Union Bank Easy Tax Saver Deposit Scheme

The Easy Tax Saver Deposit Scheme from Union Bank provides flexibility to its customer in making investments in Tax Saver Fixed Deposits in the form of monthly instalments or Systematic Investment Plan (SIP). Apart from this, the investment can also be made in lump-sum and when the customers have enough funds to invest.

The aim of this Fixed Deposit Scheme (FD) is to offer flexibility in saving tax by doing tax planning and investing specific amount over a certain period in a financial year. And the amount which is invested will be exempted under 80C. The scheme lets you invest an amount of up to Rs.1,50,000 in the financial year.

Features of Union Bank Easy Tax Saver Deposit Scheme

Maximum duration Not applicable
Minimum duration Five years
Maximum deposit amount Rs.1,50,000
Minimum deposit amount Rs.1,000
Lock in period Five years
Interest rate 5.50% p.a.
Tax Deducted at Source (TDS) Applicable according to the guidelines
Nomination Facility Applicable
Passbook/Receipt Customers will receive passbook
Loan facility Nil
Auto Renewal Nil
Premature Closure Applicable in case of the death of the primary account holder

Eligibility criteria for Union Bank Easy Tax Saver Deposit Scheme

The following are the eligibility criteria for Union Bank Easy Tax Saver Deposit Scheme:

  • The applicants should have their Permanent Account Number (PAN) card.
  • Hindu Undivided Family (HUF) and individuals can opt for this scheme.

Documents Required

The following are the documents required to open Union Bank Easy Tax Saver Deposit Scheme:

  • Aadhar card
  • PAN card
  • Passport
  • Driving license
  • Ration card
  • Electricity bill
  • Voter ID card
  • Matriculation certificate
  • Birth certificate
  • Bank passbook

How to apply for Union Bank Easy Tax Saver Deposit Scheme Online and Offline?

Online

The applicants who already have their account in Union Bank and log in to internet banking, choose the product and apply online. They should enter all the required details and submit the documents to open this FD account.

Offline

To open Easy Tax Saver Deposit account, the applicants should visit their nearest Union Bank branch. There they have to fill in the physical form and submit the scanned copy of all the documents that are required to be submitted.

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