Union Bank of India, one of the country’s leading public sector banks, has launched an innovative fixed deposit scheme named “Union Wellness Deposit.” This newly introduced term deposit product is a pioneering blend of wealth creation and health protection, designed specifically for retail customers. The bank unveiled this first-of-its-kind offering at a formal launch event in Mumbai.
This scheme targets individuals seeking safe returns along with health insurance and lifestyle benefits. The Union Wellness Deposit redefines traditional banking products by integrating essential healthcare needs into a high-value financial product.
Key Highlights of Union Wellness Deposit
Deposit Amount:
- Minimum: ₹10.00 lakhs
- Maximum: Below ₹3.00 crores
Note: Cumulative or multiple deposits will not be covered under the scheme.
Tenure:
- Fixed at 375 days
Interest Rates:
- General Public: 6.75% per annum
- Senior Citizens: 7.25% per annum (includes 0.50% additional benefit)
Eligibility:
- Resident individuals aged 18 to 75 years
- Can be opened individually or jointly
- In the case of joint accounts, only the primary account holder will receive the health insurance coverage
Built-in Health Insurance Benefit
One of the most unique features of the Union Wellness Deposit is its integration with a Super Top-up Health Insurance Cover:
- Coverage: ₹5.00 lakhs
- Duration: 375 days (matches deposit tenure)
- Type: Super Top-up Health Insurance (helps reduce financial burden from high medical expenses)
- Facility: Cashless hospitalization available at network hospitals
- Provider: The insurance is likely tied up with a third-party insurer (details to be confirmed by bank)
This health insurance benefit is a significant value addition, especially for individuals who may not have high health insurance coverage or want additional protection against large medical bills.
Lifestyle Benefits of Union Wellness Deposit
Alongside financial and health advantages, customers also receive a RuPay Select Debit Card, which comes with various lifestyle privileges, such as:
- Complimentary lounge access at airports
- Discounts on wellness services
- Offers on shopping and dining
(Exact benefits may vary and should be confirmed via Union Bank or RuPay portals)
Additional Banking Facilities
- Premature Closure: Allowed (with applicable rules and penalties)
- Loan Against Deposit: Available for liquidity needs without breaking the FD
Leadership Quote
Speaking on the launch, Ms. A. Manimekhalai, Managing Director and CEO of Union Bank of India, said:
“The Union Wellness Deposit reflects our commitment to offering innovative and premium banking solutions. It is designed to promote both financial well-being and health security, truly embodying a holistic customer-centric approach.”
Union Wellness Deposit Benefits Summary
| Feature | Details |
|---|---|
| Tenure | 375 days |
| Interest Rate | 6.75% (7.25% for senior citizens) |
| Minimum Deposit | ₹10 lakhs |
| Maximum Deposit | Below ₹3 crores |
| Insurance Cover | ₹5 lakh Super Top-up Health Insurance |
| Eligible Age Group | 18–75 years (residents) |
| Additional Benefit | RuPay Select Debit Card |
| Premature Withdrawal | Permitted |
| Loan Against Deposit | Available |
How to Apply for Union Wellness Deposit?
Interested customers can visit their nearest Union Bank of India branch or apply through official online banking channels.
Expert View
The Union Wellness Deposit is a smart proposition for affluent savers who are looking to:
- Safeguard large amounts in a trusted FD instrument
- Earn higher-than-average returns with added health coverage
- Get lifestyle privileges not typically associated with banking products
By combining savings and health security, this product resonates well in a post-pandemic era where customers are seeking integrated solutions that cater to both financial and medical preparedness.
Final Thoughts
With the launch of the Union Wellness Deposit, Union Bank of India has positioned itself as a forward-thinking institution that understands modern customer needs. If you’re a high-value depositor looking to gain more than just interest from your fixed deposit, this could be a product worth exploring.
Frequently Asked Questions
Union Wellness Deposit is a 375-day fixed deposit by Union Bank of India that offers 6.75% interest (7.25% for senior citizens) and includes a ₹5 lakh super top-up health insurance cover along with lifestyle benefits via a RuPay Select Debit Card.
The minimum deposit is ₹10 lakhs and the maximum deposit is below ₹3 crores. Multiple or cumulative deposits are not eligible for this scheme.
The deposit has a fixed tenure of 375 days.
Resident individuals between the ages of 18 and 75 years are eligible. The scheme can be opened individually or jointly, but only the primary account holder will receive insurance benefits.
A ₹5 lakh Super Top-up Health Insurance cover valid for 375 days is provided. It offers cashless hospitalization benefits at network hospitals.
The interest rate is 6.75% per annum for regular customers and 7.25% for senior citizens.
Yes, premature closure is allowed, but it may affect eligibility for insurance and benefits.
Yes, Union Bank of India allows loans against this deposit as per prevailing norms.
Customers will receive a RuPay Select Debit Card offering exclusive lifestyle benefits, airport lounge access, wellness offers, and discounts.
You can visit your nearest Union Bank of India branch or check details online at Union Bank Official Website.