DCB Health Plus Fixed Deposit – 6.9% Interest + Free Health Benefits
DCB Bank is offering health plus fixed deposit scheme that offers highest FD interest rate along with health benefits (free medical services and emergency medical services). These free medical services are offered by the DCB Bank through ICICI Lombard Insurance Plan to all new Fixed deposit customers being opened for 700 days tenure. What are the features of DCB Health Plus Fixed Deposit Scheme? What does this FD scheme cover and what not? Should you opt for DCB Health Plus Fixed Deposit?
Overview about DCB Bank
DCB Bank (Erstwhile Development Credit Bank) is a private sector bank with 344 branches across 18 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India.
Features of DCB Health Plus Fixed Deposit
Here are the features of this FD + Health benefits scheme.
This FD scheme is available to resident Indians. NRIs cannot invest in this scheme.
The minimum FD amount is Rs 10,000 and maximum no limit.
Any individual who in the age group of 18 to 70 years can open this health plus fixed deposit scheme.
Fixed Deposit tenure is 700 days.
One can open multiple FD schemes with a maximum limit of 4.
The current interest rate is 6.9% per annum for 700 day tenure, where the yield would work out to be 7.31%.
The current interest rate is 7.4% of senior citizens for 700 days tenure and the yield would work out to be 7.87%.
FD investors need not pay any extra money for this health care services. This would be born by the DCB and provide this service in collaboration with ICICI Lombard General Insurance company.
No medical examination required to provide this FD health plus scheme.
Insurance certificate would be mailed by ICICI Lombard General Insurance within 15 days from opening this FD scheme with DCB.
Existing FD holders are not eligible for this scheme.
In case of joint account, the only first holder is eligible for these health coverage benefits.
Valid PAN is required to open this health plus FD scheme.
Once you open this FD scheme during renewal, in case DCB tie-up continues with ICICI Lombard General Insurance, your insurance would continue else it would close.
One can open regular FD scheme with DCB without health benefits cover.
What health cover offered in DCB Health Plus FD Scheme?
Here are the list of free medical services and emergency services offered by ICICI Lombard insurance plan as part of DCB Health Plus FD Scheme.
Does this Health Plus FD scheme cover mediclaim benefit?
No. This does not cover medi-claim / health insurance benefits. Means if you are hospitalized for some reason, this scheme would not cover.
How to access the health care benefits in this scheme?
One need to download “IL Take Care App” which is provided by ICICI Lombard General Insurance and register. You can access the health benefits as per their eligibility. One has to take pre-booked appointment with the doctor. Even booking an ambulance should be done through IL Take Care App and no reimbursement would be provided.
Can we do premature withdrawals in this DCB Health Plus FD?
Yes, you can prematurely withdraw the deposit in case of any emergency. However, the free health benefit cover provided by the insurance company would cease to exist on the date of premature closure of the FD scheme. FD investors can take overdraft or loan on the Fixed Deposit facility in the event of an emergency or short term urgent funds requirement. This can ensure FD holders do not lose the benefits of DCB Health Plus Fixed Deposit.
Is DCB Bank FD Safe?
DCB Bank is a private sector bank. We have seen Yes bank crisis few quarters back and it was saved by SBI now. Similarly Lakshmi Vilas Bank was under crisis and taken over by DBS Bank. Hence we might get doubt whether DCB Bank FD is safe or not. While all banks are governed by RBI, we could still see instances where banks are moving in to crisis. Instead of worrying more about it, one can invest up to Rs 5 Lakhs in any bank and get deposit insurance to that effect. Even if such banks collapse, investors would still get their money. You can read earlier article, How far your Bank Fixed Deposits are safe for more info.
Should you opt for DCB Health Plus FD Scheme?
Just ask this question to yourself. You would invest in a FD scheme that would get 6.9% interest + health benefits. Whether you would use such health benefits or not is secondary. With higher FD interest rates, one can invest in such fixed deposit schemes.
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