- Union Bank of India Tax Saver Deposit
- Union Bank of India Capital Gains Exemption Deposit Scheme
- Union Bank of India Easy Tax Saver Deposit Scheme
1. Short Deposit Receipt
The description of short deposits is as follows:
- A fixed deposit scheme that earns high returns on your investment for a short tenure of less than one year.
- The minimum tenure of a short deposit is 7 days, while the deposit scheme can be held for a maximum of 179 days.
- Offers nomination facility.
- The deposited money is accepted as a security amount by the government department.
- The minimum deposit amount for a tenure of 7 days to 14 days is Rs. 5,00,000.
2. Union Bank of India Fixed Deposit Receipt
In this scheme, you can deposit money for a minimum of 7 days to a maximum of 10 years. The interest payable is subjected to the Tax Deducted at Source (TDS).
The minimum amount to be deposited in this scheme is Rs. 10,000 for urban branches, whereas Rs. 5,000 for rural and semi-urban branches.
The interest is calculated every quarter. The interest applicable varies based on the tenure and if any changes in the Union Bank FD rates are applicable.
The Union Bank of India FD rate for senior citizens is an additional 0.50% for deposits above 1 year.
The bank provides an auto-renewal facility under this scheme, and the deposits will be renewed for the same tenure at the applicable Union Bank FD rates.
The facility of premature closure is also allowed, and the interest is paid for the running period at applicable Union Bank of India FD rates. The penalty is levied, if any.
3. Union Bank of India Monthly Income Scheme
An FD monthly income scheme is available for all Indian residents. You can open both single and joint accounts.
You can invest in this scheme to earn monthly interest on fixed deposits ranging from 1 to 10 years. The interest will be credited or paid to your current / savings / cumulative account at the end of every month. The scheme offers an additional interest of 0.5% to Senior Citizens.
4. Union Bank of India Deposit Reinvestment Certificate
The Deposit Reinvestment Certificate is another type of FD account that gives you cumulative returns on your deposits. Have a look at some of the features of this scheme -
- The minimum and maximum deposit tenures are 6 months and 10 years.
- The minimum amount of deposit for metro and urban branches is Rs. 500
- The minimum amount of deposit for semi-urban and rural areas is Rs. 100
- A nomination facility is available
- Additional 0.50% Union Bank FD rates for senior citizens if the tenure of the deposit is more than 1 year and the amount is lesser than Rs 1 Crore. For amounts above Rs.1 Crore, contact the nearest Union Bank of India branch directly.
5. Union Bank of India Tax Saver Deposit
All the individuals and HUFs (Hindu undivided families) are eligible to buy this scheme. It is mandatory to have a PAN card to invest in this scheme.
The policy is not open to corporates, firms, trusts, companies, societies, institutions, and clubs.
Types of Deposits- This term deposit is available in the single holder and joint holder options. An individual can issue a single holder scheme either for himself or as the Karta of the HUF.
Two adults can buy the joint holder type of deposits. An adult and a minor can also invest in this scheme, and the maturity amount will be paid to either one of the survivors or the deposit holders.
However, tax benefits under section 80C will be available only to the first holder in a joint holder scheme.
The minimum amount required to issue a term deposit scheme is 5,000 rupees and a maximum of 1 lakh 50 thousand rupees yearly.
The minimum tenure for term deposits is 5 years, and the maximum is 10 years.
6. Union Bank of India Easy Tax Saver Deposit Scheme
It is a tax saver Fixed Deposit Scheme, wherein you have the flexibility to deposit the money either in a lump sum, through monthly installments (SIP), or by utilizing your surplus fund over time in a Financial Year.
Easy Tax Saver Deposit Scheme offers guaranteed returns on your investments in a risk-free manner during a financial year.
The idea is to help you systematically save taxes. You can invest small amounts during an FY and earn tax benefits under Section 80C on the amount deposited. You can invest up to Rs. 1,50,000 for infractions during a fiscal year.