Fixed Deposits at Union Bank fetch a high yield with attractive interest rates. The initial deposit requirement is as small as Rupees fifty thousand.
Deposit period ranges from seven days up to 60 months(1,3,6,9, 12, 24, 36, 48 & 60 months).
Interest payment either at maturity ( accumulated), weekly or monthly.
If weekly or monthly interest is paid the applicable interest rate, will be less than the rate of interest paid, at maturity.
Automatic rollover facility upon maturity for same period, with or without interest .
Premature withdrawals will be subject to a penal rate,depending on the period.
Accepted as security for credit facilities ( Overdrafts, Loans).
Withholding Tax at the rate of 10% is recoverable on the interest income. But for individual customers where a declaration in writing is submitted by them, to the effect that his/her assessable income does not exceeds Rs. 300,000/- for that year of assessment, then no WHT is recovered. Further, 2.5% tax is recoverable if the interest earned exceeds Rs. 300,000/- but is less than Rs. 600,000/-.
You could nominate any person /s, as beneficiary to your account balances, during the relationship for amounts of you choice
You could appoint any person of full contractual capacity to operate the account in your absence
Fastest Returns At Best Prime Rates For Ones Investment
A nother “First” from Union Bank, with an innovative interest payment concept, of weekly interest payments.
This is a unique investment product which will add great value to you, in terms of return on investment and also in terms of facilitating you to utilise the returns earned from your investment, on a weekly basis while holding on to the capital amount.
The key features of this product are;
Interest will accrue at prime rates of 8.90% p.a. (A.E.R. 9.30%) on 3 months Fixed Deposits. 9.75% p.a (A.E.R. 10.23%) on 6 months Fixed Deposits and 10.50% p.a. (A.E.R. 11.05% p.a.) on 12 months Fixed Deposits: on weekly basis.
Weekly interest will be paid, only on Rupee Fixed Deposits with tenures from 3 months to 12 months. Interest can not be accumulated weekly or at maturity to the principle amount.
Interest can be paid direct or credited to your Savings or Current Account, on a weekly basis at the agreed rate, until the maturity period of the relevant deposit; i.e., 3, 6, 12 months.
Accepted as security for credit facilities ( Overdrafts, Loans).
You could nominate any person /s, as beneficiary to your account balances, during the relationship for amounts of you choice
You could appoint any person of full contractual capacity to operate the account in your absence.
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