IN THIS ARTICLE
United Bank of India provides a wide variety of deposit schemes to its customers. Various deposits of the United Bank of India are United Tax saving Growth, United Tax Saving Income, United Bonanza Savings, Fixed Deposits, Reinvestment Plans, United Bonanza Current Deposit, Recurring Deposit, United Flexi Deposit, Capital Gains Accounts, Savings Bank Account, United Children Savings Account, United Basic SB account, United Current Deposit Account, United Gold Current Deposit and Gold Monetization Scheme.
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As from the above, we can see that there is a wide range of deposits from where the United Bank of India customer can choose. We will discuss the details of few of the popular deposits below:
United Tax Savings Growth Plan
- In such deposit scheme, the customer can invest a minimum of rupee 100 or any amount in multiples of rupee 100 up to a maximum of 1 lakh fifty thousand for a financial year.
- Under the section of 80C of income tax, 1961 the amount invested is eligible for deduction.
- The individual should be singly or jointly can have an account.
- In case the minor is an IT assess with PAN, that minor can singly open a deposit in his name which can be operated by the minor or by the guardian as per the norms of the bank’s branch.
- Deposits in the joint name can be issued to two persons or jointly in the name of a minor and an individual.
- In case of the deposit in name of two individuals, the facility of deduction is available only to the first depositor under the Section 80C of the income tax.
Tenure for the deposit is for a fixed period of not less than 5 years and with a default lock-in fixed period of 5 years. UBI also provide offers on UBI Debit Cards and United Bank of India Credit Cards to their valuable customers.
United Bonanza Savings Scheme
United Bonanza Saving Scheme combines the maximum limit of the savings account and the interest of the Fixed Deposit account. Under this scheme, the customer or the depositor needs to open a savings bank account in United Bank of India which has a built-in system of transferring amount over a specified limit to Fixed Deposit Account in an automated way for a specified period and earn the interest at the term deposit rate.
All the individuals who are eligible to open a Saving Bank Account in United Bank of India are eligible to open United Bonanza Savings Account. United Bonanza Saving account can be open singly or jointly with another individual. A senior citizen can also open a United Bonanza Saving Scheme.
Minimum Balance required to open and continue a United Bonanza Saving Scheme is rupee 10000.
Automatic Transfer of Fund to Fixed Deposit:
When an individual opts for United Bonanza Saving Scheme, the amount in excess of rupee 10000 in the saving banks account automatically get converted into a fixed deposit in the multiples of 1000 rupee.
Period of Fixed Deposit:
United Bonanza Saving Scheme is for the period ranging from six months to 1 year as is specified by the account holder at the time of opening of the account. However by default, it is six months. If you have any doubts regarding this deposit then you can contact United Bank of India Customer Care with out visiting the bank personally.
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Procedure for Reverse Sweep:
If at some point of time, the amount in the saving bank account goes below the minimum balance amount of 10000 rupees then amount from the United Bonanza account in multiple of 1000 is transferred to the saving bank account. ATM cum United Bank of India Debit Card is provided to the customer which can be used at any of the ATMs for cash withdrawal from the deposit account. Such scheme allows the customer to earn interest uninterrupted on the remaining amount in the United Bonanza Scheme.
- The customer is provided a free chequebook.
- One DD or PO can be made available free of cost per month of amount up to rupee 5000.
- Free ATM card for a tenure of 1 year.
- Free of cost transfer of the FD under the United Bonanza Saving Scheme.
FAQ’s Related to United Bank of India Deposits
- For united tax saving growth plan, when will the customer receive the interest?
- What the options available in the simple fixed deposit of the United Bank of India?