Union Bank of India RD Interest Rates

Union Bank of India Recurring Deposit (RD) Interest Rates range between 6.85% – 7.80% p.a. for senior citizens, 7.10% – 8.05% p.a. for super senior citizens and 6.35% – 7.30% p.a. for other depositors. Depositors can opt for Union Bank of India RD schemes for tenures ranging between 6 months to 10 years.

Union Bank of India RD Interest Rates Highlights

Highest slab rate	7.30% (for 456 days)
For 1 year	6.80%
For 2 years	6.60%
For 3 years	6.70%
For 4 years	6.50%
For 5 years	6.50%
Tax-Saving FD	6.50%

Note: Interest rates as of 17th January 2025

Union Bank of India RD Interest Rates w.e.f. 1 January 2025

Union Bank of India has not provided separate interest rates for its RD schemes. The Union Bank of India RD interest rates are the same as the Union Bank of India Fixed Deposit Interest Rates. However, the tenure of RD deposits ranges from 6 months to 10 years.

Tenure	Interest Rates (% p.a.)
	Regular Citizens	Senior Citizens
7 days to 14 days	3.50	4.00
15 days to 30 days	3.50	4.00
31 days to 45 days	3.50	4.00
46 days to 90 days	4.50	5.00
91 days to 120 days	4.80	5.30
121 days to 180 days	5.00	5.50
181 days to less than 332 days	6.35	6.85
333 days	6.35	6.85
334 days to less than 1 year	6.35	6.85
1 year	6.80	7.30
Above 1 year to 398 days	6.80	7.30
399 days	7.00	7.50
400 days to 455 days	6.60	7.10
456 days	7.30	7.80
457 days to 2 years	6.60	7.10
Above 2 years to 996 days	6.60	7.10
997 days	6.40	6.90
Above 998 days to less than 3 years	6.60	7.10
3 years	6.70	7.20
Above 3 years to 5 years	6.50	7.00
Above 5 years to 10 years	6.50	7.00

Note: For super senior citizens aged 80 years and above, the bank offers an additional 0.25% p.a. interest rate offered to senior citizens.

Union Monthly Plus Recurring Deposit Scheme

Union Monthly Plus Recurring Deposit Scheme is an RD scheme wherein the depositor has to declare the monthly instalment amount i.e. the core amount while opening the RD account and deposit that money as an initial instalment. Depositors have the option to make multiple deposits in a month in the RD account. The bank provides the depositor with the step-up and step-down options in terms of their monthly instalments. Under the step-up option, the depositor can increase the monthly instalment amount to up to 10 times of the core amount. The depositor can also deposit more than once during a month, subject to the maximum ceiling of 10 times the Core Amount. The step-down option allows the depositor to reduce the deposit amount for a month(s) provided that the deposit amount does not go below the core amount.

• Tenor: 6 months to 5 years
• Minimum deposit amount: Rs 100 and in multiples of Rs 100 thereof
• Maximum deposit amount: Rs 1 lakh per month or 10 times the core amount, whichever is lower.
• Interest: The interest amount is calculated on a daily basis and credited to the RD account at quarterly intervals
• Overdue Instalments: The lender will not charge any penalty on missed instalments
• Nomination: The lender provides the nomination facility on Union Monthly Plus Recurring Deposit Scheme
• Loan: Union Bank of India provides the loan facility on the Monthly Plus Recurring Deposit Scheme
• Premature closure: The lender allows premature closure of the Union Monthly Plus Recurring Deposit Scheme. The depositor will get the interest mount for the period till which the RD was active. The lender does not charge any penalty on premature closure of the RD account.
• Union Bank of India Recurring Deposit Scheme Eligibility: The Union Bank of India RD account can be opened by either of the following parties:
  • By an individual in his/her own name
  • By more than one person in their joint names
  • By the natural guardian or by a guardian appointed from the court on behalf of a minor
  • In the name of any institution, corporate entity, proprietorship, partnership, trust/HUF, etc.

Union Bank of India Cumulative Deposit Scheme

• Tenor: 6 months to 10 years.
• Minimum deposit amount: Rs 50
• Interest: The interest is calculated and compounded on quarterly rests. The interest amount is credited to the RD account at half yearly intervals. The interest amount will accrue on the deposit and the lender will pay the interest along with the principal amount at the time of maturity or 1 month after deposit of the last instalment, whichever is later.
• Nomination: The lender provides the nomination facility on Union Bank of India Cumulative Deposit Scheme
• Loan: Union Bank of India provides loan facility on the Cumulative Deposit Scheme
• Overdue Instalments: The lender will not charge any penalty on missed instalments
• Conversion into term deposit: The lender can convert the Union Bank of India Cumulative Deposit Scheme into a term deposit before the scheme’s maturity, provided the term deposit is for a longer period than the remaining period of the cumulative deposit account and that the depositor has paid the arrears, if any, of the monthly instalments and the penalty for the delayed payment of instalments. However, if the monthly instalment(s) are discontinued for a valid reason, the account holder can convert the total amount paid by him/her into a fixed/reinvestment deposit account for a period that is longer than the remaining period of the cumulative deposit account. The lender will pay the applicable compound interest on the cumulative account for the period till which the RD account was active before being converted into a term deposit account.
• Premature closure: The lender allows premature closure of its Cumulative Deposit Scheme. The depositor will get the interest mount for the period till which the RD was active. In case the cumulative deposit account was closed within a month, the depositor will not get any interest. The lender does not charge any penalty on premature closure of the RD account.
• Union Bank of India Cumulative Deposit Scheme Eligibility: The Union Bank of India Cumulative Deposit account can be opened by either of the following parties:
  • By a resident individual
  • 2 or more individuals in a joint account
  • Illiterate or visually impaired persons, purdanasheen women, minors, clubs, associations, societies, etc.
• Trusts, institutions or agencies permitted by RBI to open a cumulative account in single/joint name(s).