UNION FLEXI-DEPOSIT

Now, with UBI’s Flexi Deposit Scheme you can just sit back and relax, while you enjoy the high returns of a Fixed Deposit in your regular Savings Account. To put it simply, have the best of both worlds! And, What’s more, you get the convenience of a free ATM Card.

SALIENT FEATURES

PURPOSE

This all-new Deposit Scheme has integrated features of the Savings Deposit and Fixed Deposit, namely liquidity with higher interest returns on surplus funds.

HOW DOES THE SCHEME WORK The depositor opens a Savings Bank Account with a minimum amount of Rs 10,000/- and will issue standing instructions to UBI to maintain a certain predetermined balance through out the tenure of the account and to transfer the surplus funds over and above the said limit to a Fixed Deposit Account in multiples of Rs 5,000/- with a minimum of Rs 5,000/- for a fixed maturity period. Whenever the outstanding balance in Savings Bank Account goes below the stipulated amount the gap will be bridged by transfer of required funds from depositor’s Fixed Deposit Account in multiples of Rs 1,000.

WHO CAN OPEN AN ACOUNT All individuals, singly or jointly who are eligible to open Savings A/C- this scheme is also open to Non-Resident Indians who are eligible to open an account as per or existing rules and regulations.

PERIOD OF DEPOSIT The Fixed period will vary between 46 days to 5 years.In case of NRI Deposit, minimum period will be one year.

AMOUNT OF DEPOSIT A minimum Rs 10,000/- as a Savings Bank Account. A Minimum of Rs 5,000/ - as a Term Deposit(Fixed Deposit), increased in multiples of Rs 5,000/-.

RATE OF INTEREST As applicable to Savings Bank Deposit and Fixed Deposit in force from time to time. Interest will be paid on a quarterly on the Fixed Deposit account.

STATEMENT OF ACCOUNT Statement of Account will be issued to the depositor wherein all the details of Fixed Deposits, Savings Account and interest credited will be recorded. No separate Deposit Receipt shall be issued by the Bank.

OTHER FEATURES Free credit card to depositors who maintains a minimum balance of Rs. 1.00 lac. In selected cities, a international debit card will be issued free of cost to all deposit holders under this scheme if requested for at the time of opening of the account. Roll over of deposit on maturity is permitted. A penalty of Rs 25/- p.m will be levied in case of non-maintenance of minimum balance in the Saving Account and / or in Fixed Deposit A/C is reduced below the minimum level of predetermined sum. Nomination facility is available. No loan / overdraft / lien will be sanctioned / permitted against FDR held under this Scheme.