YES BANK has launched FD + COVID-19 Cover in partnership with Reliance General Insurance for new Fixed Deposit (FD) holders.
The insurance cover is applicable for those investing in FDs of Rs1 lakh and above per customer at an interest rate of 7.25% and is valid for a minimum period of one year and above.
The health cover will be offered to customers booking FDs from 15 May 2020 to 30 June. For a period of one year, the bank will pay the premium on behalf of the customers.
With the unique dual proposition, FD holders of YES BANK will be able to stay covered for Covid-19 expenses and can continue to earn on their savings.
For beneficiaries being tested positive for Covid-19, the insurance cover provides the lump-sum benefit of Rs25,000.
The benefits of this health cover vis-à-vis traditional policies include no mandatory hospitalisation, with which the insured can claim 100% of the sum insured if tested positive.
For a deposit booked with YES BANK, Reliance General Insurance will issue an insurance certificate to the FD holder. Irrespective of the number of FDs booked, customers can avail only one policy cover against their FD.
All resident individual account holders aged between three months and 60 years will have the facility to book new deposits either digitally or by contacting their relationship manager or branch service team.