UBI to launch a unique 'Union Double' scheme from July one

Hyderabad, Jun 30 (UNI) The Union Bank of India (UBI) will launch a new deposit scheme 'Union Double'(Jama Karo Dugna Pao) from July One this year.

In a statement released here today, Hyderabad Region Deputy General Manager C Abraham said the new scheme will offer an interest rate of eight per cent per annum and the depositors will get an opportunity to double their investment in a period of just eight years and nine months.

He said the senior citizens who invest in the scheme would get an additional interest rate of half percent on the interest rate of eight per cent.

The deposit scheme was open from July 1 to 31. The depositors can invest a minimum of Rs 5,000 and a maximum of Rs 0ne crore under this scheme.

He said the depositors were eligible for loan or over draft facility against the security of the deposit upto 90 per cent of the deposit amount.

The rate of interest for loan would be one per cent more than the deposit rate interest paid on the deposit.

The scheme was available at all branches of the bank.

Mr Abraham said the Hyderabad region had set a target of Rs 55 crores under the scheme, the release added.

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