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  • Union Bank of India Recurring Deposit

     4.5 / 5.0   by 14 users
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    Promised Interest Rate

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    Responsiveness

    Overview of Union Bank of India

    Founded in November 1919 as a limited company in Mumbai, this BSE listed bank has come a long way in terms of the stable growth and strategic acquisitions. Today, UBI is one of the largest public sector banks in the country with a strong network of 4,000 branches supported by a little over 6,400 ATMs.

    Union Bank has a massive customer base of over 49 million, efficiently serviced by a strong employee base of 31,000 staffers. This Mumbai headquartered banking and financial services institution extends services to individuals, firms and corporates along with government agencies and departments across India. In its deposits portfolio, Union bank offers savings & salary accounts, current account and a variety of term deposit schemes.

    Recurring Deposit (RD) From Union Bank of India

    Akin to other public sector banks, Union bank offers RD schemes with attractive interest rates and flexible features. Two schemes form the core of the term deposit portfolio. These options help investors to steadily build corpus over a period of time by way of monthly remittances under this scheme. Recurring Deposits are also known as Cumulative Deposits. The RD scheme is open to all categories of customers which includes salaried individuals and corporates.

    Recurring Deposit schemes from Union Bank of India

    Cumulative Deposit

    The traditional RD scheme with appealing features and benefits. Monthly installment amount can be as low as Rs.50 with a deposit period ranging from 6 months to 120 months. A unique feature exclusive to this scheme is that any interim discontinuation of monthly installments, owing to a genuine reason, will result in the existing amount converted into a fixed deposit account for rest of the term.

    Union Monthly Plus

    An RD scheme that offers flexibility to invest an amount as per your convenience on the basis of “Core Amount”. The depositor can step up monthly remittances in multiples of this amount. An added benefit is that no penalty is levied on premature withdrawals and delay in monthly payments.

    Features and Benefits of Union Bank of India Recurring Deposits

    Cumulative Deposit

    • Resident Indians which includes individuals, minors, firms, associations, corporates, clubs, societies etc. are eligible to open the CD account. Two or more individuals can operate the account jointly.
    • Monthly installment amount starts as low as Rs.50 and in multiples of Rs.10 thereafter.
    • The depositor can choose a period that best suits investment needs from a term option ranging from 6 to 120 months in multiples of 1 month.
    • Once the term of deposit is selected at the time of initiation, it cannot be altered. However, in case of discontinuation of payment of monthly installments, owing to a valid reason, the amount parked in the CD account can be converted into a fixed deposit for rest of the term.
    • Interest rates are applied on a quarterly basis. The maturity amount will be payable one month after the last installment payment.

    Union Monthly Plus

    • Open for investment to a large category of customers such as individuals, institutions, corporates, HUF etc.
    • The depositor can choose a “core amount” which acts as base amount for stepping up future monthly installments, paving way for flexibility. Future installments cannot fall below the chosen core amount.
    • The period of deposit starts at 6 months with an upper cap of 60 months. The customer can choose a term between this range in multiples of 1 month.
    • No penalty is levied for delay in monthly payments or premature closure. This feature is one of its kind in the banking segment.
    • Interest rates will be computed on daily product basis.
    • Depositors also qualify for loan facility of up to 75% of the outstanding amount in the RD account.

    Interest Rates Offered on Union Bank’s Recurring Deposit

    Based on the RD scheme & deposit period chosen, interest earnings varies widely. For all deposits ranging from Rs. 1 to Rs. 10 crores, the interest rate ranges from 8.25 to 8.50%. The rates are subjected to periodic changes. Do inquire with the nearest branch or check on the bank’s web portal for latest rates on deposits.

    Senior citizens are eligible for an additional rate of 0.50% over the prevailing rates.

    Process For Opening an Recurring Deposit with Union Bank of India Online and Offline

    Existing customers of Union bank can log onto to their internet banking account and open a CD account online directly linked to the savings/current account. New customers can approach the nearest banking branch for instructions on opening an account. You will be required to produce documents below to facilitate the initiation.

    • ID and address proof
    • Passport sized photograph
    • Introduction as per bank rules
    • PAN and contact details

    Know the Current Recurring Deposit Rates

    Union Bank RD Schemes

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

    Union Bank of India RD 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? 2
      , 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
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