This article offers a brief summary of the key aspects of the Union Bank Of India’s MACAD schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Union Bank Of India – MACAD Features:
- Deposit Amount: No Upper Limit
- Minimum Deposit: Determined based on a minimum monthly annuity of Rs. 1,000/- for the relevant period.
- Tenure: 36 to 120 months.
- If the period is less than 36 months, a regular Fixed Deposit (FD) will be initiated. For longer periods (over 120 months), the MACAD will be booked in accordance with court directives. Proper nomination for the MACAD will be as directed by the court.
- Interest Payment and Taxation: Interest payment is subject to TDS as per Income Tax Rules. Depositors can submit Form 15G/15H to claim exemption from Tax deduction.
- Annuity Payment: The monthly annuity, net of TDS, will be credited to the MACT Savings Bank account.
- Premature Closure: No penalty will be charged for premature closure. In case of the claimant’s demise, payment will be made to the nominee. The nominee can choose to continue with the annuity or opt for pre-closure. If the remaining tenure is less than 36 months, an MIS (Fixed Deposit) account will be opened at the prevailing rate.
How to invest?
Click here to invest in the Union Bank Of India’s MACAD schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.