RD Plan in Union Bank of India

What is eligibility criteria required to open Recurring Deposit (RD) Account in Union Bank of India? Please give complete information about RD Account Plan of Union Bank of India.

[sumit]

The Union Bank of India offers 2 types of Recurring Deposit Accounts.

UNION MONTHLY PLUS
CUMULATIVE DEPOSIT SCHEME

Here I am providing information about CUMULATIVE DEPOSIT SCHEME Plan for your reference:

Eligibility:
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Cumulative Account" in single/joint name/s.
Features of this RD Plan:
Monthly instalments can be for any amount starting from as low as Rs.50/- onwards

Interest at the permissible rate is compounded every quarter

An account can be opened for any period ranging from 6 months to 120 months, in multiple of 1 month

The maturity amount will be paid one month after the deposit of the last installment (latest table giving maturity values available with the branch)

The instalment amount selected at the start of the scheme will be payable every month

As per the latest changes in the Income Tax Act, TDS will be applicable on the interest on cumulative deposits also

A pass book will be provided to the depositor