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Suitable for investors who want to earn a regular fixed income with guaranteed returns at a certain rate of interest every month.
Features:
Scheme Code
TD006
Eligibility
By an individual in his/her own name. By more than one individuals in their joint names with suitable repayment instructions. On behalf of a minor by his/her natural guardian or by a guardian appointed by court.
Minimum Period
12 Months
Maximum Period
120 months
Minimum Deposit
Rs.1000/- and in multiples of Rs.100/- thereof.
Maximum Deposit
No Limit
Rate of Interest
The rate of interest is payable on MIS as per interest table available on the Bank’s website.
Interest payment Frequency
Interest will be paid on monthly basis at the discounted value of the contracted rate. (Please check with the branch nearest to you for the latest table on monthly income slabs)
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.