UNION BANK of India launched new deposit scheme ‘Union Double Plus’ in the City on Wednesday. Talking to media persons, Union Bank of India Assistant General Manager S K Siddhanti said the scheme is more customer-friendly.
About the scheme, he said that the bank has raised the interested rates under the scheme to 8.32 per cent with value addition of insurance cover.
Under the scheme, the depositor will be able to double his money in 101 months and reap the benefit of higher annualized return of 11.88%.
Siddhanti claimed that the interest rate at 8.32% at present is highest in the slab of 7 years. Under the insurance cover, the premium payable is upfront and it is optional. “The unique feature of the scheme if the wealth grows along with life cover,” said Siddhanti.
The cover is to the extent of the residual interest payable from the date claim arises till maturity period with cap of Rs 5 lakh.
The cover is without any medical examination for individuals up to the age of 45 years provided the sum insured is up to Rs 5 lakh.
The cover is available for persons in the age group of 18 to 55 years. The scheme also provides liquidity in as much as loan facility to the depositor is available.
The minimum amount of the deposit is Rs 1,000 and there is no ceiling on maximum amount. The scheme will be closed on March 31.