phone   Sort Code: 23-56-26
phone   SWIFT Code: UBINGB2L
phone   +44 20 7332 4250 (Ext-2)
mail   premierbond@unionbankofindiauk.co.uk
Terms and Conditions
Union Premier Bond Account Specific Terms and Conditions

The following are the Account specific Terms and Conditions applicable to the Union Premier Bond. These are in addition to the General Terms and Conditions. Between General Terms & Conditions and Specific Terms & Conditions the latter would prevail.Between General Terms & Conditions and Specific Terms & Conditions the latter would prevail.

Terms and conditions

Union Premier Bond is an online fixed deposit account for individuals who are UK residents, 18 years and above and maintaining account in his/her name in any authorised UK bank or building society other than us.

When you apply for Union Premier Bond you are agreeing to specific Terms and Conditions, for the Union Premier Bond you are opening. We will provide you with copies of the Terms and Conditions (any other documents which form part of the contract between you and us) upon request. These terms and conditions are also available on our website.

The Terms & Conditions contain important information which you should read carefully as they explain our obligations to you and your obligations to us. You should read all the terms and conditions carefully and keep them safe for future reference, as they form a legal contract between you and us.

Further, these terms and conditions are in addition to our General Terms and Conditions, if any account specific condition is inconsistent with any provision of the General Terms and Condition, the account Specific condition will apply and hold good.

These Terms and Conditions contain, a number of words and phrases printed in bold type because they have a special meaning, which is explained here.

Certificate

Means the certificate we give or send to you which states that you are the holder of the Union Premier Bond Account and also confirms about the Investment Amount, Duration, rate of Interest of Bond and Maturity date and value.

Electronic Transfer:- Means an electronic transfer made by FPS (Faster Payment System) / CHAPS.

INVESTMENT AMOUNT

The amount which you have invested to open your Union Premier Bond.

Maturity Funds

The sum payable to you on the maturity of the Union Premier Bond.

Nominated Account

A bank account in your names(S) held with any other United Kingdom authorised or building society than us. The Nominated account will be the account from which you will invest /deposit into the Union Premier Bond account and to which maturing funds will be transferred back.

Term /Duration

The period of time for which you have agreed to place your investment on your Union Premier Bond.

Withdrawal means when we carry out your instructions to pay monies from your Bond account to your Nominated Account.

  1. Eligibility :

    Any UK resident, who is 18 years or above and maintaining account in his/her name in any authorised UK bank or building society other than us.

  2. Opening a Union Premier Bond :

    We will verify your identity and address online using different sources, including searches using public information bodies. Please do not send in your documents unless we request you to do so. However if the online verification fails, we may ask for documents (including your id and proof of address) in order to enable us to complete our due diligence procedures and open your account. The application will automatically be cancelled if the required kyc is not provided to us within 30 days of submission of application.

    We will not be able to open an Union Premier bond, if you do not satisfy our requirements in relation to establishing your identity, under relevant Anti Money Laundering legislations.

    If you are applying to open a joint Account, by accepting these Terms and Conditions, you are confirming that you have the necessary permission from the other applicants to add their name(S) to the Account.

    Funding your Bond Account :

    You can remit money to fund the account only by FPS (Faster Payment Service)/CHAPS. While remitting money please note that:

    - The remittance must be made from the same account as detailing in your Bond Application. The Bank Account must be in your name. We will remit the proceeds on maturity to the same Bank Account.

    - We also permit the remittance from Joint Bank Account but you must be one of the Account Holders in the fore mentioned Bank Account.

    - We will not accept multiple payments against a single Bond Application or a single remittance (payment) against multiple Applications.

    - We will not accept cheques, Bankers Drafts or Postal Orders.

    Funds received after 30 days will not be applied to the Customer’s Bond Account and Returned.

  3. You can only open the Union Premier Bond in Sterling i.e GBP.

  4. Maximum/Minimum balance deposit From £5000 to £340000. (Including joint Applicants). Maximum four applicants permitted for each account.

  5. Investment :

    Your investment must be made only by Electronic Transfer from your Nominated Account.

  6. Term :

    When you are applying for a Union Premier Bond, you can place your deposit for the period of Min 12 months, 24 months, 36 months, 48 months and 60 months.

  7. Rate of Interest :

    In the certificate we will mention the applicable interest rate for the term you have applied for. We agree to pay you the rate of interest quoted in the certificate. In case of renewal of the existing bond we would apply the interest rate prevailing at the time of giving instruction for renewal.

  8. Maturity :

    If you have not agreed to maturity options listed below, on maturity the Investment Amount plus interest will be returned to your Nominated Account.

  9. We provide following options at the time of opening of accounts:

    Automatic renewal of the deposit on maturity for the original period at the rate of interest applicable on the date of maturity (This feature ensures that you don't lose out even on a single day's interest).

    Automatic renewal of the deposit on maturity for a different period and at the applicable rate of interest on the date of maturity (However instructions to be given at the time of account opening or 7 working days before maturity date)
    Payment of maturity proceeds would be transferred to the same account from where they were originally received.

    However if we no longer offer the Union Premier Bond accounts or no longer offer the term originally chosen, we will reinvest the amount in the account with the term closest in length to your original account and the interest rate would be the rate prevailing at the time of maturity.

    If deposit is maturing on a holiday, the interest will be paid for the holiday period as well and will be payable on next working day. If the deposit is renewed for a further period, then the effective start date will be the original maturity date.

    Bank will notify and share links to your registered E mail before 15/7 days of maturity respectively. You can login and can submit your request or you can open your Union Premier Bond directly via clicking the link mentioned on our bank’s website i.e. www.unionpremierbond.unionbankofindiauk.co.uk

    Your request should reach us 7 days before maturity of bond. Otherwise your bond will get renewed for the initial original term at the rate of interest applicable on the date of maturity.

Premature closures

As per Bank's policy, no premature closure payment is allowed.

If Bond is maturing on a public holiday or weekends, the interest will be paid for the holiday period as well. If the deposit is renewed, then the effective start date will be the original maturity date.

Payment on Maturity – We will pay the maturity proceeds electronically using FPS/BACS/CHAPS or CHEQUES (In case of change of account details).

Communication

We will communicate with you by email using the email address provided by you in the application form. If you have a joint account we will be communicating with primary account holder only.

We will send the online login credentials to the registered email address of the primary account holder only, even in case of joint accounts also.

It is Primary applicant’s responsibility to take consent of all other joint applicants before opening or closing the deposit.

We will notify you by email before the maturity of the Union Premier Bond Account so that you may give us further instructions in relation to your Account.

We would send you an e mail with URL link 15 days before maturity to seek your instructions as to renew, partially renew or redeem your bond.

The email will be sent from donotreply@unionbankofindiauk.co.uk.

Contact

You can contact us on 020 7332 4250 or send us an e-mail at premierbond@unionbankofindiauk.co.uk

Any time between 9.30 AM to 4:00 PM on working days.

About FSCS Coverage (https://www.fscs.org.uk/)

We are covered by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for example a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank, including their share of any joint account, and not to each separate account. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call our branch, refer to the FSCS website https://www.fscs.org.uk/ or call the FSCS on 081006781100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.