Advantages of Union Bank of India

Can you tell me in detail about the Senior Citizen Benefits in any Deposit Scheme offered by UBI or Union Bank of India?

The detail about the Senior Citizen Benefits in any Deposit Scheme offered by UBI or Union Bank of India is as follows:

The Bank offers an additional rate component (over and above the normal interest rates applicable) to senior citizen on any size of deposit in all of its domestic term deposit schemes.

The additional rate component, applicable to domestic term deposits of 1 year and above is 0.50% over the normal rate.


Eligibility:
One who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest.


Joint Account
Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. But in such cases, the name of the senior citizen is to be given as the first name in the application.

NRI Senior Citizens are not eligible for the benefit of additional interest available to resident senior citizens.


Documentation
At the time of opening of a new deposit account, the senior citizen has to produce any of the following documents as proof of age:

Senior School Leaving Certificate indicating date of birth.
LIC policy
Voters Identity Card
Pension Payment Order
Birth Certificate issued by the competent authority
Passport
Any other document acceptable to the bank


Verification
Once the age of a senior citizen is confirmed for accepting deposit under the special scheme for senior citizens, no further evidence of age is required while accepting following deposits or for renewal of deposit of the senior citizen..

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Answered By StudyChaCha Member