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Image Union Green Deposit (UGD)

Features:

S.No

Topic

Description of New Product “Union Green Deposit”

1

Name of the product

Union Green Deposit

(Available only through U-Mobile App)

2

Eligibility

Any Resident Individual - Singly

3

Type of deposits

Scheme code:-

a.    TDUGH – Union Green Deposit DRIC

b.    TDUGQ – Union Green Deposit FDR

4

Amount of deposit

Minimum Deposit:Rs.50,000/-

Maximum Deposit: Rs.1,99,99,999/-

5

Period and ROI

1111 Days with ROI- Card rate +0.10%

                             (At present 5.40%+0.10 = 5.50%)

 

Additional interest rate:

for Senior citizens : 0.50%

For staff : 1.00%

For staff who is senior citizen : 1.50%

(in line with existing deposit policy)

6

Interest payment Frequency

a.    Union Green Deposit (DRIC) - Interest will be calculated, compounded on quarterly rests and credited to deposit account on half yearly interval. Interest accrued on the deposit will be paid along with principal at the time of maturity.

b.    Union Green Deposit (FDR) - Interest will be paid on quarterly basis as per the instruction of the customers.

7

Penalty for premature closure

Premature closure penalty will be 1%.

 

8

Nomination facility

Available as per guidelines

9

Automatic renewal

No auto renewal.

Maturity deposit amount will be credited to the linked account.

10

Penalty on Premature closure

a.    In case of pre-closure of Union Green Deposit, 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.

b.    If pre-closure is done before 7 Days no interest will be paid.

11

Other features

·        Participate in ESG (Environment, Social and Governance framework).

·        Deposits shall be utilized towards environmental friendly project/ products subject to availability of projects.

·        Promote digital transactions and save transaction stationery cost.

·        Enhanced brand image.

 

“Union Green Deposit” is a unique product for individual customers which can be opened through U-Mobile only.