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Image UNION MILLIONAIRE SCHEME

  • Scheme is designed keeping in view that individuals who aspires to become Millionaire, providing maturity amount of Rs.10,00,000/- (nearest amount) with pre-defined instalment of Recurring Deposit is envisaged under the Scheme .
  • A passbook will be provided to the depositor.

Features:

Number Heading Description
1 Scheme special Feature The UNION MILLIONAIRE RD scheme is devised to provide a minimum maturity value Rs.10,00,000 and above
2 Scheme Code
  • UMRDI - For Resident Individual
  • UMRDE- For NRE
  • UMRDN – For NRO
3 Eligibility Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Pardanashin Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies, NRI specifically permitted by the RBI eligible to open a "Union Millionaire" in single/joint name/s.
4 Minimum Period 6 Months
5 Maximum Period 120 months (in multiple of 1 month). The number of instalments once selected, cannot be altered
6 Minimum Monthly Instalment
  • Varies according to the periodical interest rates
  • (Read with Point 1)
7 Maximum Monthly Instalment No Limit (Read with Point 1)
8 Rate of Interest The rate of interest is payable on Cumulative Deposit Scheme as per interest table available on the Bank’s website. (Read with Point 1)
9 Interest payment Frequency Interest will be calculated, compounded on quarterly rests and credited to the deposit account on half yearly interval. Interest accrued on the deposit will be paid along with principal at the time of maturity or one month after the deposit of last instalment whichever is later.
10 Penalty for delayed instalment As per Extant Guidelines.
11 TDS TDS will be deducted as per guidelines
12 Loan Facility Available
13 Nomination Facility Available as per guidelines
14 Automatic Renewal Not allowed
15 Premature Closure Allowed. Interest will be paid for the run period at applicable rate and penalty if any. In case of premature closure within one month of the opening of the account, no interest will be paid.
16 Penalty on Premature Closure As per Extant Guidelines



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