Kudos to Union Bank of India for the unique Recurring Deposit Scheme

        Union Bank of India recently unveiled the ‘UNION MILLIONAIRE SCHEME’

         The aim of the scheme is very simple – to make the deposit holders via pre-defined Recurring Deposits Instalments ‘Millionaires’.

         Million means 10,00,000/-

         So, the ‘UNION MILLIONAIRE SCHEME’  is designed for individuals who aspire to become Millionaire, by providing maturity amount of Rs.10,00,000/- (nearest amount) with pre-defined instalment of Recurring Deposit.

A passbook will be provided to the depositor.

         Scheme’s Awesome  Feature : The UNION MILLIONAIRE RD scheme is devised to provide a minimum maturity value Rs.10,00,000 and above.  

         The 4 Benefits of ‘UNION MILLIONAIRE SCHEME’

Benefit 01) Opportunity for account holders to choose from 1 year to 10 years plan

Benefit 02) Opportunity for Union Bank of India to source new customers

Benefit 03) Opportunity for Union Bank of India ‘UNION MILLIONAIRE SCHEME’ to benefit from locked interest rate for the whole duration of their chosen period.

Benefit 04) Opportunity for Union Bank of India account holders to benefit from the power of compounding.

 

Why Kudos to Union Bank of India

Kudo 01) Unique campaign to attract deposits, without many changes in their Core Banking Solution.

Kudo 02) Opportunity  for Union Bank of India to acquire long term customers at minimal acquiring cost.

Kudo 03) One of its kind scheme, which may motivate its peers to offer to their customers.

Kudo 04) Minimal effort, maximum benefits!!

 

Read more about  - UNION MILLIONAIRE SCHEME @ https://tinyurl.com/59sp6t7w

Read more about Union Bank of India @ https://www.unionbankofindia.co.in/english/home.aspx

Brief introduction of meaning of Recurring Deposits Account

 

**Definition:** - A bank or post office account where a fixed amount is deposited monthly for a predefined period (1-5 years). - Ideal for individuals aiming to accumulate a lump sum through regular savings.

 

**How it Works:** - Similar to Fixed Deposits, but with monthly deposits instead of a lump sum. - Interest is calculated quarterly on a compounded basis.

 

**Opening an RD Account:** - Visit a financial institution and complete the application. - Submit required documents (e.g., PAN card, proof of residence). - Deposit the first month's payment.

**Key Features:** - Minimum term of 6 months, multiples of 3 months, up to 10 years. - Interest rates comparable to Fixed Deposits. - Additional 0.5% interest for senior citizens – This can change from time to time. - Grace period of up to 5 days for missed deposits (at some institutions).

 

**Early Withdrawal:** - Possible but may result in loss of accrued interest.

**Advantages:** - Fixed monthly investment. - Fixed duration and interest rate.

**Disadvantages:** - Limited withdrawal flexibility. - Fixed monthly contribution amount. - Comparatively lower interest rates than some other investment options.

As a Safe ePayments Motivator, I am excited with the opportunity this present to new banking sector customers.

 

Disclaimer: My close relative is associated with Union Bank of India. The bottom line is Spreading the Joy of Safe ePayments. Nothing More -  Nothing Less.

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