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The Union Bank provides a fixed deposit scheme called the Deposit Re-Investment Certificate, This fixed deposit scheme is ideal for someone who would like to invest a lump sum amount.
Anyone who would like to avail should meet the below mentioned criteria.
|Amount||The minimum amount for the recurring deposit can be from Rs. 100 in rural and semi urban areas and Rs. 500 in urban and metro areas|
|Rate of Interest||The rate of interest can range from anywhere between 4.00% - 7.50% per annum subject to the tenure of the deposit. Senior Citizens will be given an additional 0.50% higher than the rate for a period of 1 year and above|
|TDS||The bank will issue a TDS certificate for the tax deducted|
|Loan against Union Bank Deposit Re-Investment Certificate||The Union Bank Deposit Re-Investment Certificate allows you to apply for a loan against the Deposit Re-Investment Certificate.|
|Nomination (if any)||All bank deposits are allowed to have a nominee in case of unforeseen events|
|Auto Renewals||In case the depositor wishes to renew the deposit, they can do so by seeking premature renewal, the renewal period can be done for a period that’s longer than the original period.|
|Period of Deposit||The deposit scheme is available for a period of 6 months to 120 months|
All interest rates mentioned here are for the amount of less than Rs. 1 crore
|Tenure in days||Rate of Interest|
|31 - 120 days||5.60% - 6.75%|
|121 - 180 days||7.00% - 7.60%|
|181 - less than 1 year||7.60%|
|1 year - 3 years||7.70%|
|3 years - 10 year||7.50%|
* The interest rates mentioned are at the discretion of the bank and are subject to change
Yes, nominee is permitted under the Union Bank Deposit Re-Investment Certificate.
An amount of Rs 100 can help you open a Deposit Re-Investment Certificate in semi urban and rural areas. For urban and metro areas the minimum amount required is Rs. 500.
A senior citizen applicant will be offered at 0.50% additional interest over and above the interest rate provided for the term. This is on basis of the deposit period being over 1 year.
The documents required for this scheme:
Useful Information on Union Bank Fixed Deposit