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The Money Flex Deposit scheme is designed to offer the depositor higher return on the deposits as in any other term deposit scheme and at the same time provide the facility to withdraw a part of the deposit at any time before maturity without the necessity of prematurely closing the deposit account.
Features:
Scheme Code
MFTDF- Money Flex Term Deposit FDR
MFTDD- Money Flex Term Deposit DRIC
Eligibility
Money flex Deposit Account can be opened:
with suitable repayment instructions;
or by a guardian appointed by court;
the minor other than natural guardian;
educational institutions, trusts, HUFs, firms, partnerships, joint stock companies, co-operatives, executors and administrators, Government Departments etc.
Type of Deposit
Option to open in FDR or DRIC scheme as per the choice of the customer
Minimum Period
6 months
Maximum Period
10 years
Minimum Deposit Amount
Rs. 25,000/-
Maximum Deposit Amount
Less than 2.00 crores
Scheme Feature
(a) Minimum Deposit under the scheme is Rs 25000/- and in multiples of Rs 1000/- thereafter. (b) No receipt will be provided to the customer. Only statement of Account/passbook will be given. (c) Part withdrawal before maturity is permitted. (d) In case of part withdrawal the interest on withdrawal amount is paid at the rate applicable for the period the withdrawn amount remained with the bank. (e) Written request from the depositor for part withdrawal to be obtained.
Rate of Interest
As per interest rate circular depending on the tenor
Interest payment Frequency
As per the Deposit Scheme ( FDR, DRC) in which the deposit is opened.
Loan Facility
Not Available
Nomination facility
Available as per guidelines
Automatic Renewal
Allowed
Premature Closure
Penalty on Premature Closure
No Penalty at present
Passbook/Statement
No receipt will be provided to the customer. Only statement of Account & Passbook will be given.
UNION BANK OF INDIA RESERVES THE RIGHT TO CHANGE / ALTER / WITHDRAW TERMS AND CONDITIONS OF THE SCHEME.