FedSecure is a combination of a unique and a customer friendly deposit. FedSecure is a Recurring Deposit with in-built insurance cover and very low premium. The customer gets an insurance cover equivalent to the maturity value of the recurring deposit. FedSecure assures that your dreams for your family gets fulfilled even in your absence.

Features

  • Scheme is open to resident customers in the age group of 18 to 55. Age on date of maturity shall not exceed 60
  • Insurance cover equals the maturity value of the Recurring Deposit subject to a maximum of Rs.10 Lacs.
  • Premium will be deducted only at the time of closure of account.
  • Joint account can be opened, but the insurance cover will be available to the first holder provided he/she should satisfy the eligibility norms.
  • Customer can open the account with monthly remittances of as low as Rs.1000/-.
  • Rate of interest applicable will be quarterly compounded interest for the period the deposit remained with the bank.
  • This deposit can be opened for a period from 1 year to 5 years.
  • Interest earned on the deposit is also exempted from Tax Deduction.
  • The life insurance cover is being given by M/s IDBI Federal Life Insurance Company Ltd.
  • In case of unfortunate demise of the customer before the due date of the deposit, your loved one will receive the entire sum assured and the accumulated savings in the Recurring deposit less the premium borne by the bank.