Union Bank of India FD Interest Rates (p.a.) Highlights 2022 | |
| Highest slab rate | 6.20% (for above 5 years 1 day) |
| For 1 year | 5.35% |
| For 2 years | 5.45% |
| For 3 years | 5.50% |
| For 4 years | 5.75% |
| For 5 years | 5.75% |
| Tax-Saving FD | 5.75% (for 5 years); 6.20% (for above 5 years 1 day) 5.80% (above 5 years 1 day to 10 years) |
The interest rates are updated as of 22 September 2022
Union Bank of India FD Interest Rates
FD Rates of Domestic/NRO deposits of less than Rs 2 crore w.e.f. 14 September 2022
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.00 | 3.50 |
| 15 days to 30 days | 3.00 | 3.50 |
| 31 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 4.05 | 4.55 |
| 91 days to 120 days | 4.10 | 4.60 |
| 121 days to 180 days | 4.10 | 4.60 |
| 181 days to less than 1 year | 4.60 | 5.10 |
| 1 year | 5.35 | 5.85 |
| Above 1 year to 2 years | 5.45 | 5.95 |
| Above 2 years to 749 days | 5.50 | 6.00 |
| 750 days | 6.15 | 6.65 |
| Above 750 days to 3 years | 5.50 | 6.00 |
| Above 3 years to 5 years | 5.75 | 6.25 |
| Above 5 years 1 day | 6.20 | 6.70 |
| Above 5 years 1 day to 10 years | 5.80 | 6.30 |
Union Bank Of India Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 5 years | 5.75 | 6.25 |
| Above 5 years 1 day | 6.20 | 6.70 |
| Above 5 years 1 day to 10 years | 5.80 | 6.30 |
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Interest Rates of NRE Fixed Deposits of less than Rs 2 crore w.e.f. 14 September 2022
| Tenure | Interest Rates (% p.a.) |
| 1 year | 5.75 |
| Above 1 year to 2 years | 5.85 |
| Above 2 years to 749 days | 5.90 |
| 750 days | 6.15 |
| Above 750 days to 3 years | 5.90 |
| Above 3 years to 5 years | 6.05 |
| Above 5 years to 10 years | 6.10 |
Interest Rates of FCNR (B) deposits w.e.f. 15 September 2022
| Tenure
| Interest Rates (% p.a.) | |||||||
| USD | GBP | EUR | JPY | CAD | AUD | |||
| less than US$ 3 lakh | US$ 3 lakh to less than 5 lakh | US$ 5 lakh and above | ||||||
| 1 year to less than 2 years | 3.80 | 3.80 | 3.80 | 2.72 | 0.50 | 0.07 | 2.83 | 2.25 |
| 2 years to less than 3 years | 3.00 | 3.10 | 3.10 | 3.10 | 0.53 | 0.11 | 3.94 | 2.73 |
| 3 years to less than 4 years | 3.10 | 3.20 | 3.20 | 3.22 | 0.68 | 0.11 | 4.16 | 3.11 |
| 4 years to less than 5 years | 3.15 | 3.25 | 3.25 | 3.23 | 0.78 | 0.12 | 4.22 | 3.34 |
| 5 years only | 3.25 | 3.35 | 3.35 | 3.19 | 0.83 | 0.13 | 4.28 | 3.44 |
Interest Rates of RFC deposits w.e.f. 15 September 2022
| Tenure | Interest Rates (% p.a.) | ||||||
| less than US$ 3 lakh | US$ 3 lakh and above | GBP | EUR | JPY | CAD | AUD | |
| 6 months to less than 1 year | 3.80 | 3.80 | 2.72 | 0.50 | 0.07 | 2.83 | 2.25 |
| 1 year to less than 2 years | 3.80 | 3.80 | 2.72 | 0.50 | 0.07 | 2.83 | 2.25 |
| 2 years to less than 3 years | 3.00 | 3.10 | 3.10 | 0.53 | 0.11 | 3.94 | 2.73 |
| 3 years | 3.10 | 3.20 | 3.22 | 0.68 | 0.11 | 4.16 | 3.11 |
Union Bank of India Credit Cards Against FD
| Particulars | Credit Cards | |||||
| UNI CARBON | RuPay Platinum | RuPay Select | VISA Gold | VISA Platinum | VISA Signature | |
| Card Limit | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD |
| Joining Fee | Rs 499 | – | Rs 499 | – | – | – |
| Annual Fee | Rs 499 (Main Card) Rs 199 (Add on Card) | Rs 299 (Main Card) Rs 199 (Add on Card) | Rs 499 (Main Card) Rs 399 (Add on Card) | Rs 299 (Main Card) Rs 199 (Add on Card) | Rs 399 (Main Card) Rs 299 (Add on Card) | Rs 1,999 (Main Card) Rs 999 (Add on Card) |
| Add on Card Fee | Rs 300 | Rs 300 | Rs 300 | Rs 300 | Rs 300 | Rs 300 |
| Finance Charges | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. |
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Types of Union Bank of India FD Schemes
Fixed Deposit Receipt (FDR)
- Minimum deposit amount: Rs 1,000
- Tenure: 6 months -10 years
- Loan and nomination facility is available
- Premature withdrawal of deposits is allowed
- On maturity, the deposit will be automatically renewed for the same duration at the applicable interest rate
Short Deposit Receipt (SDR)
- Minimum deposit amount: Rs 1,000
- Tenure: 7 days-179 days
- Nomination and loan facility is available
- Premature withdrawal of deposits is allowed
- Automatic renewal facility is available
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Union Tax Saver
- Deposit amount: Minimum-Rs 5,000 and in thereafter multiples of Rs 1,000; Maximum deposit amount: Rs.1.5 lakh in a financial year
- Tenure: 5-10 years
- Lock-in period: 5 years
- Loan facility is available only after the lock-in period of 5 years
- Automatic renewal facility is not available
- Premature closure is permitted only in case of death of the primary account holder
- Nomination facility is available
Easy Tax Saver Deposit Scheme
- Minimum deposit amount: 1,000 and thereafter in multiples of Rs. 1,000
- Maximum deposit amount: Rs 1.5 lakh in a financial year
- Lock-in period: 5 years
- Loans are not allowed and deposits cannot be used as collateral for any other facility
- Nomination facility is available
- Automatic renewal of deposits is not allowed
- Premature closure of deposits is permitted only in case of death of the primary account holder
Union Non-Callable Term Deposits Scheme
- Minimum deposit amount: Rs.2 crore and above
- Tenure: 61 days to 3 years
- Auto renewal facility is not available
- Premature withdrawal of deposits is allowed only in the case of
- In case of death of depositor or the first depositor in case of the joint account
- In case of bankruptcy of depositor(s)
- In case of Government or Regulators order
- In case of a court order
- Loan or overdraft facility is permitted on deposits
Money Flex Term Deposit (MFTD)
- Minimum deposit amount: Rs. 25,000
- Maximum deposit amount: Less than Rs 2 crore
- Tenure: 6 months-10 years
- Loan facility is not available
- Automatic renewal facility is allowed
- Premature withdrawal of deposits is permitted with no penalty
Union Green Deposit (UGD)
- Minimum deposit amount: Rs. 50,000
- Maximum deposit amount: Less than Rs.2 crore
- 0.5% additional interest rate is applicable to senior citizens, 1% to staff and 1.5% to the staff who is a senior citizen
- No auto-renewal facility is available
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Motor Accident Claims Annuity Deposit (MACAD)
- Minimum deposit amount – Based on minimum monthly annuity Rs. 1,000 for the applicable period
- Tenure: 3 years-10 years
- Normal FD account will be opened in case the duration is less than 3 years
MACAD for more than 120 months can be booked as per direction of the court
- No loan or advance is permitted
- Nomination facility is available
- Premature withdrawal/part lump sum payment of MACAD during the claimant’s life will be made with court’s authorization. However, if authorized, a new annuity account will be formed for the balance tenure and amount, with the appropriate interest rate being the rate in effect at the time the new account is opened. If the balance tenure is less than 3 years, a new MIS (fixed deposit) account will be opened at the current rate
Capital Gain Scheme
- Minimum deposit amount: Rs. 1,000
- Tenure: 2 years-3 years
- Max 2 years – if capital gains can be saved under sections 54, 54B, 54 F.
- Max 3 years – if capital gains can be saved under sections 54, 54 D, 54 F, 54 G and 54GB
- If the deposit is opened in the FDR system, the interest payment will be paid on a quarterly or half-yearly basis, depending on the customer’s preference.
- Loan facility is not available
- Nomination facility is available
- Automatic renewal is not permitted
- Premature withdrawal is allowed
Union Smart Rupee Deposit Scheme
- This scheme is offered to NRIs/PIO/OCIs
- Minimum deposit amount: USD 10,000 or equivalent
- Tenure: 1 year
- No premature extension is allowed
- Maturity amount will be paid in Indian Rupee (INR) only
- Interest rate will be as applicable to FCNR (B)- Term Deposit
NRE Fixed Deposit
- Minimum deposit amount:
- Rs. 10,000 for FDR in metro & urban branches
- Rs. 5,000 in rural & semi-urban branches, and
- Rs. 5,000 for senior citizens
- No interest will be credited if the deposit is canceled before 1 year
- Nomination facility is available
- Interest will be paid on a quarterly basis and in case the date of interest payment falls on holidays, then on the next working days
NRE Flexi Fixed Deposit
- This scheme is offered to NRIs/PIO/OCIs
- Minimum balance in Savings Account: Rs. 50,000
- Tenure: 1 year
- Sweep Out amount (From SB to Flexi Term Deposit account): Rs. 10,000 and thereafter multiples of Rs. 10,000 to up to Rs. 1 Crore per day
- Sweep in amount (From Flexi term Deposit to SB Account): Rs. 5,000 and in thereafter multiples of Rs. 5,000
- Periodicity of Sweep out: Daily
- Free benefits available:
- 5 cheque books of 20 leaves each per financial year (NA) for the SB Account
- No NEFT/RTGS Charges
- No minimum balance charges
- Nomination facility is available
- No Loan or Overdraft or Lien will be allowed against the linked FD Flexi Account
NRE Monthly Income Scheme
- Minimum deposit amount: Rs. 1000
- Tenure: 1-10 years
- Interest will be paid at the discounted value of the contracted rate on a monthly basis
- Loan and nomination facility is available
- Premature closure is allowed and interest will be paid for the run period at the applicable rate and will attract penalty if any
- No interest will be credited if the deposit is closed before 1-year duration
NRO-Short Term Deposit
- Tenure: 7 days – 180 days
- Minimum deposit amount: Rs. 5 lacs for a period of 7-14 days
NRO Flexi Fixed Deposit
- This scheme is offered to NRIs / PIOs/OCIs
- Minimum balance in Savings Account: Rs. 50,000
- Tenure: 46 days to 1 year
- Sweep Out amount (From Savings A/c to Flexi Term Deposit account): Rs. 10,000 and thereafter multiples of Rs. 10,000 to Upto Rs. 1 Crore per day
- Sweep In amount (From Flexi term Deposit to Savings A/c): Rs. 5,000 and in thereafter multiples of Rs. 5,000
- Free benefits available:
- 5 cheque books of 20 leaves each per financial year (NA) for the SB Account
- No NEFT/RTGS Charges
- No minimum balance charges
- Periodicity of Sweep out: Daily
- Nomination facility is available
- No Loan or Overdraft or Lien will be allowed against the linked FD Flexi Account
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Foreign Currency Non Resident
- Depositors can hold deposits in any of the 6 foreign currencies: US dollar (USD), Euro (EURO), Pound sterling (GBP), Australian Dollar(AUD), Japanese Yen (JPY), and Canadian Dollar (CAD)
- Tenure: 1-5 years
- The account can be held jointly with residents or/and with non-residents
- Both the interest and principal amount are freely and fully repatriable
- Loans against the deposits facility are available
- Loan against FCNR(B) deposit in foreign currencies is available to the depositors only
Resident Foreign Currency-FDR
- Eligibility: Returning Indians who have lived outside of India for at least 1 year for a continuous period and have become residents on or after April 18, 1992
- Depositors can hold deposits in any of the 3 foreign currencies: USD/EURO/GBP
- Tenure: 1-3 years
Union Smart Foreign Currency
- This scheme is offered to NRIs/PIO/OCIs
- Minimum deposit amount: USD 10,000 or equivalent
- Tenure: 1 year
- Interest Rate is same as applicable to NRE Term Deposit for 12 months
- No premature extension and withdrawal is allowed
Premature Withdrawal of Fixed Deposits
- In the case of pre-closure of fixed deposits of less than Rs.2 crores, that have run for 7 days or more, interest will be paid at 1% less than the applicable rate (as on the date of opening of deposit) for the duration for which it has remained with the bank or the contracted rate, whichever is lower.
- In case of Union Green Deposits (UGD):
- In the event of pre-closure of a deposit that has been open for at least 7 days, interest will be paid at a rate of 1% less than the applicable rate (as of the deposit’s opening date) for the duration for which it has remained with the bank or the contracted rate, whichever is lower.
- If the pre-closure is completed before the 7 days, no interest will be credited.
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FD Calculator
Investors can check the maturity amount of their Fixed Deposits using FD Calculator provided by Paisabazaar. Users will be required to enter the amount they wish to deposit, preferred tenure of investment and the applicable FD rate for the tenure chosen to know how much their investment will be worth at maturity.
FAQs
Q. Is the loan facility available against the FD account at Union Bank of India?
A. Yes, 90% of the loan facility is available against the FD account at Union Bank of India.
Q. What is the tenure of the Union Bank of India fixed deposit account?
A. The tenure of the Union Bank of India’s fixed deposit account is 7 days to 10 years.
Q. What is the highest Union Bank of India FD interest rate?
A. The highest Union Bank of India FD interest rate is 5.80% (for regular individuals).
Q. Is the nomination facility available on Fixed Deposit Receipts?
A. Yes, the nomination facility is available on Fixed Deposit Receipts.
Q. What is the Union Bank of India FD interest rate for senior citizens?
A. Senior citizens are provided a 0.50% additional interest rate to domestic term deposits of one year.