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Covid Shield Deposit

Top Features of COVID Shield Deposit

About COVID Shield Deposit

    The economic uncertainty caused by the COVID-19 pandemic has been daunting, but there are ways to save up for an emergency. To survive during an emergency such as COVID-19, you need a secure investment and savings plan. This will not only take care of your expenses when a crisis hits, but it can help look after your loved ones and provide financial stability. We offer you the COVID Shield Deposit to help you beat such emergencies.

Features of COVID Shield Deposits

  • Attractive interest rates: Earn High Rates on Deposits
  • Loyalty Rewards: Enjoy loyalty vouchers on renewal with a rate of 0.20% for two years and 0.30% for three years and above. The vouchers given on renewal of FD for 2 years @ 0.20% and for 3 years @ 0.30% will be given only 1 time, as per the initial booking tenure. The voucher will be given only once, irrespective of the number of times FD is renewed by the customer.
  • Account conversion : Existing FDs made in Covid Shield Product in auto renewal mode will be converted to similar regular FD product at the time of renewal.
  • Life insurance: The COVID Shield Deposit offers life insurance coverage for up to INR 5,00,000. You can also opt for this plan by booking deposits under your spouse's or parent's name to increase your coverage.
  • DICGC Insurance: We are a scheduled commercial bank, and your deposit is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • Additional services: Enjoy a host of other value added benefits such as preferential rates on loans, pre-approved loans (after one year of completion of the plan).

Benefits of COVID Shield Deposits:

  • An emergency fund for a rainy day: This plan helps you deal with critical expenses such as school fees, house rent & living expenses incurred during COVID like emergencies and offers the twin benefits of high interest and the safety of capital.
  • Insurance coverage: Enjoy Life Insurance cover on your Fixed Deposit.
  • Higher rates for senior citizens: Senior Citizens get up to 0.50% extra interest on their fixed deposits.
  • Manage during an emergency: As banking is deemed an essential service, we are open for customers to transact money and make deposits, even during emergencies such as COVID.

For more information on the Terms & Conditions of the Life Cover, refer here

For more information on general terms & conditions of Fixed Deposits, kindly click here

Please note: Incremental sourcing of Covid Shield Deposit has been discontinued w.e.f May’22


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