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Personal
UNION MILLONAIRE SCHEME
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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