Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Monthly Income Scheme

Image Monthly Income Scheme(MIS)

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)

  • Interest is paid/credited to the Savings/Current/Cumulative account of the depositor during the last week of every month. First such interest will be paid in the month, following the month in which the deposit is kept.

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.


union

union