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Image Deposit Re-Investment Certificate(DRIC)

This is an ideal scheme for investing a lump sum amount where interest is compounded quarterly and paid along with the principal amount invested.

Features:

Scheme Code

DRIC(TD003)

Eligibility

Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Deposit Reinvestment Certificate" Account" in single/joint names.

Minimum Period

6 Months

Maximum Period

120 months

Minimum Deposit Amount

Rs.1000/- .

Maximum Deposit

No Limit

Rate of Interest

The rate of interest is payable on DRIC as per interest table available on the Bank’s website.

Interest payment Frequency

Interest will be calculated, compounded on quarterly rests and credited to the deposit account on half yearly interval. Interest accrued on the deposit will be paid along with principal at the time of maturity.

TDS

TDS will be deducted as per guidelines.

Loan Facility

Available

Nomination Facility

Available as per guidelines

Automatic Renewal

Deposit will be auto renewed for the same period at the applicable rate of interest on maturity in the absence of specific instruction.

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate and penalty if any.

Penalty on Premature Closure

In case of Pre-closure of retail term deposits (less than Rs.2.00 crores), which have run for 7 days or above, interest to be paid at 1.00% less than the applicable rate (as on the date of opening of deposit) for the period for which it has actually remained with the Bank or contracted rate, whichever is lower.

UNION BANK OF INDIA RESERVES THE RIGHT TO CHANGE / ALTER / WITHDRAW TERMS AND CONDITIONS OF THE SCHEME.


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