New FD from Union Bank offers 6.75% Interest + Free Rs 5 lakh health cover

Union Bank of India's new 'Wellness Deposit' scheme offers a 375-day fixed deposit with up to 6.75% interest and a bundled ₹5 lakh health insurance

Union Bank of India has launched an innovative term deposit product titled ‘Union Wellness Deposit’, aimed at offering a dual benefit of wealth creation and health protection for its retail customers. 

 

Designed specifically for resident individuals aged between 18 and 75 years, the Union Wellness Deposit scheme integrates a fixed deposit with a complementary 375-day Super Top-up Health Insurance cover and lifestyle benefits via a RuPay Select Debit Card. For joint accounts, the insurance cover will be applicable only to the primary account holder.

 

Key features of the scheme include:

 

• Minimum deposit amount: Rs 10 lakh
• Maximum deposit amount: Rs 3 crore
• Fixed tenure: 375 days
• Interest rate: 6.75% per annum (with an additional 0.50% interest for senior citizens)
• Health insurance cover: ₹5 lakh Super Top-up with cashless hospitalization
• Additional features: Premature closure option and loans against the deposit

 

A distinctive feature of this product is the inclusion of a 375-day Super Top-up Health Insurance cover, offering a sum insured of Rs 5 lakh with cashless hospitalization facilities.

 

 

“The launch of the Union Wellness Deposit reflects our ongoing commitment to delivering innovative and premium banking experience to our valued customers. As the first-of-its-kind offering, this product combines wealth creation with a range of health care benefits," said A. Manimekhalai, Managing Director and CEO of Union Bank of India.