| What are the features of Union Bank's UNION MILLION DEPOSIT Scheme? |
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| The features of Union Bank's UNION MILLION DEPOSIT are: |
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- High rates of interest quarterly compounding and option for re-investment.
- Avail loan against your UNION MILLION DEPOSIT Deposit.
- Minimum Period is 10 Years.
- Nomination facility.
- Transfer to UNION MILLION DEPOSIT by giving standing instruction in your Savings Bank account.
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| What is the tenure for which I can open a UNION MILLION DEPOSIT account? |
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| Deposits can be opened for 120 months. |
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| Can maturity value be less than One Million? |
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| Yes, in order to meet customer requests we are accepting for proportionately smaller maturity values also. However where Life Insurance cover is to be availed, only a small range of maturity values is accepted. |
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| Is TDS applicable on UNION MILLION DEPOSIT Deposits? |
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| TDS is not applicable if the deposit is in cumulative format. |
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| How do I approach to open a UNION MILLION DEPOSIT Deposit? |
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| You can approach us in any of the following ways |
- Apply Online
- Call us at our 24X 7 Call Centre
- You can just walk into the nearest branch
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| Do Senior citizens get any extra benefit on UNION MILLION DEPOSIT Deposits? |
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| Senior citizens are offered additional interest of 0.50 % for deposits placed for 1 year and above. |
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| Can I redeem my UNION MILLION DEPOSIT before the original term? |
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In the event of the UNION MILLION DEPOSIT being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank with premature closure penalty.
However if Insurance cover has been availed then premature closure is not permitted. |
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| What are the nomination facilities available on UNION MILLION DEPOSIT Deposits? |
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| Nomination facility is available for relationships in the names of individuals. |
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| Can I change the nominee(s) for my UNION MILLION DEPOSIT Deposit? |
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| You change the nominee(s) during the currency of the accounts with the Bank, by making a declaration effect in the appropriate form, which is available with any Union Bank Branch. |
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| Can NRO deposits be opened under this scheme? |
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| Yes, Non Resident Ordinary accounts can be opened, using domestic funds |
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| Is Loan available against this deposit? |
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| Yes, loan against deposit is available at 1% over the deposit rate. |
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| Are Joint accounts covered by insurance? |
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| Yes, but only the principal account holder is covered. |
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| If the Recurring Deposit installments are not up to date, what will be the amount of insurance payable? |
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| In case the monthly payments are not up to date, that will be taken into account to reduce the insurance payment amount. |
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