Union Bank Money Flex Term Deposit
The Money Flex Deposit scheme is designed to offer the depositor higher return on the deposits as in any other term deposit scheme and at the same time provide the facility to withdraw a part of the deposit at any time before maturity without the necessity of prematurely closing the deposit account.
Also, Check - Fixed Deposit
Features of Money Flex Term Deposit
Scheme Code | MFTDF- Money Flex Term Deposit FDR MFTDD- Money Flex Term Deposit DRIC |
Eligibility | Money flex Deposit Account can be opened: by an individual in his/her own name; by more than one individual in their joint names with suitable repayment instructions; on behalf of a minor by his/her natural guardian or by a guardian appointed by court; in the name of a minor by a person interested in the minor other than natural guardian; in the name of clubs, societies, associations, educational institutions, trusts, HUFs, firms, partnerships, joint stock companies, co-operatives, executors and administrators, Government Departments etc. |
Type of Deposit | Option to open in FDR or DRIC scheme as per the choice of the customer |
Minimum Period | 6 months |
Maximum Period | 10 years |
Minimum Deposit Amount | Rs. 25,000/- |
Maximum Deposit Amount | Less than 2.00 crores |
Scheme Feature | (a) Minimum Deposit under the scheme is Rs 25000/- and in multiples of Rs 1000/- thereafter. (b) No receipt will be provided to the customer. Only statement of Account/passbook will be given. (c) Part withdrawal before maturity is permitted. (d) In case of part withdrawal the interest on withdrawal amount is paid at the rate applicable for the period the withdrawn amount remained with the bank. (e) Written request from the depositor for part withdrawal to be obtained. |
Rate of Interest | As per interest rate circular depending on the tenor |
Interest payment Frequency | As per the Deposit Scheme ( FDR, DRC) in which the deposit is opened. |
Loan Facility | Not Available |
Nomination facility | Available as per guidelines |
Automatic Renewal | Allowed |
Premature Closure | Allowed |
Penalty on Premature Closure | No Penalty at present |
Passbook/Statement | No receipt will be provided to the customer. Only statement of Account & Passbook will be given. |
FAQs on Union Bank Money Flex Term Deposit
- How does the penalty on premature closure work on Union Bank Money Flex Term Deposit?
The interest will be paid for the for the period the account remained active at 1.00% less than interest rate offers during opening the term deposit account which will be the penalty for term deposit schemes offered by Union Bank. While this rule is not applicable for Union Bank Money Flex Term Deposit.
- How is the interest calculated and when is it credited?
The interest rate on fixed deposit schemes of Union Bank is calculated on a daily basis.
- How is the interest paid out for Union Bank fixed deposit?
The interest is paid out on a quarterly basis for Union Bank fixed deposit schemes which are in January, April, July, and October.
- Where can I find the interest rates for Union Bank Money Flex Term Deposit with a deposit amount above Rs.2 crore?
The interest rates for Union Bank Money Flex Term Deposit for an amount above Rs.2 crore has not been listed by the bank. Applicants can contact the bank to details about the interest rates for amount more than Rs.2 crore.
- How are interest rates decided for fixed deposit accounts of higher value?
For the high value of the fixed deposit of the Union Bank, the interest rate is calculated depending on the aggregate value of deposit for a specific tenure on the particular day.
- Can I open Union Bank Money Flex Term Deposit both singly and jointly?
Yes, the Union Bank Money Flex Term Deposit allows depositors to open the FD account both singly and jointly.
- What is the minimum deposit required for Union Bank Money Flex Term Deposit?
The minimum deposit amount required for Union Bank Money Flex Term Deposit is Rs.25,000 which is necessary to open the account.
- Is there any specific duration for withdrawing a part of the deposited sum from Union Bank Money Flex Term Deposit?
No, there is no specific time limit for withdrawing any sum from the deposited amount from Union Bank Money Flex Term Deposit, as this fixed deposit offers flexibility to withdraw funds without premature closure.
- Can I avail myself of a loan against Union Bank Money Flex Term Deposit scheme?
No, the loan facility is not available for Union Bank Money Flex Term Deposit scheme.
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