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Union Bank Of India Deposits Resource Guide

Deposits are a very smart option to save money and use it later for big investments. Recurring deposits and fixed deposits are the deposits provided by UBI. Fixed deposit and recurring deposits are the financial instruments that are offered by the bank which provides a high rate of interest than the normal UBI Savings Account till the maturity date.

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Type of Union Bank Deposits And their Interest Rates

Recurring Deposits

Union Cumulative Recurring Scheme mainly aims at all range of customers. It allows investors to save money in easy monthly installments for a fixed period of time. To know the interest rates of different deposits call UBI Customer Care.

Salient features and benefits provided by UBI Recurring deposits:

  • One can start saving in a recurring account for as low as fifty rupees
  • A recurring account can be opened for a period of min. 6 months or for a maximum of 120 months with instalment paid every month for that period.
  • The monthly installment has to be done in accordance with the scheme chosen at the time of registration. Check RD of HDFC Bank and ICICI Bank.
  • The number of installment chosen by the investor at the start will not be altered. The investor can extend the time of term deposit, then he has to continue paying the monthly installment even after the remaining time and the maturity amount will be larger than the previous total amount. In the case of discontinuation of the monthly installment for a valid reason, the investor can convert the amount paid into fixed deposit for a period longer than the remaining time. This bank also provides offers on UBI Credit Cards and UBI Debit Cards for hassle free banking.
  • Every quarterly the interest of the maturity is calculated.
  • The maturity amount is given by the bank one month after the deposit of the last monthly instalment.
  • A pass book for the recurring deposit will be given to the investors.

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Fixed Deposits

All Individual are eligible to open a ‘monthly income scheme’ account in a single or joint name. In fixed deposit, unlike recurring deposit, the amount of maturity has to be paid all at once and the bank provides with a higher rate of interest than saving bank account. Check here fixed deposits of Axis Bank Deposits and YES Bank Deposits.

Features and benefits of Union Bank Of India Fixed Deposit:

  • The minimum amount for fixed deposit for Metro and urban branches are 10000 rupees and it is 5000 for rural and semi urban branches and for all the senior citizen of India.
  • Interest payment is done on the quarterly basis and if the interest payment date falls on holidays then the payment will be done the next working day.
  • The customers can nominate the fixed deposit.You can check your deposit status with UBI Net Banking.

Union Bank Deposits Interest Rates

Senior citizens are offered additional interest of 0.50% for deposits placed for 1 year and above period. UBI rate of interest differs depending upon the tenure of the deposit and as when the bank changes the rate of interest.

FAQ’s related to Union Bank Of India Deposits

  1. What is the minimum deposit amount required for opening a recurring cumulative deposit account?
View Answer
A minimum amount of rupee 50 is required to open a cumulative deposit account.

2. Is TDS applicable on cumulative deposits?

View Answer
No, TDS is not applicable on cumulative deposits.

3. Is TDS applicable on Fixed Deposits?

View Answer
As per income tax, the tax is deducted from the interest on fixed deposits.

4. Do senior citizen get any extra benefits on the fixed deposits?

View Answer
Yes, by getting some higher interest on the fixed deposits.

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