India's public sector banking giant, Union Bank of India, has launched a first-of-its-kind term deposit scheme - the Union Wellness Deposit. This is not just a fixed deposit - it's a complete financial and health security package rolled into one smart investment option.
Let's explore what makes this FD scheme a perfect blend of wealth creation and wellness protection.
Launched officially on May 13, 2025, in Mumbai, the Union Wellness Deposit offers a 375-day fixed deposit with a highly competitive interest rate of 6.75% per annum, and a free ₹5 lakh Super Top-up Health Insurance policy.
This plan is designed to ensure that depositors don't just grow their money, but also stay protected with an additional health safety net - making it ideal for working professionals, families, and senior citizens.
|
Feature |
Details |
|
Deposit Tenure |
375 days |
|
Interest Rate |
6.75% p.a. for general public |
|
Senior Citizen Rate |
7.25% p.a. (extra 0.50%) |
|
Insurance Cover |
₹5 lakh Super Top-up Health Insurance |
|
Minimum Deposit |
₹10 lakh |
|
Maximum Deposit |
₹3 crore |
|
Eligibility Age |
18 to 75 years |
|
Other Perks |
Free RuPay Select Debit Card + Lifestyle offers |
|
Premature Closure & Loan |
Allowed (as per bank terms) |
The highlight of this deposit is the cashless Super Top-up Health Insurance Policy worth ₹5 lakh. Here's how it benefits you:
Coverage for major medical expenses
Cashless hospitalization at empanelled hospitals
Valid for the same 375-day term as the deposit
Applicable only to the primary account holder in case of joint accounts
To be eligible, you must:
Be an Indian resident aged between 18 and 75 years
Open an individual or joint FD account (health insurance applies only to the primary holder)
Invest a minimum of ₹10 lakh and up to ₹3 crore
Agree to link your health insurance during deposit opening
Along with guaranteed returns and free insurance, you also get:
Free RuPay Select Debit Card Comes with attractive lifestyle privileges like airport lounge access, dining discounts, and concierge services.
Loan Facility Against Deposit In case of urgent needs, you can apply for a loan without breaking the deposit.
Premature Withdrawal Option Subject to standard terms and conditions, offering liquidity when needed.
This isn't just another FD. It's a dual benefit plan that takes care of your:
Financial Growth - With high fixed returns for 375 days
Health Emergencies - With free top-up insurance that could save you lakhs during hospitalization
It's especially suitable for individuals looking for risk-free returns while also ensuring health protection without buying a separate insurance policy.
You can visit your nearest Union Bank of India branch or check for the availability of the scheme via:
Union Bank's official website
Union Bank mobile banking app (if enabled)
Customer service helpline
Make sure to carry your PAN, Aadhaar, and bank details for account opening and KYC purposes.
In an age where medical costs are rising and safe investments are in high demand, Union Bank's Wellness Deposit Scheme offers a rare combination of both.
If you're planning a large deposit or looking for an FD that offers extra value, this scheme is definitely worth considering - especially if you don't already have a high-value health insurance plan.