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.
Copyrights if any, are with the
original Copyrights owners only.
