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All-India Toll Free number1800 22 22 441800 208 2244 All-India Toll Free number for PMJDY Scheme1800 22 22 43
Dedicated Number for NRI+918025302510  
 
 
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Cumulative Deposit Scheme
FeaturesForms & DocumentsFAQs
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 multiple of 1 month
  • 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
  • As per the latest changes in the Income Tax Act, TDS will be applicable on the interest on cumulative deposits also
For Useful Information please click the links below  :
I am a contractor and maintain Current Account with your Branch since the Branch was opened.
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