News India Live, Digital Desk: Bank declaration: India’s top banks, Canara Bank and Union Bank of India have also announced special products for customers. Canara Bank has launched Canara Truez, which is a special group of current and savings accounts. Union Bank of India has launched the Union Wellness Deposit which combines the benefits of fixed deposits with health insurance.
Canara Bank, one of the major public sector banks of India, has launched Canara Truez. It is a special suit of current and savings accounts. This suit is designed to provide ease of operation and financial benefits to customers.
The bank’s website states that, “True-current and savings account have been designed to meet the unique banking requirements of institutions, which offers a dynamic chain of benefits along with your monthly average balance (MAB). With a group of initial deposits and not requiring initial deposits and with a group of price-added services, there is a perfect solution for Truez Shakti Institutions, Trusts, Societies and others.”
Canara Truez provides zero initial deposit requirement for easy onboarding. There is no advance cost to open an account. Customers can enjoy unlimited free NEFT, IMPS and UPI transactions at all levels. The scheme provides a flexible profit system of fee exemption and concessions.
Customers can avail exemption on cash handling fee based on last month’s MAB. This unique feature provides access to students and employees to free Corsera courses, which is a value -added educational boost for qualified institutions. The scheme focuses on providing individual and dedicated assistance through a nominated relationship manager.
Union Bank of India has launched a new retail term deposit scheme called Union Wellness Deposit. This product combines fixed deposit benefits with health insurance and lifestyle benefits.
The fixed period of union wellness deposits is 375 days. It gets an interest rate of 6.75 percent annually. Additional 0.50 percent is offered to senior citizens. Customers can invest a minimum of Rs 10 lakh to Rs 3 crore.
In this scheme, a 375-day super top-up health insurance cover of Rs 5 lakh is also given. This includes the facility of hospitalization. In this scheme, lifestyle benefits are also provided through RuPay Select Debit Card. Loan facilities are also available as per the current guidelines of domestic term deposit. The product is open to persons between the ages of 18 to 75, whether they are personally or jointly. Only the primary holder of the joint account is covered by insurance.
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