The Indian Bank Swarna Nidhi Deposit is a recurring deposit and a variable recurring deposit that offers you an excellent option to use the maturity proceeds to buy golds coins at a discount. Here are 4 other features of the Indian Bank Swarna Nidhi Deposit that are unique and come with a combination of benefits.
There are both options under the Indian Bank Swarna Nidhi Deposit. You can either opt for the recurring deposit or the variable recurring deposit. Under the later there is an option of varying the monthly installments which is called Variable Recurring deposit scheme. This provides you flexibility in case you cannot honour an existing commitment.
Discount on gold coins
Deposit holders get a discount on the gold coins to be purchased from the proceeds at Rs 25 per gram.
Personal accident insurance cover
Maturity value of Rs 12000 or more will entitle individuals to receive free personal accidental insurance of Rs 1 lakh by issuing IB Chatra Policy of the Bank.
Deposits are safe as Indian Bank is a govt backed entity.