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Union Bank of India FD Rates
Union Bank of India offers a number of fixed deposit schemes. The FDs can be of tenure ranging from min 7 Days to 10 Year 2 Days . The roi for different schemes starts from 3.00% to 7.25 % for the general public and 3.50% to 7.75 % for senior citizens. The min amount required to open an Fixed Deposit with Union Bank of India is Rs.1,000
Types Of Union Bank of India Fixed Deposit Schemes
Union Bank Of India is offering a different kinds of fixed deposits to its customers. These are :
Name of Schemes | For General Citizen (p.a.) | For Senior Citizen (p.a.) |
---|---|---|
Union Bank of India Domestic Term Deposits FD | 3.00% to 7.25 % | 3.50% to 7.75 % |
Union Bank of India NRE FD | 6.50% to 7.25 % | -- |
Union Bank of India Tax saving FD | 6.50% to 6.50 % | 7.00% to 7.00 % |
Union Bank of India Domestic Term Deposits FD
View SchemeGiven below are the latest Union Bank of India Domestic Term Deposits FD, ranging from 7 Days to 10 Year 2 Days as of August, 2022.
Tenure | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
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7 Days Upto 14 Days | 3.00% p.a. | 3.50% p.a. |
15 Days Upto 1 Months | 3.00% p.a. | 3.50% p.a. |
1 Months 1 Days Upto 1 Months 15 Days | 3.00% p.a. | 3.50% p.a. |
1 Months 16 Days Upto 3 Months | 4.30% p.a. | 4.80% p.a. |
3 Months 1 Days Upto 4 Months | 4.30% p.a. | 4.80% p.a. |
4 Months 1 Days Upto 6 Months | 4.40% p.a. | 4.90% p.a. |
6 Months 1 Days Upto 12 Months 4 Days | 6.75% p.a. | 7.25% p.a. |
1 Year 1 Days Upto 2 Year | 7.25% p.a. | 7.75% p.a. |
2 Year Upto 3 Year | 5.50% p.a. | -- p.a. |
3 Year Upto 3 Year 5 Days | 6.50% p.a. | 7.00% p.a. |
3 Year 16 Days Upto 5 Year | 6.50% p.a. | 7.00% p.a. |
5 Year Upto 10 Year 2 Days | 6.50% p.a. | 7.00% p.a. |
Upto 1 Year | 6.75% p.a. | 7.25% p.a. |
Upto 3 Year 16 Days | 6.50% p.a. | 7.00% p.a. |
Union Bank of India NRE FD
View SchemeGiven below are the latest Union Bank of India NRE FD, ranging from 1 Year to 10 Year 2 Days as of September, 2022.
Tenure | Interest Rates for Public (p.a.) |
---|---|
1 Year Upto 2 Year | 6.75% p.a. |
2 Year Upto 3 Year | 7.25% p.a. |
3 Year Upto 5 Year | 6.50% p.a. |
5 Year Upto 10 Year 2 Days | 6.50% p.a. |
Upto 1 Year | 6.75% p.a. |
Union Bank of India Tax saving FD
View SchemeGiven below are the latest Union Bank of India Tax saving FD, ranging from 5 Year 1 Months 7 Days to 10 Year 2 Days as of August, 2022.
Tenure | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
---|---|---|
5 Year 1 Months 7 Days Upto 10 Year 2 Days | 6.50% p.a. | 7.00% p.a. |
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) |
|
Short Deposit Receipt (SDR) |
|
Union Tax Saver |
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Easy Tax Saver Deposit Scheme |
|
Union Non-Callable Term Deposits Scheme |
|
Money Flex Term Deposit (MFTD) |
|
Union Green Deposit (UGD) |
|
Motor Accident Claims Annuity Deposit (MACAD) |
|
Capital Gain Scheme |
|
Union Smart Rupee Deposit Scheme |
|
NRE Fixed Deposit |
|
NRE Flexi Fixed Deposit |
|
NRE Monthly Income Scheme |
|
NRO-Short Term Deposit | Investment Tenure: From 7 days to 180 days
Minimum Deposit Amount: INR 5 lakhs |
NRO Flexi Fixed Deposit |
|
Union Smart Foreign Currency |
|
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.
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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.
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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.
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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.
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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.
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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.
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The Facility of Nomination
Union Bank Fixed deposit investors get the opportunity to select the nominee for their FD account.
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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.
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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.
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Frequently Asked Questions (FAQs)
What is the FD interest rate in Union Bank?
The Union Bank FD rates fall from 2.75% to 5.60% for general citizens. Senior citizens get an additional 0.50% interest rate.
What is the interest of 1 lakh in Union Bank?
The interest of 1 lakh in Union Bank is 2.90%.
Does Union Bank provide additional FD rates to senior citizens?
Yes, Union Bank provides an additional FD rate of 0.50% to senior citizens.
Does Union Bank Charge for Premature Withdrawal of FDs?
No, the Union Bank does not charge any penalty for premature withdrawal made after 7 days of investment. However, if you withdraw an amount within 7 days, you will have to pay 1% of the amount as a penalty.
Does Union Bank allow joint fixed Deposit accounts?
Yes, the Union Bank allows depositors to open joint fixed deposit accounts.
What is the Minimum/Maximum amount required to open an FD account with Union Bank?
The minimum amount required to open an FD account with the Union Bank is INR 1,000. There is no maximum limit for the deposit amount.