Union Monthly Plus RD Scheme 2025

Union Monthly Plus is a novel recurring deposit scheme with easy step-up and step-down options. With its user-friendly investments, you can take more control of your money flow towards future savings, which makes it especially ideal for new investors.

Updated On - 05 Sep 2025
Check free credit score

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.

Free Credit Score

Features and Benefits of the Union Monthly Plus Recurring Deposit Scheme 2024

  1. Availability - The Union Monthly Plus Recurring Deposit Scheme is available to all individuals, corporates, institutions, partnership firms, proprietorships, trusts, Hindu Undivided Families, etc.
  2. Deposit Amount - While applying for this scheme, people have to first select a 'Core Amount' and deposit it in their recurring deposit account.
  3. They can deposit a minimum Core Amount of Rs.100 and a maximum Core Amount of Rs.1, 00, 000
  4. 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.
  1. 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.
  2. 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.
  3. The Step Down option lets depositors reduce their deposit amount in any month but it should not been below the Core Amount
  1. 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
  2. Deposit Tenure - The deposit tenure for Union Monthly Plus ranges from 6 months to 60 months (in multiples of 1 month)
  3. 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
  4. Nomination Facility - Depositors of Union Monthly Plus Recurring Deposit Scheme can have a nominee
  5. 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
  6. 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 2024

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

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

FAQs on Union Monthly Plus RD Scheme 2024

  • What is the minimum amount required to invest in the Union Monthly Plus RD scheme?

    The minimum amount required to invest in the Union Monthly Plus RD scheme is Rs.100. 

  • Can I avail myself of a loan facility against Union Monthly Plus RD scheme?

    Yes, you can avail yourself of a loan facility against Union Monthly Plus RD scheme. 

  • How much is the minimum period for Union Monthly Plus RD scheme?

    The minimum period for the Union Monthly Plus RD scheme is six months. 

  • Will I be charged a penalty for premature closure of the Union Monthly Plus RD scheme?

    No, you will not be charged a penalty for premature closure of the Union Monthly Plus RD scheme. 

  • Can I avail myself of a nomination facility against Union Monthly Plus RD scheme?

    Yes, you can avail yourself of a nomination facility against Union Monthly Plus RD scheme. 

  • When will the interest earned on the RD be credited to my account?

    The interest earned on the RD will be credited on a quarterly basis in your account. 

  • What is the maximum amount that can be invested in the Union Monthly Plus RD scheme?

    The maximum amount that can be invested in the Union Monthly Plus RD scheme is Rs.1,00,000. 

  • What is the maximum tenure for the Union Monthly Plus RD scheme?

    The maximum tenure for the Union Monthly Plus RD scheme is 60 months. 

  • Will I be charged a penalty for late deposit of the RD installment?

    No, you will not be charged a penalty for late deposit of the RD installment. 

  • Can I prematurely withdraw my Union Monthly Plus RD scheme?

    Yes, you are allowed to prematurely withdraw your Union Monthly Plus RD scheme. 

  • Does Union Bank of India allow changing nominees?

    Yes, Union Bank of India allows you to change nominees. 

  • Can I open the Union Monthly Plus RD account for a minor?

    Yes, you can open the Union Monthly Plus RD account for a minor under a parent or guardian.

Disclaimer
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.