United Tax Savings Growth Plan - RIP type:
Features:
- An assessee can invest in such deposit scheme of the bank a minimum of Rs.100/- or any
amount in multiples of Rs.100/- upto a maximum of Rs.1,00,000/- and in a financial year,
commencing from 1st April every year.
- The amount so invested by an individual or HUF, is eligible for deduction under section
80C of Income Tax, 1961.
Eligibility:
- Individual either singly or jointly or in the name of HUF.
- When Minor is an IT Assessee holding PAN, deposit can be opened singly in the name of
Minor operated by himself/herself or by Guardian as per normal norms of the Bank.
- Deposit in joint names may be issued to two adults or jointly to an adult and a minor
under the mode of operation 'payable to either or surviver'.
- In case of deposit held in joint name, the facility of deduction from income under
Section 80C of Income tax shall be available only to the first depositor.
Tenure:
- Tenure of the deposit is for a fixed period of not less than 5 years and with a lock-in
period of 5 years.
Rate of Interest:
- 9.00% p.a. calculated on quarterly rests.
- No additional rate of interest for senior citizens and staff of the bank will be allowed
under the scheme since it is a special tax benefit scheme.
Payment of Interest:
- United Tax Savings Growth Plan, payment of interest will be similar to
our Reinvestment Plan, where interest along with principal would be paid at the end of
maturity date.
No overdue interest will be paid if deposit is encashed after maturity. But when the
deposit is re-invested in any term deposit scheme of the Bank, overdue interest as
applicable will be paid on the amount so invested.
Add on Benefits:
If deposit amount is Rs.20,000 and above following benefits will be available to the
depositor ;
- Free coverage under United Suraksha Scheme.
- Zero balance SB A/C
- Free ATM Debit Card
Nomination facility:
Available except where the deposit is held in the name of a minor.
Loan facility:
Under the scheme, as the fixed deposit cannot be pledged, no loan can be given against
such deposit.
Tax deduction at source:
Interest on these term deposits shall be liable to tax under the IT Act, on the basis
of annual accrual or receipt, depending upon the method of accounting followed by the
assessee. The tax on such interest shall be deducted in accordance with the provisions of
section 194A or section 195 of the IT Act.
For further details contact nearest Branch
United Tax Savings Income Plan - FD Type:
Features:
- An assessee can invest in such deposit scheme of the bank a minimum of Rs.100/- or any
amount in multiples of Rs.100/- upto a maximum of Rs.1,00,000/- and in a financial year,
commencing from 1st April every year.
- The amount so invested by an individual or HUF, is eligible for deduction under section
80C of Income Tax, 1961.
Eligibility:
- Individual either singly or jointly or in the name of HUF.
- When Minor is an IT Assessee holding PAN, deposit can be opened singly in the name of
Minor operated by himself/herself or by Guardian as per normal norms of the Bank.
- Deposit in joint names may be issued to two adults or jointly to an adult and a minor
under the mode of operation 'payable to either or surviver'.
- In case of deposit held in joint name, the facility of deduction from income under
Section 80C of Income tax shall be available only to the first depositor.
Tenure:
- Tenure of the deposit is for a fixed period of not less than 5 years and with a lock-in
period of 5 years.
Rate of Interest:
- 9.00% p.a. calculated on quarterly rests.
- No additional rate of interest for senior citizens and staff of the bank will be allowed
under the scheme since it is a special tax benefit scheme.
Payment of Interest:
- For United Tax Savings Income Plan, interest will be paid periodically
i.e. Monthly, Quarterly, Half-Yearly or Yearly. On maturity, principal amount would be
paid.
No overdue interest will be paid if deposit is encashed after maturity. But when the
deposit is re-invested in any term deposit scheme of the Bank, overdue interest as
applicable will be paid on the amount so invested.
Add on Benefits:
If deposit amount is Rs.20,000 and above following benefits will be available to the
depositor ;
- Free coverage under United Suraksha Scheme.
- Zero balance SB A/C
- Free ATM Debit Card
Nomination facility:
Available except where the deposit is held in the name of a minor.
Loan facility:
Under the scheme, as the fixed deposit cannot be pledged, no loan can be given against
such deposit.
Tax deduction at source:
Interest on these term deposits shall be liable to tax under the IT Act, on the basis
of annual accrual or receipt, depending upon the method of accounting followed by the
assessee. The tax on such interest shall be deducted in accordance with the provisions of
section 194A or section 195 of the IT Act.
For further details contact nearest Branch
A saving scheme which combines liquidity of Savings Bank and interest of Fixed Deposit
Account. Under the scheme, a depositor will open a Savings Bank Deposit Account with an
in-built arrangement of transferring balance over a specified limit to Fixed Deposit
Account automatically for a specified period to be stipulated by the account holder and
earn interest at Term Deposit rate. The details of the scheme are given below.
Eligibility:
Anyone eligible to open Savings Bank Deposit Account of the Bank is eligible to open
United Bonanza Savings Account either singly or jointly. Employees, Ex-employees, spouse
of deceased employees of United Bank of India and senior citizens are also eligible to
open account under this scheme.
- Minimum Balance Required
The minimum balance required is Rs. 5,000/-
- Automatic Transfer of Fund to Fixed Deposit
At the option of the depositor at the time of opening of the account, balance in United
Bonanza Savings Account in excess of Rs. 10,000/- or any other higher limit as may be
specified by the depositor shall automatically be converted into Fixed Deposit in multiple
of Rs. 1,000/- without requiring the compliance of formalities for opening of Fixed
Deposit Account for the purpose.
- Period of Fixed Deposit
Fixed Deposits under United Bonanza Savings Scheme shall be for any period ranging from
six months to 3 years as may be specified by the account holder at the time of opening of
the account. The period shall remain fixed for all Fixed Deposits to be created from the
United Bonanza Savings Account.
- Procedure for Reverse Sweep
If, at any point of time, in the process of operation of the United Bonanza Savings
Account, the balance in the account falls below the minimum level of Rs. 5,000/-, then
funds in multiple of Rs. 1,000/- shall automatically be transferred from Fixed Deposits to
Bonanza Savings Account. The reverse sweep of Fixed Deposits shall be on last in first out
basis. This will allow the depositor to earn interest uninterrupted on the remaining
balance in Fixed Deposits under the scheme. The outstanding balance of Fixed Deposit held
under the scheme shall be shown in United Bonanza Savings Account ledger suitably for
operational convenience.
There shall be no penal charge for premature closure and/or transfer of Fixed Deposit to
United Bonanza Savings Account if the amount of Fixed Deposit so closed prematurely.
Fixed Deposits:
In this account the amount remains fixed for a predetermined period of time and the
interest is payable monthly, quarterly, half yearly, yearly or on maturity as per the
desire of the account holder. Period options available from 15 days to 120 months.
Re-Investment Plans:
Formalities are the same as in the case of Fixed deposits but interest, which is
compounded at quarterly intervals is payable on maturity along with the principal. Such
certificates can be purchased for Rs. 1000/- and above in multiples of Rs. 500/- for
6,9,12,18,24,27,30,36,42, 48,54,60,72,78,84,96,108 and 120 months.
United Bonanza Current
Deposit Schemes:
A deposit scheme which combines liquidity of current deposit account and return of
fixed deposit with value addition.
Eligibility:
Anyone eligible to open current deposit account of the bank is eligible to open United
Bonanza Current Deposit A/c.
- Minimum Initial Deposit & Balance
The account shall be opened with minimum initial deposit of Rs. 1.00 lac and minimum
balance to be maintained Rs. 1.00 lac.
- Automatic Transfer of Fund to Fixed Deposit
At the option of the depositor at the time of opening of the account ,the balance in
United Bonanza Current Deposit account in excess of Rs. 1 lac or any higher limit as may
be, specified by the depositor shall automatically be converted into Fixed Deposit in
multiple of Rs. 10,000/- or in multiple of any other higher limit as specified by the
depositor without requiring the compliance of formalities for opening of Fixed Deposit
account for the purpose.
- Period of Fixed Deposit
Fixed Deposits under this scheme shall be for any period ranging from 15 days to 1 year as
may be opted by the account holder at the time of opening of the United Bonanza Current
Deposit account. The period shall remain fixed for all Fixed Deposits to be created until
the mandate for period of Fixed Deposit is changed by the depositor in writing to the
Bank.
- Procedure for Reverse Sweep
If, at any point of time , in the process of operation of UBCD A/C, the balance in the
account falls below the minimum level of Rs. 1 lac or if the balance is found short to
honour the cheque drawn on the said account presented for payment, the required fund in
multiple of Rs. 10,000/- shall automatically be transferred from Fixed Deposits to United
Bonanza Current Deposit Account. The reverse sweep of Fixed Deposits shall be "last
in first out" basis. This will allow the depositor to earn interest uninterrupted on
the remaining balance in the Fixed Deposits under the scheme.
- Value Addition
1. Two (2) cheque books of 25 leaves each free p.m. to UBCD A/c holders.
2. Issue of statement at fortnightly interval free of charge.
3. No folio charge shall be levied in the UBCD A/c.
4. Free DD purchase favouring UBI for any amount both against cash or transfer
transaction.
5. ATM Card facility free of charge if ATM facility available at the branches.
6. MBB facility- free cash withdrawal of Rs. 15000/- per occasion.
7. Mobile Banking- free
Recurring Deposit:
A Term Deposit Account for a period of 6 months to 120 months. Fixed monthly
installment of Rs. 50 and multiples thereof. Interst payable on maturity and not subject
to tax deduction at source.
United Flexi Deposit Schemes:
A variant of recurring deposit scheme with flexi monthly installment.
Eligibility:
Account may be opened in the name of individuals, sole proprietorship concern, partnership
firm, association, clubs, societies, trust, companies, etc. The illiterate, minor, blind
persons are not eligible to open account under this scheme.
- Rate of Installment
Quantum of monthly installment is flexible. The depositors shall have to choose a core
monthly installment which is the minimum amount that has to be deposited compulsorily as
minimum installment in any month. The amount of core installment is to be Rs. 50/- or in
multiple thereof. In any particular month, monthly installment will not exceed 10 times of
the core amount.
- Period of Deposit
Period of deposit shall be for any period between 1 to 10 years in multiple of complete
years.
- Advantage
1. Interest earned under this scheme is not subject to TDS.
2. Monthly installment is flexible.
United Anand Deposit Schemes:
A multi unit deposit scheme with the objective to facilitate the customer in having
term deposit in units and instant facility of overdraft.
Eligibility:
Account may be opened in the name of individuals, sole proprietorship concern,
partnership firm, association, clubs, societies, trust, companies, etc. The illiterate,
minor, blind persons are not eligible to open account under this scheme.
- Nature of Deposit
Term Deposit, for a period of 12 months to 60 months.
- Minimum Deposit
a) Initial deposit Rs. 10000/- and in multiple of Rs. 1000/- thereof with no ceiling.
Facility of further deposit of minimum Rs. 5000/- or more in multiple of Rs. 1000/- with
no upper ceiling will be allowed in the same United Anand account.
b) In case of premature withdrawal, part amount in multiple of Rs. 1000/- may be allowed
without affecting the whole amount.
- Issue of Pass Book
Specially designed pass book to be issued instead of deposit receipt certificate.
- Overdraft
A current account will be opened with zero balance at the time of opening of the United
Anand Account through which 90% of the deposit as overdraft will be available.
Capital Gains Accounts Schemes:
The scheme is operative in all non-rural branches and deposits can be placed under this
scheme for availment of tax-exemptions under Capital Gains.
Savings Bank Account:
A savings bank account may be opened in the name of individual or in the names of two
or more individuals to be operated jointly or severally. A savings bank account can be
opened in the name of a minor to be operated by the minor himself/ herself when he or she
is aged 13 or above. Interest as applicable is applied to the accounts in June and
December each year.
At present a minor can open Savings Bank account in his or her name to be operated by
the Minor himself/ herself when he/ she is aged 13 or above. To encourage and develop
savings and banking habit, Bank has formulated the scheme under which children completing
the age of 10 or above can open and operate "United Children Savings Account"
independently.
Initial Deposit & Minimum balance
- Under this scheme initial minimum deposit and amount of minimum balance in the account
is Rs. 50/- (Rupees fifty) only.
- Colourful Pass Book and Cheque Book will be made available to the United Children
Savings Bank account holders.
Target Group
Any un-banked population segment uptill denied basic banking facilities due to stipulation
minimum balance requirements and levying of service charges. The target group will include
low-income families in rural/ urban areas, industrial/ agricultural labourers in rural/
urban areas and non-pensioner senior citizens.
Eligibility:
The account may be opened in the name of an individual or in the name of two or more
individuals.
- Initial deposit and Minimum balance
The account can be opened with a minimum balance of Rs. 10/-. The account can be continued
with even 'zero' balance.
- Number of transactions in the account
- For deposits - No restriction.
- For withdrawals - Maximum 5 withdrawals p.m. A charge of Rs. 5/- per every additional
withdrawal transaction.
Cheque Book
For cheque book facility minimum balance would be Rs. 250/-.
A Current account may be opened by
- An individual.
- Two or more individuals jointly.
- Joint Hindu Family.
- A sole proprietorship firm.
- A limited company.
- An agricultural farm, poultry etc.
- A local body such as municipality etc.
- An executor or executors, an administrator or administrators, a trustee or trustees.
- A school or college or a club, society or association.
- A partnership firm.
Public and Private Limited Companies, Corporate, Whole Sellers, Traders, Hospitals and
Nursing Home, Companies/ Firms engaged in service industry, partnership firm,
proprietorship firm and individuals, etc. are eligible to open account under the above
scheme which has following important features.
Average balance to be maintained at the locations:
- United Gold Current
- Rural/ Semi urban : Quarterly average balance to be maintained - Rs.20,000/-
- Urban/ Metro : Quarterly average balance to be maintained - Rs.50,000/-
- United Platinum Current
Monthly average balance of Rs. 1.00 lac (for all locations).
Value addition for the account holders under the scheme:
- Free ATM-cum-Debit Card, Mobile Banking (United Mobile), Tele Banking (United Voice),
provided these facilities are available with the branch where the account is maintained.
- Multi-city cheque facility.
- Multiple branch banking facility subject to availability of the same with the branch
where the account is maintained.
- Remittance- free, if issued in the style UBI, A/c. (Name of the payee). d. Withdrawal
against un-cleared balance. The account holder under both the categories may be allowed to
withdraw a maximum of 60% of day's un-cleared balance subject to a maximum of average
balance required to be maintained in the account after observing of certain formalities.
- United Collection Service (UCS)- Customers having multiple outlets/ units/ dealership
network/ service units at different locations may open Current A/c. (called Collection
A/c.) where they have an outlet/ unit. The payment Received by the units/ outlets shall be
deposited in the Collection A/c. Collection Branches shall remit the cleared balance in
Collection A/c. to the branch where Gold and Platinum A/c. is maintained at an interval as
per request of the account holder. A concession of 50% in the service charges for
remittance facility from Collection A/c. to Principal A/c. will be available to the
account holders under the scheme.
Nomination
In case of above deposit accounts nomination may be made only in respect of deposit
which is held in the individual capacity of the depositor and not in any representative
capacity as the holder of an office or otherwise. Nomination facility is available in all
the deposit schemes.
Besides loans against deposits, premature closure facility, facility of transfer of
deposit from any one branch are available.
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