Union Bank Of India DRC

I want to apply to open Deposit Re-Investment Certificate DRIC Account in Union Bank of India sop can you please tell me the eligibility criteria to apply to open account?

[Kiran Chandar]

Union Bank of India is one of the largest government-owned banks of India. It was established on 11 November 1919. UBI is active in promoting financial inclusion policy and is a member of the Alliance for Financial Inclusion (AFI).

Deposit Re-Investment Certificate DRIC Account

Eligibility

Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Visually Impaired persons, Purdanasheen Ladies, Associations, Clubs, Societies, etc.

Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "DRIC Account" in single/joint name/s.

Features-

Minimum amount of deposit will be Rs.100/- in Rural/Semi-urban centers and Rs.500/- in Urban/Metro centers.

Deposits can be accepted for any period from 6 months to 120 months.

Interest is compounded quarterly and paid along with the principal amount invested.

Interest at applicable rate for the period for which the deposit is kept, is automatically reinvested at quarterly intervals

Senior citizens are offered additional interest of 0.50 % for deposits placed for 1 year and above period.