Union Bank launches fixed deposit scheme with benefits of health insurance; key details you shouldn't miss

Union Bank of India Tuesday launched Union Wellness Deposit, a first-of-its-kind term deposit scheme for customers with the dual benefit of wealth growth and healthcare assurance. The innovative term deposit scheme is designed specifically for retail customers and integrates health insurance with a term deposit product. Additionally, it offers a range of lifestyle benefits through the RuPay Select Debit Card.

The scheme is available to resident individuals between 18 and 75 years of age, either individually or jointly. For joint accounts, only the primary account holder will be eligible for the insurance coverage.

It requires a minimum deposit of ₹10 lakh and a maximum of ₹3 crore, with facilities for premature closure and loans against the deposit. The scheme has a fixed tenure of 375 days and provides an attractive rate of interest at 6.75% per annum, with an additional 0.50% interest for senior citizens.

A distinctive feature of this product is the inclusion of a 375-day Super Top-up Health Insurance cover, offering a sum insured of ₹5 lakh with cashless hospitalisation facilities.

A. Manimekhalai, Managing Director and CEO of Union Bank of India, said, “The launch of the Union Wellness Deposit reflects our ongoing commitment to delivering an innovative and premium banking experience to our valued customers. As the first-of-its-kind offering, this product combines wealth creation with a range of health care benefits.”