Union Bank FD Scheme : If you are planning to invest your money in an FD (Fixed Deposit) scheme, this news could be very beneficial for you. Union Bank of India has recently launched a new 375-day FD scheme, offering attractive returns and additional benefits. Let’s take a closer look at how much interest Union Bank is offering on this new FD plan.
Union Bank FD Scheme: Launch of a 375-Day Fixed Deposit
In India, most people consider FD schemes as one of the safest investment options. Recently, after the Reserve Bank of India (RBI) reduced the repo rate, many banks have also lowered their FD interest rates. However, Union Bank of India is offering a strong return on its newly launched 375-day FD scheme.
The government-owned bank has introduced a new retail fixed deposit scheme called the Union Wellness Deposit Scheme. The unique feature of this FD is that it includes health insurance coverage along with attractive financial returns.
This scheme has been designed keeping both financial and health security in mind. It is available for a tenure of 375 days, and individuals aged 18 to 75 years can invest in it.
The minimum deposit amount under this scheme is ₹10 lakh, and the maximum limit is ₹3 crore. Investors can earn up to 6.75% interest on their deposits. Moreover, senior citizens receive an additional 0.50% interest, making their effective interest rate 7.25%.
Union Wellness Deposit Scheme: Loan Facility Also Available
Under the Union Wellness Deposit Scheme, investors can also avail loan and premature withdrawal facilities. The scheme includes a Super Top-Up Health Insurance Cover, which offers cashless hospitalization benefits.
In addition, investors receive lifestyle benefits through the RuPay Select Debit Card, such as exclusive discounts and offers in dining, shopping, and fitness categories. The health insurance coverage under this plan goes up to ₹5 lakh.
It is important to note that in the case of a joint account, only the primary account holder will receive the insurance coverage.
NRI Customers Not Eligible
This scheme is not available for NRI customers. It also does not come under small EPD schemes. The health insurance coverage offered under this plan is valid only once—meaning if you renew your FD, a new insurance policy will not be issued. The insurance remains valid only until the original maturity date, even if you extend your FD.
Therefore, it is mandatory to mention a nominee while opening the account, as the health insurance coverage is directly linked to the FD amount.
In summary, the Union Wellness Deposit Scheme by Union Bank is an excellent choice for individuals who wish to earn a good return while also enjoying health protection benefits. It offers a perfect blend of financial security and wellness coverage, making it a smart investment option for today’s investors.