Central Bank of India has introduced a unique recurring deposit (RD) scheme with personal accident insurance cover. The scheme is due to start from December 1.
As per the new RD scheme, personal accident insurance cover will be available to the tune of double the maturity value of the RD account. For this scheme, Central Bank has entered into an arrangement with Cholamandalam MS General Insurance Company and the insurance cover will be provided by the same.
Under this scheme, only RD accounts with minimum monthly instalments of Rs 500 for a minimum duration of two years and above will be eligible for personal accident insurance. Also, in order to be eligible for this scheme, the age of the principal account holder on the date of opening of the account should not exceed 65 years. Where joint accounts are held, the first named person will be covered under the scheme.
Get the best deals on bank loan offers