Several banks come up with special schemes from time to time to attract customers. One of the primary reasons these special schemes are appealing is the higher interest rates they offer to customers.
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India's top banks, Canara Bank and Union Bank of India, have also announced special products for customers. Canara Bank has launched Canara TruEdge, a specialised suite of current and savings accounts. Union Bank of India has launched the Union Wellness Deposit that combines the benefits of a fixed deposit with health insurance.
Canara Bank, one of India's premier public sector banks, has launched the Canara TruEdge. This is a specialised suite of current and savings accounts. The suite has been created to provide customers operational ease and financial benefits.
"The TruEdge Current and Savings Account is crafted to meet the unique banking needs of institutions, offering a dynamic range of benefits that scale with your Monthly Average Balance (MAB). With no initial deposit required and a suite of value-added services, TruEdge is the perfect solution for educational institutions, trusts, societies, and more," the bank's website states.
Canara TruEdge offers a zero initial deposit requirement for easy onboarding. There is no upfront cost to open an account. Customers can enjoy unlimited free NEFT, IMPS and UPI transactions across all tiers. The scheme offers a flexible benefit system of charge waivers and concessions.
Customers can benefit from waivers on cash handling charges based on the previous month's MAB. The unique feature gives students and staff access to free Coursera courses, a value-added educational boost for qualifying institutions. The scheme focuses on providing personalised and dedicated support through a designated relationship manager.
Union Bank of India has launched a new retail term deposit scheme called the Union Wellness Deposit. This product combines fixed deposit benefits with health insurance and lifestyle benefits.
The Union Wellness Deposit has a fixed tenure of 375 days. It offers an interest rate of 6.75 percent per annum. Senior citizens are offered an additional 0.50 percent. Customers can invest a minimum of Rs 10 lakh and up to Rs 3 crore.
The scheme also offers a 375-day Super Top-up Health Insurance cover worth Rs 5 lakh. This covers cashless hospitalization. The scheme also offers lifestyle benefits via the RuPay Select Debit Card. Loan facilities are also available as per existing guidelines of Domestic Term Deposits. The product is open to resident individuals aged 18 to 75, either individually or jointly. Only the primary holder of a joint account is covered by insurance.
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