Union Bank of India offers a range of fixed deposit schemes to regular individuals as well as senior citizens. UBI Fixed Deposits yield a higher rate of return than a normal savings account. The minimum deposit amount in Union Bank of India is Rs. 10,000 for a period of 7 days to 10 years. Let’s look at Union Bank of India FD rates in details.
Table of Contents
| Tenure | Union Bank of India Fixed Deposit Interest Rates (in % p.a.) Below Rs. 2 Crore | |
| Regular Citizens | Senior Citizens | |
| 7 days – 14 days | 3.00% | 3.50% |
| 15 days – 30 days | 3.00% | 3.50% |
| 31 days– 45 days | 3.00% | 3.50% |
| 46 days – 90 days | 3.75% | 4.25% |
| 91 days – 120 days | 4.25% | 4.75% |
| 121 days – 180 days | 4.30% | 4.80% |
| 181 days to <1 year | 4.50% | 5.00% |
| 1 year | 5.25% | 5.75% |
| >1 year – 3 years | 5.25% | 5.75% |
| >3 years – 5 years | 5.30% | 5.80% |
| >5 years – 10 years | 5.40% | 5.90% |
Note: Union Bank of India FD Interest rates are applicable with effect from 1st September 2020.
NRE (Non-Resident External) Fixed Deposit Interest Rates
| Tenure | Interest Rate on Fixed Deposits of up to less than Rs. 2 crore |
| 1 year | 5.25% |
| >1 year to 3 years | 5.25% |
| >3 years to 5 years | 5.30% |
| >5 years to 10 years | 5.40% |
Note- Interest rates on NRO (Non-Resident Ordinary) term deposits are the same as those applicable on domestic term deposits w.e.f. 1st September 2020.
FCNR (Foreign Currency Non-Resident) Fixed Deposit Interest Rates
| Tenure | USD <300,000 | USD >= 300,000 | GBP | EUR | JPY | CAD | AUD |
| 1 year < 2 years | 0.87 | 0.87 | 0.46 | 0.01 | 0.01 | 0.73 | 0.15 |
| 2 years < 3 years | 0.75 | 0.85 | 0.48 | 0.01 | 0.04 | 0.60 | 0.15 |
| 3 years < 4 years | 0.83 | 0.93 | 0.52 | 0.01 | 0.05 | 0.65 | 0.19 |
| 4 years < 5 years | 0.82 | 0.92 | 0.57 | 0.01 | 0.06 | 0.73 | 0.22 |
| 5 years only | 0.86 | 0.96 | 0.60 | 0.01 | 0.06 | 0.87 | 0.28 |
Note: All figures in % per annum. w.e.f. 1st November 2020.
RFC (Resident Foreign Currency) Fixed Deposit Interest Rates
| Tenure | USD <3,00,000 | USD >= 3,00,000 | GBP | EURO |
| 6 months < 1 year | 0.87 | 0.87 | 0.46 | 0.01 |
| 1 year < 2 years | 0.87 | 0.87 | 0.46 | 0.01 |
| 2 years < 3 years | 0.75 | 0.85 | 0.48 | 0.04 |
| 3 years only | 0.83 | 0.93 | 0.52 | 0.04 |
Note: All figures in % per annum. w.e.f. 1st November 2020.
1. Short Deposit Receipt
| Features of Union Bank of India Short Deposit Receipt |
|
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 |
|
Eligibility Criteria –
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 |
|
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 |
|
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 of Income Tax Act, 1961.
Features of the scheme are mentioned below:
| Features of Union Bank of India Tax Saver Deposit |
|
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 |
|
7. Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest.
| Features of Motor Accident Claims Annuity (Term) Deposit Account (MACAD) |
|
8. Non-Callable Term Deposit Scheme
The bank has introduced non-callable term deposit scheme which is available to the deposits of Rs. 1 crore and above (single deposits only). The scheme provides higher interest rate as compared to the interest rate on the regular deposits of Rs. 1 crore and above.
| Features of Non-Callable Term Deposit Scheme |
|
9. Cumulative Deposit Scheme
The bank primarily focuses on the lower/lower middle/upper middle and encourages the small investors in easy monthly installments over a fixed tenure.
| Features of Non-Callable Term Deposit Scheme |
|
Premature withdrawal facility enables the depositor to withdraw the fixed deposit amount before the deposit tenure ends. Fixed Deposit is classified into two types:
However, no interest will be paid on fixed deposits which remain with the Union Bank of India for less than 7 days.
Union Bank of India customers can avail the facility of loan against fixed deposit up to 90% of the value of their fixed deposit at attractive interest rates. Customers are not required to pay the penalty or lose out on the interest. Moreover, it helps to maintain the fixed deposits and avail cash for urgent financial needs.
You can check the maturity amount you will receive at the end of your Union Bank FD using the FD calculator available at Paisabazaar.com. Also, Union Bank of India FD Interest Rates differ for different tenures and in such a case the investors can decide a preferred tenure of investment by entering different rates and calculating their total earnings.
| Documents Required to Open FD in Union Bank of India |
|
|
|
|
|
Customers can apply for Union Bank of India FD by the following modes:
The scheme is activated instantly and the depositor can avail additional facilities such as nomination, renewal, etc. through Net Banking or Mobile Banking.
Q. What are the various types of fixed deposit schemes offered by Union Bank of India?
A. Union Bank of India offers six types of fixed deposit schemes to its customers as mentioned below:
Q. Is loan facility available against FD account at Union Bank of India?
A. Yes, 90% of loan facility is available against FD account at Union Bank of India.
Q. What is the tenure of Union Bank of India fixed deposit account?
A. The tenure of Union Bank of India 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 6.60% (for regular individuals).
Q. Is nomination facility available on Fixed Deposit Receipts?
A. Yes, the nomination facility is available on Fixed Deposit Receipts.
Q. What is Union Bank of India FD interest rate for senior citizens?
A. Senior citizens are provided 0.50% additional interest rate to domestic term deposits of one year.
