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 | 6.70% 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.
FAQs on Union Bank Easy Tax Saver Deposit
- What is the Union Bank Tax Saver FD rate?
The Union Bank Tax Saver FD rate is 7.3%.
- What is the senior citizen FD interest rate at Union Bank of India?
Senior citizens are eligible for an additional 0.50% interest rate on one-year domestic term deposits.
- Is a loan accessible against the Union Bank of India FD account?
Yes, 90% of the loan facility is available against the Union Bank of India FD account.
- Is there a nomination option for Fixed Deposit Receipts?
Yes, nominations are permitted on Fixed Deposit Receipts.
- How long does the Union Bank of India fixed deposit account last?
The Union Bank of India offers fixed deposit accounts with terms ranging from 7 days to 10 years.
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