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
- Deposit Amount
- Flexible Deposits
- Interest Rate
- Deposit Tenure
- Premature Closure
- Nomination Facility
- Loan Facility
- No Late Payment Penalty
The Union Monthly Plus Recurring Deposit Scheme is available to all individuals, corporates, institutions, partnership firms, proprietorships, trusts, Hindu Undivided Families, etc.
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
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
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
The deposit tenure for Union Monthly Plus ranges from 6 months to 60 months (in multiples of 1 month)
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
Depositors of Union Monthly Plus Recurring Deposit Scheme can have a nominee
People can take a loan of up to 75 percent of their deposit amount. They can avail the loan at 2 percent ODR
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|
|181 days to less than a year||7.25|
|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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