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.

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

Union Bank of India to join National Electronic Toll Collection (NETC)

          Union Bank of India has finally decided to join the National Electronic Toll Collection (NETC) bandwagon.  

Union Bank of India’s Head-Digital Banking has floated a REQUEST FOR PROPOSAL (RFP) for  ‘Selection of Vendor for Implementation of National Electronic Toll Collection (NETC) -Acquiring on OPEX Model’, in September 2018

          Union Bank of India, a Public Sector Bank has its Head Office at 239, Vidhan Bhavan Marg, Union Bank Bhavan, Nariman Point, Mumbai – 400021,and it’s its Digital Banking Department is in the same building on the  7th Floor.

Union Bank of India has a physical presence through its 4200+ branches spread across the country.

Bank has implemented a Core Banking Solution covering all its branches and also extends services to its customers via number of delivery channels like ATM, e-banking, Mobile banking, IMPS , POS, Debit/Credit Cards, Unified Payment Interface (UPI) , Union Selfie &Mpassbook, Ucontrol App for credit cards, Payment Gateway & Access control server solution, Bhim Aadhar, Bharat QR etc.

Now, seeing the potential of NETC, Union Bank of India too has decided to join the same.

Let us wait and see the benefits of NETC to Union Bank of India

Union Bank of India launches “UNION TRADE-GST”

         Indian Banks as predicted have started to launch credit products around GST Returns.

        A few weeks back, Union Bank of India which has its Head Office in Mumbai unveiled “UNION TRADE-GST”

        In layman terms, “UNION TRADE-GST” is a working capital finance scheme aimed at SME entrepreneurs, both traders as well as manufacturers.

        Union Bank of India is the first Bank in India to launch a Credit Scheme based on GST Returns.

       

        Under “UNION TRADE-GST”,  working capital limit upto 30% of the turnover as per GST returns will be provided without insisting on assessment on other financial returns.

        Isn’t it simple n short? SMEs need not submit any other financial returns. Just file the GST Returns and be eligible for Bank Finance of upto  30%  under “UNION TRADE-GST”.

        This also reduces the manual intervention both at customer end as well as bank end.

The launch of this scheme will help the Bank to have synergy with the GST regime.

The large numbers of SME entrepreneurs have been included under the ambit of formal trade with implementation of GST. These SMEs are facing working capital crunch as in absence of proper past financials returns, they are unable to access the Bank’s credit.

The working capital assessment is based on the sales turnover, as indicated in balance sheet. Beside this, existing entrepreneurs under banking ambit are also facing credit crunch, as in GST regime the SMEs are entitled for input credit claim which is stretching their operating cycle.

Generally Banks are providing 20% of the sales turnover as working capital limit to a business entity, but to have ease in GST regime, under this scheme Union Bank of India is providing hassle free regular working capital limit upto 30% of the turnover as per GST returns without insisting on assessment on other financial returns.

The scheme will provide regular working capital limit above Rs 10.00 lacs upto Rs 200.00 lacs. The assessment of turnover & quantum of working capital is tailor-made to benefit especially the SME sector.

In furtherance to the Government of India initiatives in tax reform, compliance and digitalization, the Bank is offering POS machine with no Installation charges and waiver of annual maintenance charges for first year under the scheme.

Union Bank of India excepts this scheme to be a great enabler for an honest tax payer and incentivize the filing of GST return.

At the same time adequate financial support to such entrepreneurs through this unique scheme with inbuilt hassle free assessment based only on GST return will be easier for businesses to adopt.

Union Bank of India services its customers with through 4,295 branches spread over India and Hong Kong, DIFC (Dubai), Antwerp (Belgium) and Sydney (Australia).

To strengthen its Credit Department, Union Bank of India has kicked off a recruitment project for adding 200 Credit Officers to its HR Portfolio.

In the near future, trust Union Bank of SME Customers can avail the “UNION TRADE-GST” facilities through its Net Banking Portal.

Union Bank of India IRCTC RuPay Prepaid Card

          Union Bank of India in association with NPCI, partnering with IRCTC has unveiled “IRCTC UBI PREPAID CARD”.

          Union Bank of India has always been in forefront in introduction of new digital payments tools in our country.  Union Bank of India Product team has a knack for analysing customer needs and designing specific Safe Digital products for their customers.

          The latest addition to the Safe Digital products is Union Bank of India IRCTC RuPay Prepaid Card.

          The card was launched very recently and the volumes are expected to scale up as the rail passengers appreciate the benefits of Union Bank of India IRCTC RuPay Prepaid Card.

          This is the sample of the Union Bank of India IRCTC RuPay Prepaid Card

Advantage of Union Bank of India IRCTC RuPay Prepaid Card  to Railways:

01) Alternate to their own IRCTC eWallet.

02)                  Increase the success rate of IRCTC transactions.

03)                  Decrease the unhappiness amongst IRCTC users.

04)                  Showcase their versatile payment options to the world.

05)                   Help in faster conversion rate from physical transactions to digital transactions.

Benefits of Union Bank of India IRCTC RuPay Prepaid Card to Rail Passengers:

01) Reap the joys of Safe eTransactions.

02)                  Reduce the transaction time.

03)                  Minimise transaction costs.

04)                  The PP can also be used as Gift Cards.

05)                  Reduce stress levels.

Benefits of Union Bank of India IRCTC RuPay Prepaid Card to Union Bank of India:

01) Showcase the latest technology products to the world.

02)                  Increase the float funds, as no interest is paid on amount loaded in the prepaid cards.

03)                  Expand the bank’s customer base.

04)                  Increase the banks visibility across both physical and digital media.

05)                  A prominent partner in PM Modi’s Digital India drive.

          

Union Bank of India live on IMPS using Account Number and IFS Code

          Union Bank of India customers can now receive funds through IMPS (Immediate Payment Service) just by letting the remitter know their Account Number and IFS Code.

          This eliminates the need for MMID. Of course, MMID has its own advantages.  The main advantage of MMID is that the remitter need not know the account number of the beneficiary.

          Union Bank of India, to encourage its customers to utilize the Debit Cards or credit cards to the maximum has launched a Debit Card Rewards program.

          This new campaign by Union Bank in the final month of the financial year is sure to increase the transaction numbers of its debit cards.

          The program has been named as Union Rewardz. Yes, very similar to SBI Rewardz program.

          The highlights are:-

Automatic pre-enrolled as a member, as long you have a valid Debit or Credit Card of Union Bank of India.

01) Reward points  accrue on all transactions made through your Debit & Credit Cards at POS and E-Commerce outlets.

02)                These reward points can be redeemed against thousands of merchandise items, movie, bus & air tickets, gift vouchers & more.

03)                With every purchase perRs. 100, the card holder can earn Union Points.

04)                A minimum of Rs100/- has to spend every time to earn 1point.

05)                Once you get 100 Union Points, than you can start the redemption process.

So Union Bank Credit/Debit Card holders register now  at www.UnionRewardz.com or by calling 18001088000.

Who will be the major client of Yes Bank IMPS-MPS?

IMPS-Merchant Payment Service pilot launch with Yes Bank

            Yes Bank was one of the banks who were in the Pilot Launch of IMPS in November 2010. Taking this tradition forward, Yes Bank has also joined the Pioneer Club for the IMPS Merchant Payment Service.

            Yes Bank joined the IMPS Merchant Payment Service last month i.e August 2012. With this, Yes Bank would now be able to offer this new ePayment mode to their ‘Cash Management Services’ clients.

IMPS-MPS will be beneficial for Accounts Receivables more than Accounts Payables teams.

            HSBC, State Bank of India, Canara Bank, ICICI Bank, Kotak Mahindra Bank, Union Bank of India are the banks which are already online with IMPS-MPS.

            State Bank of India’s’ major client is IRCTC. HSBC’s major client is Reliance Mutual Fund. With reference to other banks, at present, no information is available in the public domain.  

            

RuPay Debit Card - India’s Own Card launched.

On 26/03/2012, India's own Card. 'Rupay', was launched.

The top 5 features of the launch are : -

1. Rupay payment network was inaugurated by Shri G. Padmanabhan, Executive Director, Reserve Bank of India.
2. Rupay Debit Card launched
3. Rupay Prepaid Card launched
4. Rupay Credit Card to be launched soon.
5. Rupay Debit Card to be accepted at 91,000+ ATM's and 6,00,000+ POS terminals all Pan-India.
6. Bank of India and Union Bank of India, are the first Banks' to offer Rupay Debit Cards to their account holders.
7. POS terminals of Axis Bank, Bank of Baroda, Corporation Bank and State Bank of India, will accept Rupay Debit \ Pre-paid Cards in the initial phase.
8. No initial participation fee and quarterly minimum processing fees. This would encourage Regional Rural Banks, Co-operative Banks and smaller commercial banks to offer ePayments to their account holders.

At present 26.80 crs debit cards have been issued by Indian Banks and in the near future, this number will go up, with more account holders opting for ePayments.

Now, with 'Rupay' in the field, the transaction costs for Banks are expected to go down substantially, Banks will be able to encourage ePayments.  

The sudden demise of Nokia Money. Utilize it or Donate it. Customer Care No: 18003001122

By 15/04/2012, the 2 lacs+ subscribers of Nokia Money have to utilize their ‘Nokia Money balance’, or the same would be deemed as donation to Nokia Corporation.

3 Possible Scenarios in the near future: -

1. Yes Bank and Union Bank jointly take over this platform.
2. Customers migrate to other Mobile Payment Providers. As of now, the other players are Airtel Money or SBI’s MobiCash.
3. Customers migrate to other Closed/Semi-Closed Wallet Players

4 partners involved in this activity:-

Partner 1 – Nokia made a strategic investment in Obopay ($70 Million) back in 2009 and launched the service in India quite recently. After a year long pilot program, the company announced the launch of Nokia Money across India in December, last year.

Partner 2 – Obopay

Partner 3 – Union Bank of India

Partner 4 – Yes Bank

-----------

Nokia made a strategic investment in Obopay ($70 Million) back in 2009 and launched the service in India quite recently. After a year long pilot program, the company announced the launch of Nokia Money across India in December, last year.

6 important dates in the Nokia Money Timeline:-

1. August 27th, 2009: Announced: Nokia Money – Your Mobile will turn into a Wallet
2. Feb 15th, 2010: Nokia to Launch Mobile Money in India – In Partnership with Obopay/Yes Bank
3. April 30th, 2010: Nokia Mobile Money Project gets approval from RBI
4. July 2nd, 2010: Nokia Launches Mobile Money Service in Chandigarh
5. December 14th, 2011: Nokia Money goes pan-India.
6. April 15^th, 2012: Nokia Money laid to rest.

2 quick tips to utilize your Nokia Money : -

1. All transactions – Bill Payment, Prepaid Recharge and DTH Recharge are now FREE of Charge
2. Registration amount can be sought via SMS or by calling at the customer care on or before 25^th March, 2012

5 motivators for Nokia to have commenced Nokia Money:-

1. The belief that financial services are one of the major business opportunities in the wireless industry.
2. An attractive feature of Nokia Life Tools suite.
3. An opportunity to lock in customers from migrating to other mobile handsets.
4. USP of retaining Nokia Money, even if customers shift their mobile operators.
5. Access to interest free short term funds, as no interest is paid on monies parked in the mobile wallets.

IMPS remittance service extended to No Frills Account Holders

New and innovative features are being added to the IMPS Product by NPCI. The latest feature, is that No Frills account holders are now interoperable with IMPS

No Frills accounts as the name suggests are Bank accounts with minimal features. As the accounts are opened with the bare minimum documentation, the sum of credit transactions in a financial year should not exceed Rs. one lakh in "No Frills Accounts". Once the limit is crossed, the customers have to take steps to submit the documentation for a full KYC, so that the no-frills account can be converted into a normal account.

To encourage Banks to open more 'No Frills Accounts', and also to extend the reach of IMPS, NPCI has taken steps to enable IMPS facility to 'No frills accounts', too.

Union Bank of India was the first bank to link IMPS to 'No Frills accounts'.

Yes, MMID is compulsory even for No Frills accounts', to avail the IMPS facility. The agents of Corporate Business Correspondent I.e FINO, will facilitate the process of obtaining MMID by account holders.

Top 5 Benefits of this facility:

1. Customers need not opt for mobile banking services.
2. The funds transfer is instant, as the IMPS works 24*7, 365 days a year.
3. No additional infrastructure is required by the Banks nor the account holders.
4. Reach or last mile connectivity issues are resolved, as Mobiles have penetrated almost every nook and corner of the country.
5. The additional spinoff will be for the mobile companies, as the customer's stickiness to their company will increase. This is because customer's having a MMID will not prefer to shift their loyalties elsewhere.

eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

Union Bank is planning to be the first bank in the country to offer Cash Withdrawal Facilities at its Point of Sales (POS) Terminals, as per newspaper reports.

This facility is in accordance with : -

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0

My earlier Post on this can be accessed at

http://prashantnepayments.blogspot.com/2009/07/emagic-withdraw-cash-from-pospoint-of_24.html

The highlights of Union Bank of India announcement is

01)                      Launch the product by end of December 2009.

02)                     Initial target is Rural India, with 25,000 POS terminals to have this facility.

03)                     In the initial stages, this Product is accessible to only Union Bank of India Account Holders.

04)                     On stabilization, the Product to be rolled out to other Bank Account Holders too.

Union Bank of India, has again taken the lead, in introduction of new Products

Cheers, UNION BANK OF INDIA

'Self user creation facility' Union Bank launches new facility for internet banking users

'Self user creation facility' Union Bank launches new facility for internet banking users

A major step towards popularizing ePayments, has been taken by Union Bank of India on Saturday i.e., 06/06/2009.

'Self user creation facility' enables users of the Union Bank's internet banking services to generate their own password for internet banking.

The facility, the first to be offered by a public sector bank, enables first time users log in with their new chosen passwords within two days of submission of request

The process, powered by leading software major Infosys Technologies, enables those who are already using the Bank's internet banking facility to create their own passwords and start operations immediately without any waiting period.

To avail oneself of the facility, customers need to enter a few details in the link provided by the bank's website. Once these personal details are verified, the system enables the customer to create his own password.

The customer’s email and phone number have to be registered with the Bank, to avail the above facility. This is a security precaution.

Earlier, a customer had to send a request and wait for a fortnight to receive the password through post, which sometimes did not reach the customers. Non-receipt of the password through post is chiefly due to the details of the mailing address provided to the customers.

The customers could use this facility anytime, anywhere and free of charge.

However, Union Bank of India, as of date i.e 07/06/2009 7.54pm, has not updated this major achievement on its website. Union Bank over the last couple of years, has taken a conscious decision to be an innovator in the Banking Industry. This strategy seems to be paying off now.

What I notice, that banks in India, are still to appreciate the benefits of updating their websites, at the same time, a press release is issued. Indian customers are very tech-savvy, and prefer to access updated information on the Banks website.

The customers need be aware of the safety precautions, when using the new service provided by Union Bank of India.

Enjoy and spread the Magic of ePayments

A few simple safety precautions, are mentioned here

TIP 1: SAFE LOG ON / SAFE LOG OFF

· Never access your Internet banking website from a public computer (e.g. in a cyber cafe)

· Close all browser windows before logging on to Internet banking to protect your personal information from unauthorized access from another website.

· Always log off after using Internet banking service.

TIP 2: SAFEGUARD YOUR IDENTITY

• Use safe passwords that are:
  > different from your user IDs
  > easy to remember only by yourself
  > difficult to guess
  > a combination of letters and numbers of at least 6 characters.

• Never disclose your online passwords to anyone (including bank staff and the police) and do not record them anywhere. Contact your bank immediately if you believe your passwords have been compromised.
  
• Do not use the same password for other online services, e.g. e-mail or Internet access, or for other Internet banking accounts.
  
• Change your passwords regularly.
  
• Disable your browser's 'AutoComplete' function that remembers the data (including your online passwords) that you input. Refer to your browser's'Help' function for details.
  

TIP 3: SECURE YOUR COMPUTER

• Make sure you are using supported versions of OS and applications. Enable the auto-update feature to obtain and apply security patches regularly from trusted sources.
  
• Install Internet security software with anti-virus, anti-spyware and personal firewall features to perform real-time detection of new viruses, spyware and intrusions on your computer. Enable the auto-update feature to obtain the latest virus and spyware definition files.
  
• Do not download any freeware onto the computer that you use to access Internet banking.
  
• Do not share computers: if you must share, set your own password to block access to your accounts.
  
• Always disconnect from the Internet when you are not using it.

TIP 4: BE ALERT

• Check your bank balance and transactions regularly and notify your bank immediately if you discover any errors or unauthorised transactions.
  
• Be wary of opening unexpected emails with attachments, and never click on a hyperlink in a suspicious email.

Ø Never use hyperlinks in emails or Internet search engines to log on to Internet banking. Always type the address into your browser or bookmark the genuine website and use that to access your bank account.

Ø Never open an email attachment that contains a file ending with .exe, .pif, or .vbs as these are commonly used with viruses.