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Image Union Non Callable Term Deposits Scheme

Eligibility :

Union Bank of India has introduced non-callable term deposit scheme. The scheme is available to the deposits of Rs. 2 Crore and above (Single Deposits) only. The scheme will fetch higher rate of interest as compared to interest rate on the regular deposits of Rs.2 Crore and above.

Features :

Name of the Product

Union Non Callable Term Deposit (Domestic)

Amount of Deposits

Rs.2 crore & above

Type of Deposits

a. Deposit Reinvest Certificate
b. Fixed Deposit Receipt 
c. Short Deposit Receipt

Scheme Codes in Finacle

TD047 – Union Non Callable FDR
TD048 – Union Non Callable SDR
TD049 – Union Non Callable DRIC

Tenor of Deposits

61 Days to 3 Yrs

Auto-Renewal

Not allowed

ROI

Decided by Bank

Premature Closure

Not allowed.
In case of extra ordinary situations(listed below) premature closure allowed-
1- In case of death of depositor/First depositor in case of joint account.
2- In case of bankruptcy of depositor/s
3- In case of Government/Regulators order
4- In case of court order.
In case for premature closure of deposits the ROI to be paid for the deposit has run.

Availability of Loan/Overdraft

Permitted as per existing rules of bank. The deposits may be accepted as security for fund based & non fund-based loans as per prevailing guidelines.

Customers are requested to contact nearest branch for further details.