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    Union Bank Deposit Re-Investment Certificate

    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.

    Eligibility Criteria for applying for Union Bank Deposit Re-Investment Certificate

    Anyone who would like to avail should meet the below mentioned criteria.

    1. The Deposit Re-Investment Certificate can either be opened single account or a joint account by individuals.
    2. The scheme can also be opened by organisations such as small firms, charitable institutions, recreational clubs, Hindu Undivided Families, trusts of religious nature, panchayats, etc.
    3. The scheme is available even to illiterate, blind and differently abled individuals
    4. Minors also are allowed to have this scheme, under the provision of a guardian.

    Features of Union Bank Deposit Re-Investment Certificate

    Account Type Joint/Single/Organisation
    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

    Union Bank Deposit Re-Investment Certificate interest rates as per December 2015

    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 7.75%
    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

    Union Bank Deposit Re-Investment Certificate FAQs

    1. Is there a nominee permitted under this scheme?

      Yes, nominee is permitted under the Union Bank Deposit Re-Investment Certificate.

    2. What is the minimum amount required to open a 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.

    3. What benefits does the Deposit Re-Investment Certificate provide to a senior citizen?

      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.

    4. What are the documents one should submit to open an account under this scheme?

      The documents required for this scheme:

      • The bank will require to be introduction of the person’s opening the account by another person acceptable by the bank.
      • 2 passport sized photographs of the applicants.
      • The bank will require a PAN copy
      • Also the bank will require completion of KYC norms and submission of complete information as required.

    Useful Information on Union Bank Fixed Deposit

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