Senior Citizens Scheme Union Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes. This additional rate component, applicable to domestic term deposits of one year and above is 0.50% over the normal rate. ELIGIBILITY Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest. DOCUMENTATION At the time of opening of a new deposit account, the senior citizen may produce any of the following documents as proof of age. 1) Senior School Leaving Certificate indicating date of birth. 2) LIC policy 3) Voters Identity Card 4) Pension Payment Order 5) Birth Certificate issued by the competent authority 6) Passport 7) Any other document acceptable to the bank VERIFICATION Once the age of a senior citizen is verified for accepting deposit under the special scheme for senior citizens, no further proof of age is required while accepting subsequent deposits or for renewal of deposit of the senior citizen. JOINT ACCOUNT Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. In such cases the name of the senior citizen is to be given as the first name in the application.
Union Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes.
This additional rate component, applicable to domestic term deposits of one year and above is 0.50% over the normal rate.
Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest.
At the time of opening of a new deposit account, the senior citizen may produce any of the following documents as proof of age.
Once the age of a senior citizen is verified for accepting deposit under the special scheme for senior citizens, no further proof of age is required while accepting subsequent deposits or for renewal of deposit of the senior citizen.
Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. In such cases the name of the senior citizen is to be given as the first name in the application.
