Why just save money when you can grow it simultaneously? Union Bank of India offers the best way to invest your income with compounding interest on a quarterly basis.

Don’t miss out on the best opportunity to make the most of your income for a financially independent tomorrow.

Having a fixed source of income significantly improves the quality of life. Now, you can plan towards financial independence with a smart investment, thanks to the Monthly Income Scheme.

You can start investing your idle funds today to secure a steady income for your future with a trust of Union Bank of India.

Union Monthly Plus is a novel recurring deposit scheme with easy step-up and step-down options. With its user-friendly investments, you can take more control of your money flow towards future savings, which makes it especially ideal for new investors.

Section 80C is a powerful tool to save yearly tax deposits. Now, our customers can avail a smart investment plan with assured tax savings.

Are you looking for a deposit scheme that allows you to save for a short time while offering better returns? Look no further than the Union Bank of India Short Deposit Receipt.

Now, you have one more reason for short term savings.

With Union Bank of India Fixed Deposit Receipt, protect your savings from fluctuating interest rates and enjoy a steady growth over time. With a Fixed Deposit Receipt, your idle amount can work as an extra source of income.

Get the best interest rate on your long-term savings with a specialised finance today.

Term Deposit Products are an excellent choice for those looking to maximize their savings through mid & long-term investments. With Term Deposits, individuals can invest their funds for a specified period and earn attractive interest rates, ensuring steady growth over time.

All of our products are designed for utmost security, stability, and guaranteed returns, making them an ideal option for those seeking a low-risk investment avenue. To embark on your saving journey, you can choose from a variety of Term Deposit options. By selecting the preferred period and deposit amount, you can kickstart your savings journey with confidence and work towards achieving your financial goals with guaranteed returns.

Getting a quarterly compound interest is the best way to make the most of your investments. With a Cumulative Deposit Scheme, get the right start to your investment journey with attractive returns and easy process.

Make your systematic tax planning even more flexible with the Easy Tax Saver Deposit Scheme. It’s a specialised account that allows investment in Tax Saver Fixed Deposits through monthly instalments (Standing Instruction/SIP), in lump sum, or as and when you have surplus funds for investing.

Start your tax saving journey today with an account with risk free, guaranteed returns on your investment with flexibility, over the entire financial year. So, why wait, start now! Approach our nearest branch today and open an Easy Tax Saver Deposit Account.

As per the Government of India and Ministry of Finance’s Capital Gains Account Scheme 1988, taxpayers can avail the benefit of exemption from Capital Gains, if the amount of Capital Gains or the net consideration is deposited in the public sector bank on or before the due date of filling a return of income by the taxpayers.

To sum it up, the Capital Gains Account serves as an excellent tool to save a considerable amount of money during tax payment.

Motor Accident Claim Annuity Deposit (MACAD) is a specialised scheme that allows investors to claim one-time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in annuities comprising a part of the principal amount as well as interest.

Union Bank of India has introduced a Non-callable Term Deposit Scheme. The scheme offers a higher rate of interest on deposits of ₹ 3 crore and above (Single Deposit) as compared to the interest rate on the regular deposit of ₹ 3 crore and above.

Joint deposit accounts in the name of two or more individuals require a mandate for disposal of the balance amount in the account on the date of maturity and/or on the death of one or more joint depositors.

These mandates are as follows.

• Either or Survivor: If the account is in the name of two individuals say, A & B, the final balance along with interest, if applicable, will be paid to either of the account holders i.e. A or B, on date of maturity or to the survivor on death of any one of the account holders.
• Anyone or Survivor: If the account is in the name of two or more individuals say, A, B & C, the final balance along with interest if applicable, will be paid to any of account holders i.e. A or B or C, on the date of maturity.
• On the death of any one of account holder say A, the final balance along with interest if applicable, will be paid to any two of the surviving account holders i.e. B or C. On the death of any two of the account holders say, A and B, the final balance along with interest if applicable, will be paid to the surviving account holder i.e. C.
• Former or Survivor: If the account is in the name of two individuals say, A & B, the final balance along with the interest, if applicable, will be paid to the former i.e. A on date of maturity and to the survivor on death of any one of the account holders.
• Latter or Survivor: If the account is in the name of two individuals say, A & B, the final balance along with interest, if applicable, will be paid to the latter i.e. B on the date of maturity and to the survivor on death of any one of the account holders.

• Nomination facility is available for bank deposits.
• There can be only one Nominee for a deposit account whether held singly or jointly.
• A resident can nominate NRI as Nominee, but the repatriation of the amount will be only after permission from RBI.
• A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
• Applicants can make nominations by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985.
• The nomination details can be changed during the subsistence of the account relationship by filling up the form, Prescribed under the Banking Companies (Nomination) Rules, 1985.
• For more details, approach your nearest branch

Union Bank offers an additional rate component (over and above the normal interest rate applicable) to Resident Senior Citizens & Super Senior Citizens on term deposit up to Rs. 5 crores in all of its domestic term deposit schemes.

For rate of interest of term deposits for Rs. 2 crore and above, please contact the nearest branch of our Bank.

This additional rate component applicable to domestic term deposits. For Senior Citizens, it is above 0.50% over the normal rate. For Super Senior Citizens applicable rate is 0.75% over the normal rate.

From 01.04.2020, Penalty is levied on premature closure of retail term deposits opened/renewed on or after 01.04.2020

Here are the details;

• In case of Pre-closure of retail term deposits (less than Rs.2.00 crore), 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, except for the following cases;
  • Flexi Term deposits
  • Bank induced closure of term deposits (eg. Invocation of Security Deposits)
  • Recurring Deposits/ Union Monthly Plus Scheme
  • Money Flex Term Deposit Scheme
• Penal Interest not to be charged for NRE & FCNR deposits. However, it shall be applicable for NRO deposits.