Union Bank of India Fixed Deposit

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Investment Amount

investment amount iconMinimum – ₹ 10,000

Maximum – No Limit

Tenure

tenure iconMinimum – 7 days

Maximum – 10 years

Interest Rate*

interest rate iconMinimum – 5.00%

Maximum – 6.75%

*for regular citizens

The Union Bank of India offers a range of fixed deposit schemes for individuals looking to deposit savings in an FD account which yields a higher rate of return than a savings account. The types of fixed deposits offered by the Union Bank of India are outlined below in details:

Union Bank of India FD Rates 2018
Documents Required to Open FD in Union Bank of India
Union Bank of India FD Calculator
How to apply for Union Bank of India FD Scheme

Union Bank of India FD Rates 2018

Tenure Union Bank of India Fixed Deposit Interest Rate (in % p.a.)
Regular Citizens Senior Citizens
7 days – 45 days 5.00% 5.00%
46 days – 90 days 5.50% 5.50%
91 days- 179 days 6.25% 6.25%
180 days to <10 months 6.50% 6.50%
10 months to <12 months 6.75% 6.75%
12 months to 14 months 6.75% 7.25%
>14 months to 3 years 6.70% 7.20%
>3 years – 10 years 6.75% 7.25%

Interest rates are applicable with effect from July 25th 2018.

NRE (Non Resident External) Fixed Deposit Interest Rates

Tenure

Interest Rate on Fixed Deposits of up to less than Rs. 1 crore
1 year < 1 year 5 days 6.75%
1 year 1 day – 3 years 6.70%
3 years 1 day – 5 years 6.85%
5 years 1 day – 10 years 6.85%

Note- Interest rates on NRO (Non Resident Ordinary) term deposits are same as those applicable on domestic term deposits.

FCNR (Foreign Currency Non-Resident) Fixed Deposit Interest Rates

(% per annum)

Tenure

USD

GBP

EUR

JPY

CAD

AUD
1 year < 2 years 3.41 1.68 0.53 0.80 3.10 2.73
2 years < 3 years 3.58 1.87 0.61 0.82 3.18 2.76
3 years < 4 years 3.62 1.98 0.76 0.85 3.24 2.81
4 years < 5 years 3.62 2.05 0.90 0.87 3.28 3.05
5 years only 3.53 2.02 0.93 0.80 3.21 3.02

RFC (Resident Foreign Currency) Fixed Deposit Interest Rates

(% per annum)

Tenure

USD

GBP

EURO
6 months < 1 year 3.41 1.68 0.53
1 year < 2 years 3.41 1.68 0.53
2 years < 3 years 3.58 1.87 0.61
3 years only 3.62 1.98 0.76
18 months and above but less than 2 years 3.68 1.35 0.10
2 years and above but less than 3 years 3.75 1.55 0.10
3 years and above but less than 4 years 3.50 1.60 0.10
4 years and above but less than 5 years 3.50 1.60 0.10
5 years only 3.75 1.60 0.10

1. Short Deposit Receipt

Resident Indians and other individuals can open this deposit scheme to save their money and earn good returns.

Features of Union Bank of India Short Deposit Receipt
  • The minimum deposit tenure is 7 days.
  • The maximum deposit tenure is 10 years.
  • Short deposits are held for a period of not more than 179 days.
  • The minimum deposit amount is ₹ 5 lakhs for tenure 7 – 14 days.

2. Union Bank of India Fixed Deposit Receipt

Union Bank of India Fixed Deposit Receipt is a type of deposit scheme where a lower contribution is required to open the deposit account. Basic features of the scheme are mentioned below:

Features of Union Bank of India Short Deposit Receipt
  • The minimum deposit tenure is 7 days.
  • The maximum deposit tenure is 10 years.
  • The minimum deposit amount is ₹ 10,000.
  • The interest is paid on a quarterly basis.
  • No charges levied on preclosure of the account.
  • No interest would be paid if the account is closed before the first 7 days of opening the deposit.
  • Nomination can be done under this scheme of deposit.
  • Senior citizens are eligible for an additional of 0.50% rate of interest on their deposits if they maintain their deposits for a minimum tenure of 1 year and above.

Eligibility Criteria

  • Any resident individual can open the account himself or jointly with other resident individuals.
  • Other eligible parties who can open the account include illiterate persons, blind person, minors, purdanasheen ladies, clubs, associations, trusts, societies or institutions approved by the RBI to open a fixed deposit account.

3. Union Bank of India Monthly Income Scheme

Union Bank of India Monthly Income Scheme account can be opened by all resident individuals solely or jointly to get payments every month. Features and benefits of the scheme are mentioned below:

Features of Union Bank of India Monthly Income Scheme
  • The minimum deposit tenure is 6 months.
  • The maximum deposit tenure is 10 years.
  • The interest earned is paid monthly.
  • This monthly interest is the discounted value of the actual interest.
  • The interest earned monthly is credited to the depositor’s savings/current or cumulative account during the last week of every month.
  • The depositor can nominate a person to receive the proceeds of the deposit post his death.
  • Deposits made by senior citizens for a period equal to or above 1 year earn a 0.50% higher rate of interest.

4. Union Bank of India Deposit Reinvestment Certificate

Union Bank of India Deposit Reinvestment Certificate is a type of fixed deposit account yielding the highest return due to its cumulative nature. Features of this scheme are mentioned below:

Features of Union Bank of India Deposit Reinvestment Certificate
  • The minimum deposit tenure is 6 months.
  • The maximum deposit tenure is 10 years.
  • The minimum amount of deposit is ₹ 500 in metro and urban branches.
  • The minimum amount of deposit is ₹ 100 in rural and semi-urban centres.
  • The facility of nomination is applicable on this deposit
  • Senior citizens earn 0.50% higher interest rate if the deposit is made for a period of 1 year and above.

5. Union Bank of India Tax Saver Deposit

As is evident from the name of the Union Bank of India Tax Saver Deposit, this scheme is designed for the purpose of saving tax under Section 80C. Features of the scheme are mentioned below:

Features of Union Bank of India Deposit Reinvestment Certificate
  • Only individuals and HUFs having a valid PAN card  can opt for this deposit scheme.
  • The deposit can be made on an individual basis by the individual himself or by the Karta of the HUF.
  • The deposit can also be made on a joint basis by two adult individuals or one adult and one minor.
  • For joint deposits, the proceeds of the deposit would be paid to the survivor of the two.
  • For joint deposits the tax benefit would accrue to the first holder of the deposit scheme.
  • The minimum amount with which this deposit can be opted for is ₹ 5000.
  • The deposit can be for a minimum period of 5 years to be eligible for tax exemption.
  • The deposit can be transferred from one branch to the other easily.
  • Interest on the deposit might either be chosen to be received on maturity of the deposit or at regular, quarterly or monthly intervals as decided by the depositor
  • Nomination is available.

6. Union Bank of India Easy Tax Saver Deposit Scheme

Easy Tax Saver Deposit Scheme is similar to the Union Tax saver Deposit but with different features.

Features of Union Bank of India Easy Tax Saver Deposit Scheme
  • The deposit in this scheme would be exempted for tax under section 80C.
  • Total deposits in a financial year should not exceed ₹ 1.5 lakhs.
  • Deposits can be made any number of times in this scheme.
  • Deposits can be made in monthly instalments (Standing Instruction/SIP), in lump-sum, or as and when you have surplus funds for investing.

Documents Required to Open FD in Union Bank of India

Documents Required to Open FD in Union Bank of India
  • Aadhaar and PAN/Form 60 (Mandatory Document).
  • Identity Proof
  • Address Proof
  • Photograph
  • Any other document that proves the identity and address of the applicant

Union Bank of India FD Calculator

Union Bank of India FD calculator can be used to calculate the interest and maturity amount before making the investment. They have to enter details such as principal amount, interest rate and tenure to find the maturity amount online.

How to apply for Union Bank of India FD Scheme

Applicants can directly apply for Union Bank fixed deposits by logging into their netbanking account or through mobile banking. They can choose any of the schemes and tenure they are comfortable with. The scheme is activated instantly and the depositor can avail additional facilities such as nomination, renewal, etc. through netbanking or mobile banking.

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