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Image MONEY FLEX TERM DEPOSIT (MFTD)

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:

  • by an individual in his/her own name;
  • by more than one individual 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;

  • in the name of a minor by a person interested in

the minor other than natural guardian;

  • in the name of clubs, societies, associations,

 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(d) In case of part withdrawal the interest on withdrawal amount is paid at the rate applicable for the period the withdrawn amount remained with the bank.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

Allowed

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.


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