The Hindu Business Line : Union Bank's new deposit scheme

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.

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