Union Wellness Deposit, a 375-day term deposit with insurance, is introduced by Union Bank of India

 

New Delhi: The number of stock market investors has skyrocketed in recent years. Banks are taking numerous steps to address the extremely poor rate of deposits in recent years. Additionally, the banks are offering a number of alluring programs that aim to increase people's wealth. One of the larger banks, Union Bank of India, has unveiled a massive plan.

This is a plan for term deposits. Union Wellness Deposit is the new name for it. Connecting as many individuals as possible is the aim of this plan. This plan was created with health and finances in mind. It offers both financial advantages and insurance coverage. You can attentively study the entire text through to the finish if you want to discover vital details about the strategy.

Crucial elements pertaining to the plan

The plan offered by Union Bank of India is sufficient to make people wealthy. Residents between the ages of 18 and 75 are eligible for this program. Most significantly, it is possible to open both personal and joint accounts. In a joint arrangement, only the primary account holders are covered by insurance

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What is the bare minimum amount of money needed

The bank's Union Wellness Scheme allows you to invest a minimum of Rs 10 lakh. The highest amount that can be invested is Rs 3 crore. It has a set duration of 375 days. An interest rate of 6.75 percent per year will be available to depositors during this time, with the 0.50 percent offered to scheme participants being the most significant advantage.

This plan also permits taking out a loan against the deposit and closing the plan on schedule. It becomes more flexible. This plan's 375-day super top-up health insurance coverage is one of its unique features. It offers cashless hospitalization benefits and Rs 5 lakh insurance coverage.

Learn about the bank's quarterly performance

In the March quarter, Union Bank of India's net profit increased by 50%. In comparison to Rs 3,311 crore in the same quarter last year, this is Rs 4,985 crore. The overall amount of income has increased. It rose to Rs 33,254 crore from Rs 31,058 crore the previous year.

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