Union Bank FD Scheme : If you are planning to invest your money in a Fixed Deposit (FD) scheme, then this news can be extremely beneficial for you. Union Bank of India has recently launched a 375-day Fixed Deposit scheme, which offers attractive returns. Let’s understand how much interest this FD scheme provides.
Union Bank Launches 375-Day FD Scheme
In India, most people consider Fixed Deposit schemes as one of the safest investment options. Recently, after the Reserve Bank of India (RBI) reduced the repo rate, many banks have also reduced their FD interest rates. However, Union Bank is offering higher returns on its 375-day FD scheme.
Union Bank of India, a government-owned bank, has introduced a new retail fixed deposit scheme called the Union Wellness Deposit Scheme. The most unique feature of this FD scheme is that it comes with a health insurance cover along with financial benefits.
Key Features of Union Wellness Deposit Scheme
This scheme has been designed keeping both financial security and health benefits in mind. It is a 375-day retail fixed deposit scheme, where individuals aged 18 years to 75 years can invest.
- Minimum Deposit Amount: ₹10 lakh
- Maximum Deposit Limit: ₹3 crore
- Interest Rate: Up to 6.75% for general investors
- Senior Citizens Benefit: Additional 0.50% interest, making it 7.25% for senior citizens
Loan Facility with the FD Scheme
The Union Wellness Deposit Scheme also provides customers with a loan facility. Investors can avail premature closure and loan against FD options. Another attractive feature of this FD scheme is the super top-up health insurance cover for 375 days, which also includes cashless hospitalization benefits.
Additionally, customers receive a RuPay Select Debit Card, which comes with lifestyle benefits such as discounts and offers on dining, shopping, and fitness. The scheme also includes a health insurance cover of up to ₹5 lakh. However, if you open a joint account, only the primary account holder will receive the health insurance cover.
Exclusion for NRIs
It is important to note that Non-Resident Indians (NRIs) are not eligible to open an account under this scheme. Also, it does not fall under certain small FD schemes. The health insurance cover is provided only once and will not be renewed automatically when the FD is renewed. The insurance remains valid only till the original maturity date of the FD. Hence, providing a nominee name while opening the account is mandatory, as the health insurance is linked with the FD amount.
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