Union Bank of India (UBI) has introduced a new deposit scheme- Union Cash Certificate - which will be in effect till October 31. The deposit scheme has a maturity period from 3 to 5 years and will get 8 per cent interest. | |
| The bank will issue cash certificates with face value of Rs 5,000, Rs 10,000, Rs 25,000, Rs 50,000, Rs 75,000, Rs 1 lakh, Rs 3 lakh, Rs 5 lakh and Rs 10 lakh. But depositors will get the certificates at lower than the face value. |
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| The new scheme also offers 0.5 per cent additional interest to senior citizens. |
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| Depositors can withdraw the amount before the maturity period in special cases and there will be provision for getting loan for 90 per cent of the deposit including interest. |
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| The bank has targeted Rs 3,500 crore through the new scheme, according to a press release. The bank had collected Rs 1,500 crore through its 'Union Double scheme', introduced earlier. |
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