New Delhi: Many investors prefer to invest in Fixed Deposit (FD) for fixed returns. Perhaps this is the reason why the number of investors in it is very high. On the other hand, there is no risk in it.
Once you invest, you get fixed returns. However, investing in FD gives less returns than many other schemes. But from time to time banks keep bringing such FD schemes which give good returns to investors. Union Bank of India has one such special scheme. On this FD scheme of 333 days, the bank is giving tremendous returns to the investors. The name of this scheme is Union Sumvriddhi Deposit Scheme.
These are the 5 special things about the scheme
1. How much interest will you get?
This scheme of Union Bank is for 333 days. It is paying more interest than all other FDs of the bank. The annual interest rate is as follows:
For general investors: 7.40%
For senior citizens: 7.90%
For super senior citizens: 8.15%
2. How much amount will have to be invested?
Under this scheme, you can start investing from Rs 1000. That is, this is the minimum amount of investment. The maximum investment limit is Rs 3 crore.
3. Can I get a loan?
Yes, you can also take a loan under this scheme. Go to any branch of Union Bank and talk to the branch manager about how much loan can be availed and what will be the interest rate of the loan.
4. Will there be a penalty for closing it before time?
The maturity period of this FD is 333 days. If you close it before time, then you will have to pay a penalty. Also, you will get one percent less interest than the interest being given in this scheme.
5. What tax will have to be paid on maturity?
TDS will have to be paid as per the rules on the return received after maturity. For more information about this, go to any branch of Union Bank and contact.
What is the interest rate on the remaining FDs?
For general investors, Union Bank is offering interest between 3.50 per cent and 7.25 per cent on second FDs. For general investors, the interest rates on FDs up to Rs 3 crore are as follows:
7 to 180 days: 3.50 to 5 per cent
181 to 332 days: 6.35 per cent
334 days to one year: 6.35 per cent
One year to 398 days: 6.80 per cent
399 days : 7.25 per cent
400 days to 996 days: 6.60 per cent
997 days: 6.40 per cent
998 days to 3 years: 6.60 per cent
3 years: 6.70 per cent
3 years to 10 years: 6.50 per cent
