Union Bank FD Scheme : If you are planning to invest your money in a Fixed Deposit (FD) scheme, this news could be highly beneficial for you. Union Bank of India has recently launched a 375-day FD scheme, offering an impressive interest rate and additional benefits. Let’s take a detailed look at how much return you can earn under this scheme and what makes it special.
Union Bank FD Scheme: 375-Day “Union Wellness Deposit Scheme” Introduced
In India, Fixed Deposit schemes are considered one of the safest investment options. Recently, after the Reserve Bank of India (RBI) reduced the repo rate, most banks have lowered their FD interest rates. However, Union Bank of India is offering higher returns through its new 375-day Union Wellness Deposit Scheme.
This newly launched retail fixed deposit plan is designed to offer both financial security and health protection. The scheme is available to individuals between 18 and 75 years of age, combining the benefits of investment and health insurance.
Key Features of Union Wellness Deposit Scheme
- Tenure: 375 days
- Minimum Deposit: ₹10 lakh
- Maximum Deposit: ₹3 crore
- Interest Rate for General Citizens: Up to 6.75% per annum
- Interest Rate for Senior Citizens: Additional 0.50%, making it 7.25% per annum
- Eligibility: Available for Indian residents only (NRI customers are not eligible)
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Health Insurance Coverage: Up to ₹5 lakh included with the FD
Loan and Premature Withdrawal Facility
Union Bank’s 375-day FD scheme also provides loan and premature withdrawal facilities. This means that customers can apply for a loan against their fixed deposit or close it before maturity if required.
The scheme includes a Super Top-Up Health Insurance cover, which offers cashless hospitalization benefits. Additionally, investors get access to RuPay Select Debit Card privileges, including lifestyle benefits such as discounts on dining, shopping, and fitness services.
Health Insurance and Other Benefits
The Union Wellness Deposit Scheme offers a unique combination of investment and insurance. Along with earning interest on your deposit, you also receive health insurance coverage of up to ₹5 lakh.
However, if you open a joint account, the health insurance cover is available only to the primary account holder.
Also, note that the health insurance benefit is valid only once—you won’t receive a new cover upon renewal of the FD. The insurance remains valid only until the original maturity date of the deposit, even if you decide to extend your FD later.
Important Terms and Conditions
- NRI customers are not eligible to invest in this scheme.
- The insurance coverage is linked directly to the FD account.
- It is mandatory to provide a nominee name while opening the account.
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The insurance cover is non-renewable—valid only during the first deposit term.
Why Choose Union Bank’s 375-Day FD Scheme?
This FD plan is ideal for investors seeking assured returns along with health protection. With interest rates as high as 7.25% for senior citizens, it offers a great balance of safety, profitability, and additional health coverage benefits.
By investing in the Union Wellness Deposit Scheme, you are not only securing your money but also protecting your health through the integrated insurance cover.
Final Words
Union Bank of India’s 375-Day Union Wellness Deposit Scheme is a smart investment choice for individuals who want to combine financial growth with health security. With attractive interest rates, insurance benefits, and flexibility in withdrawal or loan options, this FD scheme stands out among other traditional deposits.
