SIB CARE Deposit is a new scheme formulated for all those who wish to have a fixed return for a fixed period for their investment. The Scheme is specially designed aiming both our youngsters and pensioners who are in need of a fixed amount in addition to the applicable interest payout.
A lump sum amount for a predetermined period ranging from 2 years to 10 years based on their requirement of funds is deposited with the Bank and Customer will be getting credit of equal installments (interest for the period along with a principal portion) to the connected operative account on deposit dates from the next month onwards. Interest rates will be as applicable for the preferred period of deposits. Even though monthly interest is credited the same is offered without any discounts. We propose to offer the card rates without any discounts for this product in conformity with the IBA master charts of Lump sum Annuity Monthly Repayment Deposits. The Deposit Amount shall be minimum of Rs 25,000/- and a Maximum of Rs.One Crore.
When we assess our customer needs we find that several requirements of our customers can be suitably addressed through our SIB CARE Scheme Some of which are:
- Retired/VRS employees who want to invest a part of their retirement benefits for maintaining an income level equal to their earlier living standards.
- Students may subscribe to this product which assures monthly fixed returns to meet their expenses of College/Hostel Fees.
- NRI Returnees who want to have a fixed return for a fixed term.
- Agriculturists who want to invest their agricultural income for getting monthly return to meet the recurring family expenses/future cultivation expenses.
- Parents/Beloved ones to get a fixed amount every month, which is sufficient to meet the monthly expenses for a fixed term.
- For those who want to manage their hard earned money in a disciplined manner, this scheme will be attractive with higher returns.
Terms and Conditions
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Frequently asked questions on the insurance cover and the claim procedure are given below for the ready reference of our valued customers. If you need any clarification, kindly contact us by Email : [email protected] or by telephone : 1800 102 9408 (Toll Free India).
FAQs on SIB CARE Deposits
For whom is the insurance cover applicable?
Any individual, holding Single SIB CARE Deposit,of Rs 1 lakh and above and of less than 70 years of age as on date of deposit, is eligible for the insurance cover. However, in case of joint account, the First named person will be covered.
Whether individual policies will be sent to the customers?
No. This is a group insurance policy, where the Bank pays / renews the premium.
If a depositor has multiple deposits, as first applicant, (at the same branch or in other branches), under this scheme can the insurance cover be compounded?
No. Maximum eligible cover is Rs. 1 lakh.
On death of the insured, who will be eligible for claim?
Legal heirs of the insured ( of the 1st applicant).
What is the procedure to lodge the claim?
In case of a tragic death by accident, the legal heir(s) of the insured should intimate the Insurance Company in the address below. The Claim Form is to be duly filled and submitted to Bajaj Allianz with other necessary documents (FIR, Post Mortem report, Certificate showing proof as Legal Heir(s), Photo identity proof of legal heir(s), etc. as required by the Insurance Company). Please click on the links given below to download the claim form.
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Mr. Ganesh G. R.
Asst. Manager (Claims)
Bajaj Allianz General Insurance Co. Ltd.
Door No. 11, 3rd Floor, People’s Park,
Govt. Arts College Road,
Coimbatore – 641 018.
Phone: 0422 - 4392345
DISCLAIMER: "The South Indian Bank Limited" at any time is not liable to pay to the customer the amount claimed.