Union Bank introduces Union Cash Certificate

Mumbai, Sep 1 (UNI) Union Bank of India today announced to launch a new deposit product''Union Cash Certificate'' to further augment its resources in the medium term. The scheme will be open for subscription only between September one and October 31, 2006.

Bank General Manager Mr M V Tanaksale told reporters here,''The scheme is ideal in planning for education of children, marriage in the family, for a secured retired life and to meet any contingency in the family. The rate of interest of eight per cent offered is highly attractive especially in the maturity period of three years to four years when compared to other banks.

Individuals both single and jointly, minors, society, club, association, companies and all other entities who are eligible to open current and savings account (except NRI) will be eligible for making investment under the scheme. The Cash certificates will be issued in nine denominations such as Rs 5,000, Rs 10,000,Rs 25,000,Rs 50,000,Rs 75,000, Rs one lakh, Rs three lakh, Rs five lakh and Rs ten lakh.

The deposit will attract a rate of interest of eight per cent per annum. The annualized yield on the deposit for a period of 36 months, 48 months and 60 months works out to 8.94 per cent, Rs 9.32 per cent and 9.72 per cent respectively.

He further stated.''In cash of senior citizens, additional interest at the rate of 0.50 per cent will be offered over the interest rate of eight per cent. He hoped to target of Rs 3,500 croe across the country including Rs 600 crore through only from Mumbai zones. Enthused by the overwhelming response from our customers to our Union Double product through which deposits of Rs 1,500 crore were garnered, this new product targeting the entire spectrum of small, meddle and high net earners has been introduced.'' UNI AR PM AW1640