Meanwhile, Union Bank of India witnessed a surge of 8.6 per cent to Rs 9.82 lakh crore in its loan business during the March 2025 quarter.
Union Bank Special Term Deposit: State-owned Union Bank of India has introduced a special term deposit scheme called ‘Union Wellness Deposit’. This term deposit offers a dual benefit of health protection along with wealth creation. This is a 375-day retail term deposit scheme applicable for adults up to 75 years of age. According to information available, the minimum deposit amount under this scheme is Rs 10 lakh, and the bank will offer an interest rate of 6.75 per cent, which is subject to change from time to time.
The maximum deposit that is allowed under this term deposit is Rs 3 crore.
Here are some other key details
Loan Facility: It is available under this term deposit. However, the loan approval process is subject to the fulfilment of certain eligibility criteria.
Renewal/Extension: Available. However, insurance coverage will not be available on renewal. In case of extension of the deposit opened under this scheme, insurance coverage will be available till the original maturity date.
Higher Variant Debit Card: All depositors will be eligible for RUPAY Select Debit Card in their existing/newly opened savings/current account (Individual or Proprietorship), with normal minimum Balance as per category of the Branch.
TDS will be deducted in this term deposit scheme as per the domestic term deposit guidelines. Nomination is mandatory in the Union Wellness Deposit Account as health insurance is linked to the deposit amount.
Meanwhile, Union Bank of India witnessed a surge of 8.6 per cent to Rs 9.82 lakh crore in its loan business during the March 2025 quarter. Its total loan business was Rs 9.04 lakh crore at the end of March 2024.
The bank’s total deposits at the end of the fourth quarter of FY 2024-25 stood at Rs 13.09 lakh crore, up 7.22 per cent from Rs 12.21 lakh crore in the same period a year ago. The bank’s total business grew by 7.8 per cent to Rs 22.92 lakh crore at the end of March 2025 from Rs 21.26 lakh crore at the end of March 2024.
