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  • Union Monthly Plus Recurring Deposit Scheme

    UNION BANK OF INDIA RECURRING DEPOSIT
     4.5 / 5.0   by 14 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    The Union Monthly Plus is a very popular Recurring Deposit Scheme that offers attractive rates of interest. Through this scheme, people can save money easily and not worry about the amount they wish to deposit every month as they can easily increase or decrease the same by using the Step Up and Step Down options. Their minimum deposit every month can be as low as Rs.100.

    Features and Benefits of Union Monthly Plus Recurring Deposit Scheme

    • Availability
    • The Union Monthly Plus Recurring Deposit Scheme is available to all individuals, corporates, institutions, partnership firms, proprietorships, trusts, Hindu Undivided Families, etc.

    • Deposit Amount
    • While applying for this scheme, people have to first select a ‘Core Amount’ and deposit it in their recurring deposit account. They can deposit a minimum Core Amount of Rs.100 and a maximum Core Amount of Rs.1, 00, 000

    • Flexible Deposits
    • The Union Monthly Plus Recurring Deposit Scheme allows people to deposit different amounts every month through its two options - Step Up and Step Down.

      Through the Step Up option, depositors can increase their instalment amount every month by up to 10 times of their Core Amount. They can increase their deposit in any month and the bank allows them to deposit more than once during a month, provided that they do not exceed the maximum limit, which is 10 times of their Core Amount. The maximum amount that depositors can remit in a month including the step up is Rs.1, 00, 000.

      Union Bank of India allows their depositors to Step Down after they have used the first option to increase their deposit amount. The Step Down option lets depositors reduce their deposit amount in any month but it should not been below the Core Amount

    • Interest Rate
    • Union Bank of India offers very attractive interest rates on their Union Monthly Plus Recurring Deposit Scheme. The bank calculates this interest on the basis of daily product

    • Deposit Tenure
    • The deposit tenure for Union Monthly Plus ranges from 6 months to 60 months (in multiples of 1 month)

    • Premature Closure
    • Union Bank of India allows depositors of Union Monthly Plus Recurring Deposit Scheme to close their account before maturity. The bank does not charge any penalty in this case

    • Nomination Facility
    • Depositors of Union Monthly Plus Recurring Deposit Scheme can have a nominee

    • Loan Facility
    • People can take a loan of up to 75 percent of their deposit amount. They can avail the loan at 2 percent ODR

    • No Late Payment Penalty
    • If depositors of Union Monthly Plus Recurring Deposit Scheme are late in paying their monthly installments, then Union Bank of India will not charge them a penalty for the delay

    Rates of Interest for Union Monthly Plus Recurring Deposit Scheme

    Tenure Deposits Below Rs.1 Crore
    180 days 7.00
    181 days to less than a year 7.25
    1 year 7.50
    Above 1 year - 3 years 7.55
    Above 3 years - 5 years 7.50
    Above 5 years - 10 years 7.25

    Senior Citizens will receive 0.5 percent per annum additional interest on the normal rates.

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    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
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