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Union Bank of India FD Rates (September 2021)

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/09/2021

CC:
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Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/09/2021

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 20/09/2021

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/09/2021

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 20/09/2021

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :20/09/2021

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :20/09/2021

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हिंदी में पढ़े
Updated: 09-09-2021 05:53:56 AM

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.

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Union Bank of India FD Rates 2020
Types of Union Bank of India Fixed Deposit Schemes
Union Bank of India Premature Withdrawal Facility
Union Bank of India Loan against FD
Union Bank of India FD Calculator
Documents Required to Open FD in Union Bank of India
How to apply for Union Bank of India FD Scheme
Frequently Asked Questions (FAQs)

Union Bank of India FD Rates 2020

TenureUnion Bank of India Fixed Deposit Interest Rates (in % p.a.)
Below Rs. 2 Crore
Regular CitizensSenior Citizens
7 days – 14 days3.00%3.50%
15 days – 30 days3.00%3.50%
31 days– 45 days3.00%3.50%
46 days – 90 days3.75%4.25%
91 days – 120 days4.25%4.75%
121 days – 180 days4.30%4.80%
181 days to <1 year4.50%5.00%
1 year5.25%5.75%
>1 year – 3 years5.25%5.75%
>3 years – 5 years5.30%5.80%
>5 years – 10 years5.40%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

TenureInterest Rate on Fixed Deposits of up to less than Rs. 2 crore
1 year5.25%
>1 year to 3 years5.25%
>3 years to 5 years5.30%
>5 years to 10 years5.40%

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

TenureUSD
<300,000		USD
>= 300,000		GBPEURJPYCADAUD
1 year < 2 years0.870.870.460.010.010.730.15
2 years < 3 years0.750.850.480.010.040.600.15
3 years < 4 years0.830.930.520.010.050.650.19
4 years < 5 years0.820.920.570.010.060.730.22
5 years only0.860.960.600.010.060.870.28

Note: All figures in % per annum. w.e.f. 1st November 2020.

 RFC (Resident Foreign Currency) Fixed Deposit Interest Rates

TenureUSD
<3,00,000		USD
>= 3,00,000		GBPEURO
6 months < 1 year0.870.870.460.01
1 year < 2 years0.870.870.460.01
2 years < 3 years0.750.850.480.04
3 years only0.830.930.520.04

Note: All figures in % per annum. w.e.f. 1st November 2020.

Types of Union Bank of India Fixed Deposit Schemes

1. Short Deposit Receipt

Features of Union Bank of India Short Deposit Receipt
  • The minimum deposit tenure is 7 days
  • Short deposits are held for a period of not more than 179 days
  • The minimum deposit amount is Rs. 5 lakh for a period of 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 & maximum deposit tenure is 7 days & 10 years respectively
  • The minimum deposit amount is Rs. 10,000
  • The interest is paid on a quarterly basis
  • No charges levied on pre-closure 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 & maximum deposit tenure is 6 months & 120 months respectively
  • 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 & maximum deposit tenure is 6 months & 10 years respectively
  • The minimum amount of deposit is Rs. 500 in metro and urban branches
  • The minimum amount of deposit is Rs. 100 in rural and semi-urban centers
  • 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 of Income Tax Act, 1961.

Features of the scheme are mentioned below:

Features of Union Bank of India Tax Saver Deposit
  • 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 Rs. 5,000
  • 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 depositor at regular, quarterly or monthly intervals as decided by the depositor
  • Nomination facility is available

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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 of Income Tax Act, 1961
  • Total deposits in a financial year should not exceed Rs. 1.5 lakh
  • Deposits can be made any number of times in this scheme
  • Deposits can be made in monthly installments (Standing Instruction/SIP), in lump-sum, or as and when you have surplus funds for investing

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)
  • The minimum deposit amount is based on the minimum annuity Rs. 1,000 for the relevant period
  • There’s no maximum limit
  • The tenure ranges from 36 to 120 months
  • Loan on advance is not permitted
  • The nomination facility is allowed
  • No penalty is charged on the premature closure
  • Individuals including minors through guardian in single name are eligible

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
  • The amount of deposit is Rs. 1 crore and above
  • Under this scheme various types of FD schemes are:
  1. Deposit Reinvestment Certificate
  2. Fixed Deposit Receipt
  3. Short Term Deposit Receipt
  • The tenure of this scheme ranges from 61 days to 3 years
  • Auto-renewal of fixed deposit is not allowed
  • Premature closure of fixed deposit is not permitted
  • The availability of loan/overdraft is permitted as per the existing rules of the bank

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
  • The monthly installments can be as low as Rs. 50 onwards
  • Customers can open an account for a period of 6 months to 120 months, in multiple of 1 month
  • Customers cannot alter the number of installments once selected
  • Interest is compounded every quarter (at the permissible rate)
  • Under this scheme various types of FD schemes are:
  1. Deposit Reinvestment Certificate
  2. Fixed Deposit Receipt
  3. Short Term Deposit Receipt
  • The tenure of this scheme ranges from 61 days to 3 years
  • Auto-renewal of fixed deposit is not allowed
  • Premature closure of fixed deposit is not permitted
  • The availability of loan/overdraft is permitted as per the existing rules of the bank

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Union Bank of India Premature Withdrawal Facility

Premature withdrawal facility enables the depositor to withdraw the fixed deposit amount before the deposit tenure ends. Fixed Deposit is classified into two types:

  • With the premature withdrawal facility
  • Without premature withdrawal facility (For instance – Union Bank of India Tax Saver Deposit Scheme comes with a lock-in period of 5 years)

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 Loan against FD

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.

Union Bank of India FD Calculator

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.

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Documents Required to Open FD in Union Bank of India

Documents Required to Open FD in Union Bank of India
  • Identity Proof
  • Address Proof
  • Photograph
  • Any other document that proves the identity and address of the applicant

How to apply for Union Bank of India FD Scheme

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.

Frequently Asked Questions (FAQs)

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:

  • Short Deposit Receipt
  • Union Bank of India Fixed Deposit Receipt
  • Union Bank of India Monthly Income Scheme
  • Union Bank of India Deposit Reinvestment Certificate
  • Union Bank of India Tax Saver Deposit
  • Union Bank of India Easy Tax Saver Deposit Scheme

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.

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