Hello. I will be able to help you understand what is DRIC scheme in Union Bank. This is an investment scheme brought out by the Union Bank of India. I applied for the DRIC Scheme a while ago. Here, the bank offers a way to invest your income with compounding interest on a quarterly basis. I will share the features and eligibility below.
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DRIC Scheme in Union Bank
Talking about the interest payable in the account, is calculated and compounded quarterly. The interest is credited to the deposit account at half-yearly intervals. The interest increased over time on the deposit will be paid along withthe principal during maturity.
Here are some more details about the DRIC Scheme of the Union Bank of India:
Features
Minimum period: 6 Months
Maximum period: 120 Months
Premature closure allowed
Minimum deposit amount: Rs.1000/-
Nomination facility available
Nil upper limit on the deposit amount
Attractive rate of interest
Eligibility
Any residential individual-Single account
Pardanashin ladies
Illiterate persons
Blind persons
Two or more individuals in Joint Accounts
Associations, Clubs, Societies, etc.
Trusts, Institutions/Agencies specifically permitted by the RBI to open a "Deposit Re-Investment Certificate" in single/joint names.
Minors
This is all I have to share with you regarding the DRIC Scheme of Union Bank of India. I hope it helps.
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What is DRIC Scheme in Union Bank?
maya
18.8k Views
1
3 months
2025-01-31T17:25:58+00:00 2025-01-31T17:25:59+00:00Comment
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