Andhra Bank FD Rates

Andhra Bank FD Rates in India 2023

Note: FD rates are subject to change. 

About Andhra Bank FD

Andhra Bank is now known as Union Bank of India. It offers multiple fixed deposits under several tenures and interest rates. The investors may fetch higher interest rates than the savings account of Union Bank. One needs to invest only INR 100 to make the investment in the FDs of Union Bank of India. 

Characteristics of Union Bank of India Fixed Deposit Schemes

1. Premature Withdrawal

   Apart from tax saving FD (a type of FD scheme of Union Bank of India), the bank offers the option of premature withdrawal of the funds to its customers or investors. However, the Union Bank of India levies a 1% penalty on the interest of the FDs. Nevertheless, the investor can prematurely withdraw without a penalty before seven days of tenure. 

2. Nomination Facility

   Union Bank of India offers nomination facilities to its investors. One may nominate a beneficiary for the FDs who can receive funds on the investor’s behalf. 

3. Safety

   The Deposit Insurance Scheme of RBI is responsible for the safety of funds. It covers all deposits of up to INR 5,00,000. However, the Scheme is not liable for amounts exceeding INR 5,00,000. 

4. Additional Payments

   Investors are not allowed to allocate an additional amount in the existing FDs of Union Bank of India. However, they may open a new FD account to meet additional financial goals.

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Types of Fixed Deposit Schemes of Union Bank of India

Listed below are the schemes of the Union Bank of India:

• Short Deposit Receipt (SDR)

• Fixed Deposit Receipt

• Monthly Income Scheme

• Tax Saver Deposit

• Deposit Re-investment Certificate (DRIC)

• Easy Tax Saver Deposit

• Cumulative Deposit

• Money Flex Deposit Scheme

A detailed description of the fixed deposit schemes offered by Union Bank of India is given below.

1. Union Bank of India Short Deposit Receipt (SDR)

   • Tenure: The minimum tenure of Union Bank of India is regarded as seven days, while the maximum tenure is 179 days.

   • Depository amount: One may start with a Union Bank of India fixed deposit by allocating INR 1,000. At the same time, there is no limit to the maximum amount. An individual may deposit an amount exceeding INR 1,000 at his/her convenience. 

   • Nomination Facility: Union Bank of India allows nomination facility to its investor. 

   • Loan Facility: The investor may avail of the loan facility against the deposits he has made in the Union Bank of India.

2. Union Bank of India Fixed Deposit Receipt

   • Tenure: The minimum tenure for a fixed deposit receipt is six months. At the same time, the maximum tenure is regarded as 120 months.

   • Depository amount: One should allocate INR 1,000 under a fixed deposit receipt. However, there is no limit to the maximum amount under this scheme.

   • Interest: The interest under a fixed deposit receipt is paid either half yearly or quarterly as per the instructions of the bank. 

   • Nomination Facility: All investors can nominate another person whom receives funds on their behalf.

   • Loan Facility: The investor may avail of the loan facility against the deposit amount. 

3. Union Bank of India Monthly Income Scheme

   • Tenure: The tenure of monthly income schemes varies from twelve months to 120 months.

   • Depository amount: The minimum deposit amount of the monthly income scheme is INR 1,000 and multiples of INR 100 after that. However, there is no limit to the maximum amount under this scheme.

   • Interest: The investors are paid on a monthly basis under the monthly income scheme. The bank pays interest to its investors every month. 

   • Nomination Facility: The depositor may nominate a beneficiary for the deposit amount under the monthly income scheme. 

   • Loan facility: The investor is also allowed to avail of a loan facility against the amount he has deposited into the bank. 

4. Union Bank of India Tax Saver Deposit

   • Tax deduction: The depositor may avail of the tax deduction facility under section 80C of the Income Tax Act of 1961. It is the only FD scheme of Union Bank of India which offers a tax deduction facility of up to INR 1.5 lakh from the taxable income during a financial year.

   • Tenure: The minimum tenure for this scheme is determined as five years. At the same time, the maximum tenure is regarded as ten years.

   • Depository amount: The minimum deposit amount under tax saver deposit is INR 5,000 and multiples of INR 5,000 afterwards. 

   • Loan Facility: The tax saver deposit allows the loan facility to its customer. However, the investor can only avail of a loan facility post-lock-in period. Five years is determined as the lock-in period of this scheme. 

   • Premature Withdrawal: It is not allowed under this scheme. However, the beneficiary can avail of the premature closure upon the demise of the primary account holder. 

5. Union Bank of India Deposit Re-investment Certificate (DRIC)

   • Tenure: The minimum tenure for the deposit re-investment certificate scheme is six months, while the maximum is 120 months.

   • Depository amount: One may consider depositing INR 1,000 as the minimum deposit amount. However, there is no limit to the maximum amount. The amount beyond INR 1,000 is at the discretion of the depositor to invest in the scheme.

   • Interest: The interest rate under DRIC is compounded quarterly and credited half yearly.

   • Nomination facility: One may avail of the nomination facility and appoint a beneficiary for the depositors. Further, the loan facility may also be availed against the deposit amount. 

   • Premature closure: The investor may avail of the premature closure of the FD with specific penalties. 

6. Union Bank of India Easy Tax Saver Deposit

   • Investment: Under easy tax saver deposits, the depositor may invest via monthly installments. For example, the depositor may start with INR 1,000 and multiples of INR 1,000 afterwards. 

   • Premature withdrawal: The depositor cannot make a premature withdrawal due to the lock-in period. This scheme has a minimum lock-in period of five years.

   • Loan facility: The depositor cannot avail of any loan facility under this scheme. Further, the premature closure of the FD is available upon the demise of the primary account holder. In case of the demise of the primary account holder, the bank does not levy any penalty on the premature closure of the FD account. 

7. Union Bank of India Cumulative Deposit

   • The cumulative deposit encourages the small and medium investors of the lower and middle-class sectors to invest in the FDs of Union Bank of India. 

   • Tenure: The minimum tenure for this scheme is six months. However, the maximum tenure is determined as 120 months. 

   • Investment amount: Since the scheme is explicitly dedicated to small investors; hence the minimum amount is determined as INR 50. At the same time, there is no limit to the maximum amount. 

   • Interest: The interest is compounded quarterly, and credited on a half-yearly basis. 

   • In addition, the scheme does not charge any penalty for the delay in the installment amount. The nomination and loan facility is also available to investors.

8. Money Flex Deposit Scheme

   • It provides a higher rate of return to investors. The investor is also authorized to make the withdrawal of a specific portion before the maturity period. 

   • Tenure: The minimum investment period is six months, while the maximum is ten years.

   • Investment amount: The minimum investment amount for this scheme is INR 25,000, with multiples of INR 1,000 afterwards. The maximum investment is determined as INR 2 crore or less.

   • Loan and Premature Withdrawal facilities: The loan facility is not available under this scheme. However, loan and premature withdrawal is allowed.

Eligibility Criteria

The following are eligible to open an FD account under the Union Bank of India:

• Residential individual

• Two or more joint account holders

• Association, clubs and societies

• Partnership firm

• Institutions, trusts

Documents

The following documents are required to open an FD account in the Union Bank of India:

• FD application form

• Address proof (Aadhaar card, Telephone or electricity bill, Statement of Bank with cheque)

• Identity proof (Passport, PAN card, Driving License, Aadhaar card, Voter ID card)

• Senior citizen ID card

• Two color photographs

In Conclusion

Union Bank of India is one of India's leading public-sector banks. The government of India holds a stake in the Bank. It was registered on November 11, 1919, as a limited company. It offers 3% to 7.3% FD rates to its investors.

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