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Business News/ Money / Personal Finance/  This bank is offering 10 lakh insurance cover on fixed deposit
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This bank is offering ₹10 lakh insurance cover on fixed deposit

RBI has increased the repo rate by 50 basis points as of September. It has resulted in FD issuers such as banks, companies and NBFCs revising their FD rates for the better

The DCB NRI Suraksha Fixed Deposit, provides NRIs with attractive returns as well as free life insurance as per the amount of the fixed deposit. (Mint)Premium
The DCB NRI Suraksha Fixed Deposit, provides NRIs with attractive returns as well as free life insurance as per the amount of the fixed deposit. (Mint)

DCB Bank has relaunched its DCB Suraksha Fixed Deposit, it’s a fixed 3 year FD scheme that provides an ideal combination of savings and safety for depositors as well as their dependents or loved ones.

DCB Suraksha has two distinct features that distinguish it as a smart and ‘surakshit’ investment. First, it provides a high-interest rate 7.10% p.a. on a three-year deposit and, second, it offers free life insurance cover either equal to the amount of the Suraksha FD or up to Rupees 10 Lakh if the Suraksha FD amount is greater than Rupees 10 Lakh. The DCB Suraksha FD customer does not pay premium for the insurance cover. Moreover, there is no requirement for medical test to enjoy the life insurance coverage.

The regular Fixed Deposit without the Suraksha insurance is also tempting. The Bank offers an appealing 7.10% per annum interest rate on Fixed Deposit of 700 days or 3 years, that annually yields 7.49% p.a. or 7.84% p.a. respectively. Senior citizens earn 7.60% p.a. for the same duration, and the yields are 8.05% p.a. and 8.45% p.a. respectively.

Furthermore, the DCB NRI Suraksha Fixed Deposit, provides NRIs with attractive returns as well as free life insurance as per the amount of the fixed deposit.

Now is the ideal time to invest and make the most of high fixed deposit interest rates since the RBI has increased the repo rate by 50 basis points as of September. It has resulted in FD issuers such as banks, companies and NBFCs revising their FD rates for the better. Almost all banks give higher interest rate to senior citizens on term deposits as compared to general customers. Senior citizens depend on FD earnings to address expenses related to medical needs, daily essentials, and travel.

 

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Published: 13 Oct 2022, 01:00 PM IST
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