Whoever said wishes don’t come true hasn’t explored our offers!
  • Union Bank Cumulative Deposit Scheme

    UNION BANK OF INDIA RECURRING DEPOSIT
     4.5 / 5.0   by 14 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Union Bank of India offers the Union Cumulative Deposit Scheme targeting the middle, lower, lower middle, salaried and the upper middle segments of the society. This scheme helps small-time investors to save for their future by depositing funds as monthly installments for a fixed tenure. Customers can open a Cumulative account as a single applicant or make joint applications. Deposit holders can start their accounts with minimum deposit amounts and can choose any tenure option meeting their financial requirements. Union Cumulative Deposits can be opened by approaching any Union Bank branch or calling the 24/7 customer care centre.

    Eligibility for Union Cumulative Deposit Scheme

    Resident Indians, visually impaired persons, Purdanasheen Ladies, illiterate persons, associations, minors, societies, clubs, trusts, agencies, institutions, etc., are eligible to open a Union Cumulative Deposit account.

    Features of the Union Cumulative Deposit Scheme

    The Union Cumulative Deposit Scheme carries the following features as put down by Union Bank of India.

    Installment Amount

    Customers can start their recurring deposit accounts with a minimum balance of Rs. 50 and can be incremented in multiples of Rs.5. The installment amount that the customer has chosen when the account was opened has to be paid on a monthly basis. Once the number of installments has been chosen, the same cannot be changed by the customer. However, Union Bank does give account holders the option of changing their Cumulative deposits into Term deposits before the maturity date. The maturity amount earned on the recurring deposit account will be paid to the customer a month after the last installments has been given. When a new Union Cumulative Deposit account is opened a passbook will be given to track the payment of installments.

    Mode of Deposit

    Monthly installment payments can be done in form of standing instructions set from the customer’s savings account.

    Tenure of deposit

    The tenure chosen for the Union Cumulative Deposit Scheme can range from 6 months to up to 120 months, in multiples of three months. Tenures can range from 6 months to 1 year, 1 year to 3 years, 3 years to 5 years and from 5 years to 10 years.

    Account Operation

    Joint accounts can be operated with two or more account holders. Funds in a joint recurring deposit account will be disbursed on the maturity date or if one of the account holders expires before the completion of the tenure.

    Interest rates

    Union bank of India offers competitive interest rates for Union Cumulative Deposit accounts. The interest rate given for the Union Cumulative Deposit Scheme is compounded on a quarterly basis. For recurring deposit amounts below Rs. 1 crore, the interest rate offered ranges between 4.00% to up to 7.25%, depending on the tenure. For recurring deposit amounts between Rs. 1 crore and Rs. 10 crore, the interest rate offered ranges between 4.00% to up to 6.75%, depending on the tenure.

    TDS

    TDS will not be applied on the interest earned on the Union Cumulative Deposit Scheme.

    Nominations

    Union Bank of India does offer the nomination facility for Union Cumulative Deposit Scheme holders. Relatives can be nominated and the name of the nominees can be changed by submitting a declaration to Union Bank. Only one nominee can be selected and customers can also select NRIs as nominees.

    Loans

    Account holders can get loans against the outstanding balance in their recurring deposit accounts.

    Premature Closures

    If a Union Cumulative Deposit is closed before the completion of the stipulated tenure then the interest that will be paid will be as per the rate on the deposit date, depending on the tenure that the deposit has remained open. If premature withdrawals are done then a penal interest rate will be applicable.

    Benefits for Senior Citizens

    Senior citizens can get an additional interest rate of 0.50% on recurring deposits placed with tenures of one year and above. Joint applications can be made by senior citizens along with individuals below the age of 60. Union Bank will verify the age of the senior citizen while availing the special interest rate benefit. Senior citizen account holders have to submit the following documents while opening the recurring deposit account - Senior School Leaving Certificate with date or birth, LIC policy, Pension payment order, Voter’s ID, birth certificate, passport, etc.

    Documents Required

    Customers have to submit certain KYC documents as requested by Union Bank of India while opening a Union Cumulative Deposit account.

    ID Proof

    • PAN card
    • Passport
    • Voter's ID card
    • Driving License
    • NREGA Job Card
    • Aadhaar Card

    Address Proof

    • Passport
    • Voter's ID card
    • Driving License
    • Aadhaar Card
    • Letter given by Unique Identification Authority of India (UIDAI)

    Corporations/ Companies

    • Certification of Incorporation
    • Memorandum and Articles of Association
    • List of directors with bio-datas
    • A resolution from the Board of Directors
    • Central Government License

    Trusts/ Foundations

    • Trust Deed
    • Certificate of Registration
    • List of Trustees.
    • Settlers Declaration
    • Resolution from the trust’s managing committee for opening the account.
    • Officially valid Document - Power of Attorney

    Societies/ NGOs/ Associations/ Clubs, etc.

    • Photographs of members
    • Certificate of Registration
    • Managing Committee Members’ list with bio-data
    • Bye laws
    • Resolution from the organization’s managing committee for opening the account.

    Read More Article on Recurring Deposit

    Recurring Deposit - Sitemap
    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

    Customer Reviews

  • Page 1 of 1
    • Union Bank of India Recurring Deposit
      "Good services"
      UNION BANK OF INDIA
      0.5 4.0/5 "Great!"
      Union Bank of India has always been good in the services. I have also taken a recurring deposit with them. Since I do not have the option of opening this account online, I visited the bank for the same and it has been a good experience. The rate of interest is satisfactory and there are no much of charges related to it.
      Was this review helpful? 7
      , chennai
      Reviewed on Nov 23, 2016
    • Union Bank of India Recurring Deposit
      "Good bank to associate"
      UNION BANK OF INDIA
      0.5 4.0/5 "Great!"
      The interest that I earn on my recurring deposit with Union bank of India was around 8.5% per annum. I can withdraw the money at anytime without any penalty like I can earn the interest according to time the money got deposited. Customer service is good with the Union bank of India.
      Was this review helpful? 10
      , mumbai
      Reviewed on Jun 30, 2016
    • Union Bank of India Recurring Deposit
      "Competitive rates"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The best investment is offered by Union bank of India, which offers 7.50% as the rate of interest generally for a recurring deposit scheme with a tenure of 5 years but we get an extra 1% as we are a bank staff. The bank always offers much preferential rates for all products when it comes to staff members. It serves as a very good method of a savings scheme,has no closure penalty and also very easy to book. It is very much recommendable to others because of its rates.
      Was this review helpful? 2
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Recurring Deposit
      "Rate are better than most of banks"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The best saving programme is with UNION BANK OF INDIA, I have my recurring deposit schemes with Union bank of India, one with a tenure of 3 years and the other of 1 year. They offer 7.55%-7.65% rate of interest generally but we get an extra 1% as we are bank staff. The bank always offers much preferential rates for all products. It serves as a very good method of a savings scheme and has no closure penalty.
      Was this review helpful? 3
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Recurring Deposit
      "Best "
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I do have the recurring deposit with the Union bank of India and the interest rate was around 8.65% because am an employer. Customer service is good with them and the online banking facilities are perfect with them. They used to provide the feedback immediately.
      Was this review helpful? 1
      , karur
      Reviewed on Apr 07, 2016
    • Union Bank of India Recurring Deposit
      "Prompt in service "
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The service provided by Union Bank of India was very good for the recurring deposit.They have different type of plans which are coming in monthly basis.They are accurate about the deposit services and I may recommend the service of Union Bank to others.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2016
    • Union Bank of India Recurring Deposit
      "Fantastic"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit with the Union bank of india and for every three months I used to close the account depends up on my usage. For the premature there are no charges with any deposit account and am having it from the last one year of time.
      Was this review helpful? 1
      , nellore
      Reviewed on Nov 24, 2015
    • Union Bank of India Recurring Deposit
      "Good"
      UNION BANK OF INDIA
      0.5 4.0/5 "Great!"
      I experienced the recurring deposit with the Union Bank of India. The minimum lock in period is around 6 months of time. Though they are traditional bankers they are giving the good service. Online banking facility is good with them and I would like to add if we would like to withdraw the money before the lock in period means there will be penalized amount of 1% of the capital what is rest over there.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 03, 2015
    • Union Bank of India Recurring Deposit
      "Everything is fine..."
      UNION BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      In an influence of salary account I have opted the recurring deposit from Union Bank of India and as payment is getting debited directly from my account. Union Bank of India is following their own set of terms and conditions which is not flexible to customers. Products are fine with the bank but in part of service it is not good. In regards to rate for recurring deposit, it is reasonable.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 25, 2015
    • Union Bank of India Recurring Deposit
      "Excellent"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Union bank of India gives 9% of the interest rate for the recurring deposit and the minimum lock in period is for 2 years. If the tenure increases the interest rate will also be high.The amount for the RD is debited from my account every month. In case if break the RD in between the lock in period there is no extra charges. I took this RD facility by visiting the branch and the customer service provided was good.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 16, 2015
    • Union Bank of India Recurring Deposit
      "Recurring Deposit"
      UNION BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      I'm holding a UBI recurring deposit account. As I have a long term relationship with them . I have taken this deposit . This is taken for a period of 5 year. The rate of interest charged by them was 9% which is quite nominal . This provide tax benefit also and net banking facility is good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 18, 2015
    • Union Bank of India Recurring Deposit
      "Fair enough"
      UNION BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I am holding a UBI recurring deposit account. Its a nominal one. As I have a long term relationship with them . I have taken this deposit . This is taken for a period of 1 year. The rate of interest charged by them was 9% which is quite nominal . They provide tax benefit as well and online access is there for this account.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 21, 2015
    • Union Bank of India Recurring Deposit
      "Good"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      To open the Recurring Deposit with Union Bank of India I visited their branch directly. As my salary account is with them for more than 15 years so I just filled a single application form and the deposit got activated. Rate of interest is very good. Every year I close the deposit and will open it newly. For the amount of 1.20lakhs I have received 17 to 18 thousand extra.
      Was this review helpful? 3
      , mumbai
      Reviewed on Feb 14, 2015
    • Union Bank of India Recurring Deposit
      "Better rate of Interest rate"
      UNION BANK OF INDIA
      0.5 4.0/5 "Great!"
      I took Recurring deposit for the tenor of 13 months and the rate of interest is 9% to 9.5%, which is reasonable. Actually, my father is joint account holder so I donâ??t know details in depth. Everything is fine with Union Bank of India but they could improve better in terms of responsiveness.
      Was this review helpful? 4
      , pune
      Reviewed on Nov 09, 2014
    Common Loader Icon
    Page 1 of 1
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.