Union Bank of India in the government sector has launched a special term deposit scheme ‘Union Wellness Deposit’, separate from the traditional term insurance scheme. In a way, the most special thing in this FD scheme is that it also includes health insurance cover. According to PTI news, it is a 375 -day retail term deposit scheme, which is applicable to adults up to 75 years and the minimum deposit is Rs 10 lakh. The depositor will get 6.75 percent interest on this. Senior citizens investing in this scheme will get more interest.
Health cover up to Rs 5 lakh
Amidst the problems faced in raising the deposit, you can invest up to a maximum of ₹ 3 crore in this scheme of the government sector bank. Loans are allowed in exchange for premature closure and deposits. This scheme has a 375-day super top-up health insurance cover, which is priced at Rs 5 lakh. It also includes hospitalization in cashless hospital. Understand one thing that if you open a joint account in this scheme, only the primary account holder gets an insurance cover.
Nomination in account mandatory
NRI customers cannot open deposits under Union Wellness Deposit Scheme. It should also be noted that cumulative/multiple deposits will not be covered under this scheme. According to guidelines for domestic term deposits in this term deposit scheme, TDS will be deducted. Enrollment in Union Wellness Deposit account is mandatory as health insurance is linked to deposits. You can extend the available deposit, however, insurance coverage will not be available on renewal. In case of expansion of deposits opened under this scheme, insurance coverage will be available till the original maturity date.
Debt business rose 8.6 percent to ₹ 9.82 lakh crore
Union Bank of India increased its debt business by 8.6 percent to Rs 9.82 lakh crore during the March 2025 quarter. At the end of March 2024, his total debt business was Rs 9.04 lakh crore. At the end of the fourth quarter of FY 2024-25, the bank’s total deposit was 7.22 percent to Rs 13.09 lakh crore, which was Rs 12.21 lakh crore in the same period of one year ago. The total business of the bank increased by 7.8 percent to Rs 22.92 lakh crore at the end of March 2025, which was Rs 21.26 lakh crore at the end of March 2024.
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