Union Mutual Fund

An Overview of Union Mutual Funds

Union Mutual Fund is an investment product of the Union Bank of India. It has been one of India’s fundamental drivers in the Asset Management industry for over a decade. The fund renders 21 schemes across various mutual funds comprising seven debt, eight equity, and four hybrid mutual funds.

Union Mutual Fund has an AUM (Asset Under Management) of ₹9,610 Cr. This Asset Management Company (AMC) was established on December 30, 2009, to develop India’s strong asset management portfolio. Over the years, the Union Mutual Fund has lured a big audience into investing in the fund. 

Dai-ichi Life (the top insurance company in Japan) and Union Bank of India sponsor the Union Mutual Fund. However, Union Bank of India owns 100% of the fund’s shares. 

Type of Union Mutual Funds

Union Mutual Funds is divided into three categories: Equity, Debt, and Hybrid Union Mutual Funds. The details of the same are as follows:

Union Equity Mutual Funds

Such mutual funds invest their assets in various companies’ stocks based on the underlying scheme’s investment goals. Union Equity MFs tend to yield long-term wealth. Hence, it is an ideal investment choice for capital appreciation. If you want to gain exposure to the stock market and invest for the long term, invest in Union Equity Mutual Funds.

Union Debt Mutual Funds

Such funds typically generate returns by lending your money to companies and the government. The type of borrower and lending duration determine the risk level of a Debt Fund. These funds have moderate risk on investment.

Union Hybrid Mutual Funds

Union Bank Hybrid Funds are Union Bank MF schemes that invest in assets like debt, equity, and other asset classes based on the scheme’s investment objective.

How to Invest in Union Mutual Funds?

Usually, a new mutual fund comes with a newspaper ad with its launch date. Investors willing to invest in Union Mutual Funds can either invest via online or offline mode.

Offline Mode

Investors can approach the bank or contact mutual fund distributors and agents in this mode. They will provide applicants with the required information and application form for mutual fund investment. You can submit the form for starting MF investment through distributors and agents who provide such services. 

Note: The schemes by banks and post offices are only meant for distribution. They don’t guarantee any issuance of returns. Investors must not be enticed by gifts/commissions/distributors offered by distributors or agents for investing in a specific scheme. Rather, they should analyse the track record of the mutual fund and must take accurate decisions. 

Online Mode

First of all, choose an agent or distributor. Then visit their official website and choose the Union Bank Mutual Fund scheme you want to invest in. Fill out the application form, upload the supporting documents and your passport-size photograph, and submit the opening amount through your preferred online payment mode. Once you have deposited the amount, your application will be processed within a few minutes.

Documents Required for Investing in Union Mutual Funds

According to SEBI (Securities and Exchange Board of India), all investors must be KYC compliant. Therefore, if you are planning to invest in Union Mutual Funds, you must keep the following documents handy:

• PAN Card 
• Address Proof, which may include your Driving License, Aadhaar Card, Passport, Utility Bills, etc.
• Passport-sized photographs
• KYC authorisation letter
• Video Selfie – record a selfie video by facing the camera for 5 seconds.

Note: The applicants must upload a clear coloured copy of their KYC documents on the website at the time of registration.