Union Monthly Plus

A Novel User-friendly Recurring Deposit Scheme, with flexibility of Step Up and Step Down options, with monthly instalment.

Features of Union Monthly Plus Scheme

Eligibility 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 institutions/Corporate/proprietorship/partnership/Trust/HUF etc
Scheme Code RDFLX
Scheme Details Recurring Deposit scheme with step-up and step-down option in monthly instalments. Customer have to declare the monthly instalment i.e “Core amount” at the time of opening of the account and deposit the same as initial instalment. Customer can deposit multiple times in a month in the account. The maximum permissible amount per month is 10 times the core amount or Rs 100000/- whichever is lower.
Step Up Option Depositor can increase (Step Up) the monthly instalment amount up to 10 times the Core Amount during any month. The instalment can also be deposited one or more times during a month, subject to maximum Ceiling of 10 times Core Amount. Example:CoreAmount-Rs.1,000/- Customer can deposit maximum up to Rs.10,000/- per month. The maximum permissible amount per month is 10 times the core amount or Rs 100000/- whichever is lower.
Step Down Option After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month/s, but the same should not be less than the Core amount
Minimum Period 6 Months
Maximum Period 60 months (In multiple of 1 month)
Minimum Core Amount Rs.100/- and in multiples of Rs.100/-
Maximum Core Amount Rs.100000/-
Maximum Deposit amount in a month 10 times the Core amount or Rs.1,00,000/- whichever is lower
Rate of Interest Rate of interest on this scheme will be as per the Term Deposit rate applicable for the period.
Interest payment Frequency Interest will be calculated on daily product basis and credited to the account on quarterly intervals.
Penalty for delayed instalment NIL
TDS TDS will be deducted as per guidelines
Loan Facility Available
Nomination Facility Available as per guidelines
Automatic Renewal Not allowed
Premature Closure Allowed. Interest will be paid for the run period at applicable rate and penalty if any.
Penalty on Premature Closure No penalty will be charged in case of premature closure.

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