user friendly Monthly Plus Recurring deposit scheme

A Novel User-friendly Recurring Deposit Scheme, with flexibility of Step Up and Step Down options, with monthly installment. by Union Bank of India

SALIENT FEATURES :-

The Scheme is available to Individuals / Institutions / Corporates / Proprietorship / Partnership / Trust / HUF et 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 the 10th & last day of the month and will be credited quarterly The Scheme offers flexibility of depositing monthly installment amount, by way of Step Up & Step Down options.

Step Up option :

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.1,000/- Customer can deposit maximum upto Rs.10,000/- per month. For accounts opened on or after 01.05.2009, maximum amount that can be remitted during a month including step up is limited to Rs.1,00,000 (Rupees One Lakh Only)

Step Down Option :

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 installment 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

UNION BANK OF INDIA RESERVES THE RIGHT TO CHANGE / ALTER / WITHDRAW TERMS AND CONDITIONS OF THE SCHEME