|
A unique deposit scheme linked with insurance cover has
been introduced. Insurance cover to a maximum of Rs.
5.00 lacs on deposits held for 5 years and
more......
Highlights of Mybank Surakshana
Scheme
| Name
of the scheme |
MYBANK SURAKSHANA
|
| Eligibility |
All individual depositors in the
age group of 18 to 55 (age at entry) are eligible
to invest in the deposit scheme. Applicable only
to P segment depositors including NRIs.
|
| Amount
of deposit |
Minimum Rs.50, 000
and in multiples of Rs.50, 000 only. Maximum No limit |
| Period
of deposit |
Above
5 to 10 years |
| Rate
of interest |
At
present 9.25% p.a. |
| Premature
payment |
Allowed subject to recovery of
premium paid by the bank for one year and usual penalty
for premature
payment. |
| Holding |
Can be held in single,
joint names. However, insurance cover will be available
only to the person named first. |
Insurance
cover
|
The life insurance cover will
be available as under:
Age group 18-39: Equal to the amount of deposit made
Maximum of Rs.5 lacs. If the depositor makes a deposit
of Rs.10 lacs, the insurance will be available for
Rs. 5 lacs only.
Age group 40-55: equal to the amount of deposit made.
Maximum of Rs. 3 lacs. If the depositor makes a deposit
of Rs.10 lacs, the insurance will be available for
Rs. 3 lacs only.
Insurance cover will be available until the depositor
attains the age of 60.
For e.g., if a person aged 55 years invests in a
fixed deposit for 10 years, the insurance cover will
be available for 5 years only.
Death due to suicide within one year of risk commencement
date is not eligible for benefits under the policy. |
| Others |
1. Maximum insurance cover
for a depositor will be Rs. 5 lacs or Rs.3 lacs depending
upon his age irrespective of the number of deposit
accounts he opens.
2. Insurance cover will be on the basis of good health
declaration by the depositor.
3. No maturity benefit of the insurance at the time
of maturity.
4. Insurance cover will be provided by SBI Life under
their group insurance policy.
5. In case of death of the depositor, the legal heir
will be eligible for deposit amount plus interest
amount for the period the deposit has run plus insurance
cover to the extent of the eligibility of the depositor.
6. The insurance cover will be available from the
subsequent month of the deposit. For eg if the deposit
is made on 15th of Sept, the insurance cover will
be available from 1st October onwards.
7. Loan available on the deposit.
8. Death Benefit is Tax Free u/s 10 (D) as per current
laws.
|
|
|
