Product Details
Bank Name
Union Bank of India
Eligibility
Money flex Deposit Account can be opened:
by an individual in his/her own name;
by more than one individual in their joint names
with suitable repayment instructions;
on behalf of a minor by his/her natural guardian
or by a guardian appointed by court;
in the name of a minor by a person interested in
the minor other than natural guardian;
in the name of clubs, societies, associations,
educational institutions, trusts, HUFs, firms, partnerships, joint stock companies, co-operatives, executors and administrators, Government
Departments etc.
Interest Rate
5 to 7.25% per annum.
Tenure
6 months to 120 months.
Fixed Deposit Type
Flexible
MONEY FLEX TERM DEPOSIT (MFTD)
Tax Benefits
None
Credit Ratings
ICRA Limited A1+
Interest Payment Frequency
Half-yearly. 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
Minimum deposit of 25,000.
The maximum deposit amount should be less than 2 crores.
Part withdrawal before maturity is permitted.
Premature closure of the deposit is allowed.
Minimum Investment Amount
25,000
Fees and Charges
Pros
Withdraw options without any penalty.
High liquidity.
Cons
No tax saving option.
Minimum deposit of 25,000 is needed.
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
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.