :  Term deposit will earn prevailing rate of interest as applicable for the deposits period for which it is opened. (Click here for the Interest rate)
  • Interest on this deposit shall be liable to Income Tax on the basis of annual accrual or receipt depending up on the simple interest or compound interest scheme and tax on such interest shall be deducted as usual.
  • Insurance will be applicable for any resident/Non resident Individuals.
  • Insurance benefit for NRI term deposit will be applicable when the NRI customer is in India. In case a claim arises, the claim benefits will be paid to the beneficiary /nominee only in Indian currency.
  • In case of joint deposits, Insurance cover will be provided to any one of the joint holders.
  • The customer should be in the below mentioned age groups for availing insurance benefits. 
    Scheme Name
    Age limit
    FD-VANTAGE -Alpha
    18-70 years
    FD-VANTAGE -Beta
    5-80 years
    FD-VANTAGE -Gamma
    18-50 years
  • The Insurance features will be applicable for both fresh deposits as well as renewal of existing deposits.
  • Operative account (Savings or Current account) the name of the customer is mandatory for insurance benefit.
  • Only the first year premium (maximum Rs 250/-) will be borne by the Bank.
  • Insurance cover will be applicable subject to the fulfillment of the terms and conditions of the relating to the Insurance product.

You may contact our nearest branch for more details.