How does Union Bank of India’s ‘Wellness Deposit’ scheme work?, ET BFSI

How does Union Bank of India’s ‘Wellness Deposit’ scheme work?

Union Bank of India has launched an innovative term deposit scheme called ‘Union Wellness Deposit,’ designed to cater to retail customers by combining financial growth with health benefits. This unique offering aims to meet the investment and healthcare needs of customers by incorporating health insurance alongside traditional deposit features.

The scheme is available to resident individuals aged 18 to 75 and can be opened in both individual and joint account formats, though insurance coverage is limited to the primary account holder in joint accounts. To participate, customers must invest a minimum of Rs 10 lakh, with the maximum deposit capped at Rs 3 crore. The term deposit has a fixed tenure of 375 days, during which depositors will earn an annual interest rate of 6.75%, with an additional 0.50% for senior citizens.

A standout feature of the Union Wellness Deposit is the inclusion of a 375-day Super Top-up Health Insurance cover, offering a sum insured of Rs 5 lakh along with cashless hospitalization benefits. In addition, the scheme allows for the flexibility of premature closure and the option for loans against deposits.

Furthermore, customers who avail of the Union Wellness Deposit will also enjoy lifestyle perks through the RuPay Select Debit Card, enhancing the overall value of the product. The scheme is designed to attract a broad customer base, especially senior citizens, who are seen as a key segment for the bank. This initiative reflects Union Bank’s strategy to diversify its offerings by blending traditional financial services with health protection, setting a new benchmark in the banking sector.

• Published On May 14, 2025 at 03:22 PM IST

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