Union Bank Of India Introduces ‘Union Wellness Deposit’

Union Bank of India announced the launch of its new and innovative term deposit scheme, ‘Union Wellness Deposit,’ designed specifically for retail customers, at an event held in Mumbai.

The Union Wellness Deposit is strategically crafted to promote both wealth creation and health protection by seamlessly integrating health insurance with a term deposit product. Additionally, it offers a range of lifestyle benefits through the RuPay Select Debit Card.
The scheme is available to resident individuals between 18 and 75 years of age, either individually or jointly. For joint accounts, only the primary account holder will be eligible for the insurance coverage.

It offers a minimum deposit amount of ₹10.00 lakhs and a maximum of ₹3 crores, with facilities for premature closure and loans against the deposit. The scheme has a fixed tenure of 375 days and provides an attractive rate of interest at 6.75% per annum, with an additional 0.50% interest for senior citizens.

A distinctive feature of this product is the inclusion of a 375-day Super Top-up Health Insurance cover, offering a sum insured of ₹5.00 lakhs with cashless hospitalization facilities.

Speaking at the launch, Ms. A. Manimekhalai, Managing Director and CEO of Union Bank of India, said, “The launch of the Union Wellness Deposit reflects our ongoing commitment to delivering innovative and premium banking experience to our valued customers. As the first-of-its-kind offering, this product combines wealth creation with a range of health care benefits”