Product Details
Bank Name
Union Bank of India
Eligibility
All individuals and HUF having PAN are eligible to invest in
this product.
The single holder type of deposit shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family. The joint holder type of deposit receipt may be issued jointly to two adults or jointly to an adult and a minor and payable to either of the holders or to
the survivor, provided that in the case of joint holder type deposit, the deduction from income under Section 80C of the
Act shall be available only to the first holder of the deposit
Interest Rate
6.50% per annum.
Tenure
Each deposit created under this scheme will be for a period of 5 years
Fixed Deposit Type
Tax Saver with Recurring Deposit
Easy Tax Saver Deposit Scheme
Tax Benefits
Yes, tax exemption under Section 80C of the Income Tax Act, 1961.
Credit Ratings
ICRA Limited A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
This scheme gives you the flexibility to invest in Tax Saver Fixed Deposits through monthly instalments, in lump-sum, or when you have surplus funds for investing.
The account will be in continuous deposit format.
Minimum deposit of Rs.1,000.
Maximum deposit of Rs.1,50,000 in a financial year.
Lock-in period of 5 years for each deposit made under this scheme.
Minimum Investment Amount
1,000
Fees and Charges
Pros
Tax exemption under Section 80C of the Income Tax Act, 1961.
Flexible instalment options with tax saving options.
The minimum deposit amount is Rs 1,000 only.
Cons
Lock-in period of 5 years for every deposit.
Pros & Cons
Account Opening and Procedure
How to Open?
1. Visit a Union Bank of India Branch: Locate a branch near you and visit during their operating hours.
2. Gather Required Documents: Prepare the following documents:
Proof of Identity (Aadhaar card, passport, driving license, voter ID)
Proof of Address (Aadhaar card, passport, driving license, utility bill)
PAN card (Permanent Account Number)
Passport-sized photographs
3. Fill out the FD Application Form: Obtain an FD application form from the bank. Fill in the required details accurately, including:
Your personal information
Deposit amount
Interest payout frequency (monthly, quarterly, half-yearly, or annually)
Maturity period
Nomination details (optional)
4. Submit the Application and Documents: Hand over the completed application form and required documents to the bank official.
5. Make the Deposit: Pay the deposit amount in cash, cheque, or demand draft.
6. Receive the FD Receipt: Once the deposit is confirmed, you will receive an FD receipt as proof of your investment.
Application Procedure
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