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Personal   Accounts   Recurring Deposit   Union Monthly Plus
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Union Monthly Plus
FeaturesForms & Documents
A Novel User-friendly Recurring Deposit Scheme, with flexibility of Step Up and Step Down options, with monthly installment.
 
SALIENT FEATURES :-
  • The Scheme is available to Individuals / Institutions / Corporates / Proprietorship / Partnership / Trust / HUF et
  • The customer will have to select the "Core Amount", at the time of opening the account and deposit the same, initially
  • Minimum Core Amount is Rs.100/- & Maximum Rs.1,00,000/-
  • The period of deposit will be from 6 month to 60 months, in multiple of one month
  • Rate of interest on this scheme will be as per the Term Deposit rate applicable for the period
  • Interest will be calculated on daily product basis.
  • The Scheme offers flexibility of depositing monthly installment amount, by way of Step Up & Step Down options.
Step Up option :
  • Depositor can increase (Step Up) the monthly installment amount upto 10 times the Core Amount during any month. The installment can also be deposited one or more times during a month, subject to maximum ceiling of 10 times Core Amount.
    Example: Core Amount Rs.1,000/-
    Customer can deposit maximum upto Rs.10,000/- per month.
  • For accounts opened on or after 01.05.2009, maximum amount that can be remitted during a month including step up is limited to Rs.1,00,000 (Rupees One Lakh Only)
Step Down Option :
  • After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month/s, but the same should not be less than the Core amount
  • Premature closure is allowed
  • No penalty will be charged in case of premature closure
  • Similarly, no penalty will be levied on delayed installment
  • Nomination facility is available, like other Deposit Scheme
  • Loan facility is permitted upto 75 % of the deposit amount, at the time of availing loan, at 2 % ODR
 
UNION BANK OF INDIA RESERVES THE RIGHT TO CHANGE / ALTER / WITHDRAW TERMS AND CONDITIONS OF THE SCHEME
 

For Useful Information please click the links below 

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