Business Daily from THE HINDU group of publications
Monday, Sep 04, 2006

Cross Currency

Group Sites

Money & Banking - Fixed Deposits
Union Bank's new deposit scheme

Our Bureau

Visakhapatnam, Sept. 3

The Union Bank of India has introduced a new deposit scheme, Union Cash Certificate, which will be open till October 31, according to a press release issued by Mr S. Aftab, Assistant General Manager here.

These cash certificates offer the option of compounding interest at quarterly rates , at eight per cent per annum.

The cash certificates - a medium term investment option of three to five years - will be issued for the maturity value of Rs 5,000, Rs 10,000, Rs 25,000, Rs 75,000, Rs 1 lakh, Rs 3 lakh, Rs 5 lakh and Rs 10 lakh. Senior citizens will be given half a per cent more.

The annual yield for 36 months, 48 months and 60 months will work out at 8.94 per cent, 9.23 per cent and 9.72 per cent respectively. Depositors can take loans up to 90 per cent against the certificates.

Mr Aftab said four new branches would be opened at Gajuwaka, Tuni, Narsipatnam and Mandapeta in Vizag region in the next two months, as permission had been obtained recently from the RBI.

More Stories on : Fixed Deposits | Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
South Indian Bank bags tech excellence award

UTI Bank opens 2,000th ATM
LIC Udupi division tops in `Bima School' concept
Ernakulam LIC division tops in South
Bonds rally on hopes of low inflation, large capital flows
ICICI Pru valuation fixed at Rs 8,000 cr
Exim Bank to evaluate SMEs on non-financial basis
How much of farm loans are NPAs, any guess?
Union Bank's new deposit scheme
FCNR deposit rates cut
ICICI Bank proposes to take over UWB
Ganesh Bank merges with Federal
Nabard staff fault RBI move on bonds

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line