Seeking to shore up its deposit base, non-public sector lender Sure Financial institution on Friday launched a set deposit product with a well being cowl for COVID-19 sickness.
The financial institution has tied up with Reliance Normal Insurance coverage for the product, underneath which it’ll bear the premium price for a canopy of Rs 25,000 for brand new mounted deposits of over Rs 1 lakh, an official assertion stated.
Sure Financial institution, which needed to be bailed out by a consortium of lenders led by SBI in March, had seen erosion of deposits within the weeks resulting in it being put underneath a moratorium by the Reserve Financial institution.
It closed FY20 with a 53 per cent discount in its deposit base.
Below the brand new scheme, new mounted deposit openings of Rs 1 lakh for one 12 months and above will get the complimentary medical health insurance cowl aside from an curiosity of round 7.25 per cent, it stated.
“The insurance coverage cowl offers lump-sum advantage of Rs 25,000 to beneficiaries on being examined constructive for COVID-19,” the financial institution stated, including that it’s completely different from conventional insurance policies as the quantity might be supplied with none hospitalisation.
Individuals aged between three months to 60 years can avail the mounted deposit, and the scheme is legitimate solely as much as June 30, it stated.
Earlier, the financial institution had launched COVID-19 Safety Insurance coverage Cowl, a voluntary profit coverage being supplied as a bunch cowl to its prospects.