Union Bank of India: You can invest up to ₹3 crore in this scheme of a public sector bank. Premature closure and loan against deposit is allowed.
Union Bank of India: The public sector Union Bank of India has introduced a special term deposit scheme ‘Union Wellness Deposit’, different from the traditional term insurance scheme. In a way, the most special thing about this FD scheme is that it also includes health insurance cover. According to PTI news, this is a 375-day retail term deposit scheme, which is applicable for adults up to 75 years of age and the minimum deposit amount is Rs 10 lakh. The depositor will get 6.75 percent interest on this. Senior citizens investing in this scheme will get 0.50 percent more interest.
Health cover up to Rs 5 lakh
Amid the difficulties in raising deposits, one can invest up to ₹3 crore in this scheme of the public sector bank. Premature closure and loan against deposits are allowed. This scheme has a 375-day super top-up health insurance cover worth Rs 5 lakh. This also includes cashless hospitalization. Understand one thing that if you open a joint account in this scheme, then only the primary account holder gets the insurance cover.
Nomination in account is mandatory
NRI customers cannot open a deposit account under Union Wellness Deposit Scheme. Also note that cumulative/multiple deposits will not be covered under this scheme. TDS will be deducted in this term deposit scheme as per domestic term deposit guidelines. Nomination is mandatory in Union Wellness Deposit Account as health insurance is linked to the deposit amount. You can extend the available deposit, however, insurance coverage will not be available on renewal. In case of extension of deposit opened under this scheme, insurance coverage will be available till the original maturity date.
Loan business grew 8.6 percent to ₹9.82 lakh crore
Union Bank of India saw its loan business grow by 8.6 percent to Rs 9.82 lakh crore during the March 2025 quarter. Its total loan business was Rs 9.04 lakh crore at the end of March 2024. The bank’s total deposits at the end of the fourth quarter of FY 2024-25 stood at Rs 13.09 lakh crore, up 7.22 percent from Rs 12.21 lakh crore in the same period a year ago. The bank’s total business grew by 7.8 percent to Rs 22.92 lakh crore at the end of March 2025 from Rs 21.26 lakh crore at the end of March 2024.
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