Union Bank of India FD Rates

Since its inception in 1919, the Union Bank of India is well known for catering to diversified customer needs with its paramount banking solutions. From personal banking to corporate banking to financial investment tools, it offers a wide range of banking services. So, if you plan to invest in fixed deposits anytime soon, pin your hopes on Union Bank’s fixed deposits. Competitive Union Bank FD rates allow you to secure higher investment returns.

The Union Bank’s fixed deposit rates range from 2.75% to 5.60%.

Furthermore, for terms lasting in the bracket of five to ten years, the highest Union Bank of India FD rate is 5.60% p.a.

Union Bank FD Interest Rates Aug 2022.

The table below pertains to the Union Bank of India FD rates for August 2022.

Investment Amount	Interest Rate
Up to INR 50 lakhs	2.75 % per annum
From INR 50 lakhs to INR 100 Crores	2.90 % per annum
From 100 Crores to INR 500 Crores	3.10 % per annum
From INR 500 Crores to INR 1000 Crores	3.40 % per annum
Beyond INR 1000 Crores	3.55 % per annum

Union Bank FD Rates for Senior Citizens

The table below pertains to the Union Bank FD Rates for Senior Citizens.

Basics	Specific to Senior Citizens
Offered FD Interest Rate	3.50% – 6.10%
Additional Interest Rate	0.50% p.a.
Investment Tenure	From 7 Days up to 10 years
Minimum and Maximum Investment Amount	Minimum Investment Amount: INR 1,000  Maximum Investment Amount: No Limit
Compounding of interest rate	Quarterly

Union Bank FD Rates Highlights

The table below shows the Union Bank FD rates under different tenures.

Highest Union Bank Slab Rate	5.80% (for investment tenure of 5 to 10 years)
For one year	5.35%
For two years	5.45%
For three years	5.50%
For four years	5.75%
For five years	5.75%
Tax-Saver FDs	5.75% (for investment tenure of 5 years)  5.80% (for investment tenure ranging from 5 to 10 years)

Union Bank Fixed Deposit Schemes

Union Bank of India offers a good deal of fixed deposit schemes to cater to citizens’ versatile financial needs. Here’s the list of Union Bank Fixed Deposit schemes and their features to decide which FD best suits your financial obligations.

Union Bank Fixed Deposit Schemes	Features
Fixed Deposit Receipt (FDR)	Minimum Deposit Amount: INR 1,000 Investment Tenure: From 6 months up to 10 years Availability of loan on FD Nomination and premature withdrawal are available. When the deposit matures, it will simultaneously renew at the current interest rate.
Short Deposit Receipt (SDR)	Minimum Deposit Amount: INR 1,000 Investment Tenure: From 7 days  up to 179 days Availability of nomination and loan facility. Deposits may be withdrawn in advance. There is a facility for automatic renewal.
Union Tax Saver	Minimum Deposit Amount: INR 5,000, with subsequent deposits in multiples of INR 1,000; Maximum Deposit Amount: Rupees 1.5 lakh for every fiscal year. Investment Tenure: From 5 years to 10 years 5-year lock-in period Loan facilities are only accessible following the 5-year lock-in term. There is no automatic renewal facility. Only if the primary account holder’s death is a premature closure permissible. There is a nomination facility.
Easy Tax Saver Deposit Scheme	Minimum Deposit Amount: INR 1,000 Maximum Deposit Amount: INR 1.5 lakh for every fiscal year 5-year lock-in period Deposit amount is not permissible to be used as collateral for any other facility. Loans on FD are not permitted. There is a nomination facility. Deposits cannot be automatically renewed. Deposits may only be prematurely closed in the event of the primary account holder’s death.
Union Non-Callable Term Deposits Scheme	Minimum Deposit Amount: INR 2 crore or more Investment Tenure: From 61 days up to 3 years No auto renewal facility Premature FD withdrawal is available only for specific case scenarios: Death of the FD account holder  bankruptcy of the investor or depositor(s) On the order of Government and Regulators Specific to court order Loan on FDs or overdraft facility  is available
Money Flex Term Deposit (MFTD)	Minimum Deposit Amount: INR 25,000 Maximum Deposit Amount: Up to INR 2 crore Investment Tenure: From 6 months to 10 years Loan on FD is not available Option for automatic FD renewal Penalty free premature withdrawal is available
Union Green Deposit (UGD)	Minimum Deposit Amount: INR 50,000 Maximum Deposit Amount: Up to INR 2 crore Additional 0.5% interest rate for senior citizens For bank staff an additional 1% interest rate on FD is available and 1.5% for senior citizen staff  Auto renewal is not available
Motor Accident Claims Annuity Deposit (MACAD)	Minimum Deposit Amount: INR 1,000 Maximum Deposit Amount: Up to INR 2 crore Investment Tenure: From 3 years to 10 years Loan against FD is not available Premature FD withdrawal is available on court’s approval
Capital Gain Scheme	Minimum Deposit Amount: INR 1,000 Investment Tenure: From 2 years to 3 years Loan against Fd is not available Availability of nominee facility  Auto renewal of Fd after maturity is not available You can make premature withdrawal
Union Smart Rupee Deposit Scheme	Minimum Deposit Amount: 10,000 US Dollars Investment Tenure: One year Scheme is specifically available for NRIs and OCIs Premature extension of FD scheme is not permissible  Returns will be paid to the depositor in Indian Rupees Return on Investment is applicable based upon FCNR (B)
NRE Fixed Deposit	Minimum Deposit Amount: INR 10,000 for metro and urban branches, INR 5,000 for rural and semi-urban branches, INR 5,000 for senior citizens No returns will be provided if the FD is cancelled before completion on one year Availability of nomination facility Interest on deposited amount is paid off quarterly
NRE Flexi Fixed Deposit	Available only for NRIs, PIO, as well as, OCIs You need to maintain a minimum balance of INR 50,000 in your savings account Investment Tenure: 1 year Sweep Out Amount: INR 10,000 and beyond that multiples of INR 10,000 and go upto INR 1 crore at maximum Availability of nomination facility Loan against FD is not available
NRE Monthly Income Scheme	Minimum Deposit Amount: INR 1,000 Investment Tenure: From 1 year to 10 years Non-availability of loan against FD and nomination facility You can make premature FD closure No returns will be provided if the FD is cancelled before completion on one-year
NRO-Short Term Deposit	Investment Tenure: From 7 days to 180 days Minimum Deposit Amount: INR 5 lakhs
NRO Flexi Fixed Deposit	Available only for NRIs, PIO, as well as, OCIs You need to maintain a minimum balance of INR 50,000 in your savings account Investment Tenure: From 46 days to 1 year Availability of nomination facility
Union Smart Foreign Currency	This FD scheme is only available for NRIs, PIO, as well as, OCIs Minimum Deposit Amount: 10,000 US Dollars Investment Tenure: 1 year Premature FD withdrawal is not permitted

Features and Benefits of Union Bank FDs

With Union Bank fixed deposits, you unlock doors to numerous benefits such as flexible investment tenure, competitive Union Bank FD rates, easy processing, premature withdrawal and much more. Here’s what else you don’t want to miss out on your foremost investment instrument.

• Flexible Investment Tenure

The investment tenure for Union Bank FDs falls in the bracket of 7 days to 10 years. You can opt-out of the time frame based on your financial obligations. Additionally, you cannot opt-out after the tenure has commenced, so make sure you choose an appropriate one beforehand. 

• Minimum/Maximum Investment Amount

The minimum deposit amount for Union Bank fixed deposit schemes starts from INR 1,000. However, the minimum amount may vary based on the chosen FD scheme.

Additionally, there is no upper limit for the investment amount except tax saver FDs.

The maximum investment amount for Union Bank tax-saving FDs is INR 1,50,000.

• Union Bank of India FD rates

Compared to other investment instruments, Union Bank FD rates allow you to secure a higher investment return. You can get Union Bank FD rates starting from 3% up to 5.6%. For senior citizens, the Union Bank of India FD rates are slightly different and range between 3.75% to 6.1%. The bank employees offer an additional advantage in terms of interest rates.

• Premature FD Withdrawal

Union Bank allows depositors to withdraw prematurely on all FD schemes except tax saver FDs. However, you may have to pay the penalty to make a premature withdrawal for specific schemes. If you decide to withdraw an amount within 7 days of investment, you will have to pay 1% of the amount as a penalty. After this duration, the premature withdrawal comes at no cost. 

• Loan Against Fixed Deposit

The Union Bank allows depositors to secure loans against the accumulated FD amount. There’s no need to pay huge interest rates on personal loans when you have a fixed deposit account with Union Bank. You can avail of 90% of the FD amount as a loan at lower interest rates. 

• The Facility of Nomination

Union Bank Fixed deposit investors get the opportunity to select the nominee for their FD account.

• Auto-renewal Facility

If you are willing to reinvest the returns generated at the time of FD maturity, there is no need to visit the bank branch. Union Bank FDs come with the option of an auto-renewal facility, and you can opt for the same while opening the FD account.

• Security and Safety

The Reserve Bank of India’s Deposit Insurance Scheme safeguards all investments towards the Union Banks FDs. Investment amount up to Rupees 5,00,000 is covered under the deposit insurance scheme. So, no matter what, you will get your investment amount in case of unforeseen circumstances. 

Eligibility Criteria for Union Bank FD

To avail of the benefits of the Union Bank FD rates, you must understand that there is a minimum eligibility criterion that you must comply with. If you are eligible to open an FD account in Union Bank, you can enjoy the benefits of Union Bank FD interest rates.

• To open a Union Bank Fixed Deposit Account
  • You should be an individual
  • Belong to HUF – Hindu Undivided Family
  • Can be a minor (accompanied by a parent or legal guardian) or even an Adult
• If you are willing to open a Joint FD account then you must have a joint saving account too
• Partnership Firm
• Trusts or Private Ltd. companies’
• Municipalities and Panchayats
• Religious Trusts and Charitable Trusts
• Educational Institution or Schools
• Societies 
• Associations

If you belong to any of the mentioned categories, you can open a Union Bank FD account with utmost ease by submitting certain documents. 

Union Bank FD Minimum/ Maximum Deposit Amount

Once you have decided to invest in Union Bank FDs, to enjoy the benefits of higher returns and competitive Union Bank FD rates, you must get acquainted with the minimum and maximum deposit limit.  At a minimum, the Union Bank allows you to start your investment with a small amount of INR 1000. The maximum deposit amount is not limited. You can invest any figure that you are comfortable with. However, the tax saver fixed deposit schemes don’t offer this feature. For tax saving schemes, the maximum investment amount is limited to 1.5 lakhs for every fiscal year. 

Compare Union Bank Fixed Deposit Returns with Top Banks

Major Indian banks offer competitive interest rates on FDs. Determining what will be the best for you can be an intimidating task. Visiting numerous sites to know which bank offers the best can be time-consuming. To make it easier, we have listed the FD interest rates of top Indian banks. This comparison can help get a clear idea of how other institutions’ fixed deposit rates differ from Union Bank FD rates.

Bank FD	Minimum Investment Amount (in ₹ )	Investment Tenure	Return on Investment (Annual)
Bajaj Finance Ltd. FD	₹ 15,000	1 to 5yrs	6.03% to  7.75%
SBI Bank FD	₹ 1,000	1 to 10yrs	2.90% to  5.40%
ICICI Bank FD	₹ 10,000	1 to 10yrs	2.50% to  5.60%
Axis Bank FD	₹ 5,000	1 to 10yrs	2.50% to  5.75%
HDFC Bank FD	₹ 5,000	1 to 10yrs	2.50% to  5.50%
Bank of Baroda	₹ 1,000	1 to 10yrs	2.80% to  5.25%
IDFC Bank FD	₹ 10,000	1 to 10yrs	3.00% to  4.65%
Kotak Mahindra Bank FD	₹ 5,000	1 to 10yrs	2.50% to  5.30%
Canara Bank FD	₹ 1,000	1 to 10yrs	2.90% to  5.35%
Yes Bank FD	₹ 10,000	1 to 10yrs	3.25% to  6.25%
IndusInd Bank FD	₹ 10,000	1yr to  5yrs 1m	2.50% to  6.00%
Punjab National Bank FD	₹ 1,000	1 to 10yrs	2.90% to  5.25%
IDBI Bank FD	₹ 10,000	1 to  20yrs	2.70% to  5.40%
Citibank FD	₹ 1,000	1 to  5yrs	1.85% to  3.50%
RBL Bank FD	₹ 1,000	1 to  10yrs	3.25% to  6.30%
Indian Bank FD	₹ 1,000	1 to  10yrs	2.80% to  5.25%

How to Open a Union Bank FD Account

You can open a Union Bank Fixed Deposit account through online or offline mode. When you rely on an online process, you just need to apply for the same through the official portal. However, you will have to visit the nearest bank branch for the offline process.

Union Bank Fixed Deposit Online Process

Follow the mentioned steps to open a Union Bank FD account online.

Step 1: Visit the official portal of the Union Bank of India.

Step 2: Visit the internet banking section from the homepage and log in using your ID and password.  

Step 3: Visit the fixed deposit section and choose the Union Bank fixed deposit scheme.

Step 4: Go through the sections and enter the required details.

Step 5: Select the investment amount debited monthly from your savings account.

Step 6: Submit the details, and you are done with your part. 

A pop-up will appear on the screen, confirming your submission. Further details will be sent to you via email. 

Union Bank Fixed Deposit Offline Process

Follow the depicted steps to apply for Union Bank FD offline:

Step 1: Make an in-person visit to the nearest bank branch.

Step 2: Speak with a bank executive and let the representative know about your requirements and investment amount.

Step 3: Get the application form for the chosen scheme and fill it out carefully.

Step 4: Attach required documents with the form.

Step 5: Deposit the investment amount, and you will be provided with the FD receipt.

That’s it. Your FD account will open, and the investment amount will be debited monthly from the bank details.