Fixed Deposits Accounts offered by Union National Bank in the UAE
Union National Bank fixed deposit account is tailor made to suit the various financial needs of its customers. The fixed deposit account helps investors make a fortune off from their savings by investing their savings in the account for a certain period of time and by earning interest on the same. It also offers competitive interest rates and flexible tenures. The account can be opened in major currencies other than AED.
Features and Benefits of Union National Bank Fixed Deposit Account
Listed below are the features and benefits of Union National Bank fixed deposit account.
- It is a term deposit account
- Offers competitive interest rates
- Flexible tenure options
- Available in AED and other major currencies
- Minimum investment for the fixed deposit account is AED 50,000
- Available to existing account holders and non-account holders of United National Bank
- Term period as low as one month
- Pre-mature withdrawal allowed with a penalty charge
- Overdraft facility available up to 95% of the deposited amount
- Additional benefit with Master and Visa credit card for up to 95% of the FD value free for the collateral lifetime
- The account can be opened online
- Minimal documentation
- Easy processing
- Non account holders with the bank can open the account at one of the bank’s branches
Other products offered by the Union National Bank in the UAE are:
What is a fixed deposit account?
A fixed deposit account is a term deposit where in the account holder deposits a fixed amount of money at the time of opening the account and earns interest on the same for a certain period of time. The customer gets to choose the tenure of the deposit and interest will be paid out either at intervals or at maturity depending on the fixed deposit account. The interest paid depends on the amount deposited and the tenure for which the deposit has been made.
Premature withdrawal (withdrawing funds from the account before the maturity of the account) is allowed in fixed deposits but the bank charges a penalty fee for premature withdrawals or doesn’t pay out the interest and pays back just the principal amount. One can also avail loans against fixed deposit accounts. Some fixed deposit accounts come with an auto renewal option where in the account holder can renew the account on maturity with the same amount or by adding extra principal amount to the already existing account.
About Union National Bank
Union National Bank was established in 1982 as a Public Joint Stock company. It is one of the leading banks in UAE and is headquartered in Abu Dhabi. The bank offers a variety of financial services and products to individuals and corporate institutions. The bank offers financial services and products such as accounts, cards, loans, Bancassurance solutions, savings schemes and other investment options to self-employed individuals, salaried individuals, high net worth individuals and business entities. The bank also offers internet banking, phone banking, ATM banking and Mobile banking to make banking easier for its customers.