This is an ideal scheme for investing a lump sum amount where interest is compounded quarterly and paid along with the principal amount invested.
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Deposit Reinvestment Certificate" Account" in single/joint names.
Minimum Deposit Amount
Rate of Interest
The rate of interest is payable on DRIC as per interest table available on the Bank’s website.
Interest payment Frequency
Interest will be calculated, compounded on quarterly rests and credited to the deposit account on half yearly interval. Interest accrued on the deposit will be paid along with principal at the time of maturity.
TDS will be deducted as per guidelines.
Available as per guidelines
Deposit will be auto renewed for the same period at the applicable rate of interest on maturity in the absence of specific instruction.
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.
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