Union Bank of India is one of the largest government-owned banks of India and was founded in November 1919 as a limited company in Mumbai.

About Union Bank of India Monthly Income Scheme Investment plan:

Union Bank of India offers its customers an option to open a fixed deposit account that allows them to benefit from preferential interest rates and also a monthly pay out of interest as per the contracted rate.

Eligibility to avail plan:

1. Customer must be above 18 years of age
2. Customer must be either salaried, self-employed or retired and an Indian citizen
3. Customer must have existing banking relationship with Union Bank of India or must come with proper introductions

Deposit Amount
Minimum starting deposit is INR 10000 for urban areas, INR 5000 for semi-urban and rural areas, as well as senior citizens

Minimum subsequent deposit is in multiples of INR 1000 No maximum limit for deposits

Rate of Interest
Anywhere between 4.00% per annum to 8.10% per annum

Period Minimum duration – 6 months

Maximum duration – 10 years

Period of Deposit Rate of Interest (Deposits < INR 1 crore)
7 days to 14 days 4.00
15 days to 30 days 5.25
31 days to 45 days 5.60
46 days to 90 days 6.50
91 days to 120 days 6.75
121 days to 179 days 7.00
180 days 7.00
181 days to less than 1 year 7.60
1 year 7.75
Above 1 year to 3 years 7.70
Above 3 years to 5 years 7.50
Above 5 years to 10 years 7.50

Contact:

Union Bank of India
Union Bank Bhavan, 239, Vidhan Bhavan Marg
Nariman Point, Mumbai - 400 021
Maharashtra, India
Phone number [Board]
022-22892000