Union Bank of India now offers a Flexible RD scheme with the following features

The Scheme is available to Individuals / Institutions / Corporates / Proprietorship / Partnership / Trust / HUF etc.
The customer will have to select the “Core Amount”, at the time of opening the account and deposit the same, initially.
Minimum Core Amount is Rs.100/- & Maximum Rs.1,00,000/-.
The period of deposit will be from 6 month to 60 months, in multiple of one month.
Rate of interest on this scheme will be as per the Term Deposit rate applicable for the period.

Interest will be calculated on monthly product basis, for the minimum balance between the10th & last day of the month and will be credited quarterly.

The Scheme offers flexibility of depositing monthly instalment amount, by way of Step Up & Step Down options.
Depositor can increase (Step up) the monthly installment amount upto 10 times the Core Amount during any month. The installment can also be deposited one or more times, during a month subject to maximum ceiling of 10 times Core Amount.
Example: Core Amount Rs.1000/- Customer can deposit maximum upto Rs.10000/- per month.
After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month/s, but the same should not be less than the Core amount.

Premature closure is allowed.

No penalty will be charged in case of premature closure.

Similarly, no penalty will be levied on delayed instalment.

Nomination facility is available, like other Deposit Scheme.

Loan facility is permitted upto 75 % of the deposit amount, at the time of availing loan, at 2 % ODR.
For more information, Please Click here.


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