Personal Finance

New FD Scheme: You will get bumper returns on 333 days FD, know 5 big things related to this scheme

September 14, 2024

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New FD Scheme: Banks keep bringing special FD schemes for investors from time to time. The return on these special FDs is slightly higher than that of normal FDs. In such a situation, investing in these FDs is considered a profitable deal. One such special FD scheme has been started by Union Bank of India.

New FD Scheme: For fixed returns, many investors prefer to invest in fixed deposits (FD). 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 invested, fixed returns are received. 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. The bank is giving tremendous returns to investors on this FD scheme of 333 days. The name of this scheme is Union Sumvridhi Deposit Scheme. These are the 5 special things about the scheme

1. How much interest will be received?

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.

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3. Can a loan also be availed?

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 early?

The maturity period of this FD is 333 days. If you close it before time, 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?

As per the rules, TDS will have to be paid on the return received after maturity. For more information about this, contact any branch of Union Bank.

What is the interest rate on other FDs?

For general investors, Union Bank is giving interest between 3.50 percent to 7.25 percent on other 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

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