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Eligibility :
Union Bank of India has introduced non-callable term deposit scheme. The scheme is available to the deposits of Rs. 2 Crore and above (Single Deposits) only. The scheme will fetch higher rate of interest as compared to interest rate on the regular deposits of Rs.2 Crore and above.
Features :
Name of the Product
Union Non Callable Term Deposit (Domestic)
Amount of Deposits
Rs.2 crore & above
Type of Deposits
a. Deposit Reinvest Certificate b. Fixed Deposit Receipt c. Short Deposit Receipt
Scheme Codes in Finacle
TD047 – Union Non Callable FDR TD048 – Union Non Callable SDR TD049 – Union Non Callable DRIC
Tenor of Deposits
61 Days to 3 Yrs
Auto-Renewal
Not allowed
ROI
Decided by Bank
Premature Closure
Not allowed. In case of extra ordinary situations(listed below) premature closure allowed- 1- In case of death of depositor/First depositor in case of joint account. 2- In case of bankruptcy of depositor/s 3- In case of Government/Regulators order 4- In case of court order. In case for premature closure of deposits the ROI to be paid for the deposit has run.
Availability of Loan/Overdraft
Permitted as per existing rules of bank. The deposits may be accepted as security for fund based & non fund-based loans as per prevailing guidelines.
Customers are requested to contact nearest branch for further details.