Union Bank Easy Tax-Saver Fixed Deposit Scheme

Union Bank Easy Tax Saver Fixed Deposit Scheme is a tax saving fixed deposit (FD) scheme where you can make deposits on a monthly basis or as a lump-sum amount. Not only does this scheme help you maximise your savings over a period of time, but also provides you tax benefits under Section 80C of the Income Tax Act, 1961. The interest rate offered under this scheme is 5.55% p.a.

Features of Union Bank Easy Tax Saver Fixed Deposit Scheme

Union Bank Easy Tax Saver FD Scheme Details

Under this scheme, you will have to make a minimum deposit of Rs.1,000 for a tenure of five years. There is a lock-in period of five years which means you cannot withdraw any amount during the said time period unless in case of the demise of the primary account holder. The maximum amount you can deposit is Rs.1.5 lakh.

You will continue to earn the prevailing deposits applicable for a tenure of five years on your deposits. Once the account matures, the bank will credit the maturity amount.

You can also claim a tax exemption on the amount you deposit. The bank will issue a system-generated annual statement so that you can claim your tax exemption.

Union Bank Easy Tax Saver FD Scheme Eligibility Criteria

• Individuals and Hindu Undivided Families (HUFs) can apply for this FD scheme.
• Should hold a valid PAN Card in their name.

How to Apply for Union Bank Easy Tax Saver Fixed Deposit Scheme

Online

• You can log in to your Union Bank net banking account and apply for this FD scheme. You will be required to fill in the required details and submit documents as asked for by the bank. You can also apply by using the bank’s mobile app.

Offline

• You can visit the nearest Union Bank of India where a bank representative will help you with the application process.

Union Bank Easy Tax Saver FD Scheme FAQs

1. Can I choose a tenure above 5 years?

   No, the tenure is fixed for a period of five years. Once your account matures, you can choose to reinvest again for another five years. The tenure is fixed.

2. Can I change my deposit amount midway my investment tenure?

   No, you cannot change your deposit amount.

3. Can I pay my deposit amount as a lump-sum amount?

   Yes, you can deposit a lump-sum amount.

4. What should I do if my deposit amount is above Rs.2 crore?

   Get in touch with the bank in case your total deposit amount is above Rs.2 crore.

5. Do I need to be a customer of Union Bank of India to invest in this FD scheme?

   Yes, you need to have an account with the bank to invest in this FD scheme.