|
|
|
|
|
|
|
|
|
|
 | | Link to: Gift Cards |
|
|
|
|
| Cumulative Deposit Scheme |
|
| Features | | | | Forms & Documents | | | | FAQs | | |
|
|
|
|
|
|
 |
| Union Cumulative Deposit Scheme is mainly aimed at lower / lower middle / middle / upper middle and salaried sector. It mainly encourages small investors to save in easy monthly installments over a fixed period of time. |
| |
| ELIGIBILITY:- |
| Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Cumulative Account" in single/joint name/s. |
| |
| SALIENT FEATURES :- |
- Monthly installments can be for any amount starting from as low as Rs.50/- onwards
- An account can be opened for any period ranging from 6 months to 120 months, in intervals of 3 months
- The installment amount selected at the start of the scheme will be payable every month
- The number of installments once selected, cannot be altered. (A cumulative deposit can be converted into a Term Deposit before maturity, provided that the term deposit is for a period larger than the remaining period of cumulative deposit account and arrears, if any, of the monthly instalments together with the penalty for the delay, are paid by the depositor. ) However, in the unlikely case of the monthly installment being discontinued for a valid reason, the account holder can convert the amount of installments already paid, into Fixed or Reinvestment Deposit for a period longer than the remaining period of the Cumulative account. For the period the cumulative account has run, compound interest at the applicable rate is payable
- Interest at the permissible rate is compounded every quarter
- The maturity amount will be paid one month after the deposit of the last installment (latest table giving maturity values available with the branch)
- A pass book will be provided to the depositor
- Cumulative Deposit accounts are exempted from TDS
|
| For Useful Information please click the links below : |
|
|
| | |
| For the Customers having any existing Account with Union Bank |
For the New Customers not having any Account with Union Bank |
- Application Form
- 2 Photographs
|
- Application Form
- Proof of identity (any of the following )
- Passport
- PAN Card
- Employee identity card
- Any other valid proof
- Proof of address (any of the following)
- Electricity bill ( should not be older than three months)
- Telephone bill ( months)
- Ration card
- Any other valid proof
- 2 Photographs
|
|
| |
| APPLICATION FORM |
- To download the application form, please click here.
|
| |
| | |
| What are the features of a Union Bank Cumulative Deposit? |
| The features of a Union Bank Cumulative Deposit are: |
- High rates of interest, identical to the fixed deposit rates
- Avail loan against your Cumulative Deposit
- Non-applicability of Tax Deduction at Source (TDS)
- Minimum balance of Rs. 50 per month; deposits thereafter in multiples of Rs.5
- Minimum deposit period is 6 months, and thereafter in multiples of 3 months
- Nomination facility
- Transfer to Cumulative Deposit by giving standing instruction in your Saving Bank account
|
| What is the minimum deposit amount required for opening a Cumulative Deposit account? |
| You can open a Cumulative Deposit account for a minimum deposit of Rs.50/- per month. |
| What is the multiple in which I can open a Cumulative Deposit account? |
| You can open a Cumulative Deposit account for a minimum deposit of Rs.50/- and thereafter in multiples of Rs.5/- |
| What is the range of tenure for which I can open a Cumulative Deposit account? |
| You can open a Cumulative Deposit for a minimum period of 6 months, and thereafter in multiples of 3 months upto a maximum period of 10 years. |
| Is TDS applicable on Cumulative Deposits? |
| No, TDS is not applicable on Cumulative Deposits. |
| How do I approach to open a Cumulative Deposit? |
| You can approach us in any of the following ways |
- Apply online.
- Call us at our 24x7 Call Centre
- You can just walk into any of our branches.
|
| Will I get a receipt for my Cumulative Deposit? |
| No, you will not get a receipt of your Cumulative, instead a passbook will be issued to you which will contain a record of all the transactions. Passbook should be get updated after depositing the installment. |
| Do Senior citizens get any extra benefit on Cumulative Deposits? |
|
Senior citizens are offered additional interest of 0.50 % for deposits placed for 1 year and above period.
|
| Can I redeem my Cumulative Deposit before the original term? |
| In the event of the Cumulative 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. In case of premature withdrawal the deposit may be subject to a penal rate of interest as prescribed by the Bank on the date of deposit. |
| What are the nomination facilities available on Cumulative Deposits? |
| Nomination facility is available for relationships in the names of individuals. |
| Can I change the nominee(s) for my Cumulative Deposit? |
| You change the nominee(s) during the currency of the accounts with the Bank, by making a declaration to the effect in the appropriate form, which is available with any Union Bank branch. |
| |
| | |
|
|
|
|
|
| Product Testimonial |
|
|
|
|
| Quick Links |
|
|
|
|
 | | Link To: Union Gold Coins |
|
|
Untitled Page
|