Union Bank FD Calculator

Union Bank FD Calculator is now a helpful tool that every depositor must utilize, regardless of how modest or significant the sum invested is. The online calculators will assist you in determining the interest on the fixed deposit and the maturity amount received at the end of the selected tenure.

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Union Bank FD Calculators are specialist internet tools that assist you in figuring out how much money you'll make on a fixed deposit. You can deposit your funds for a period of time and earn a fixed interest rate on the amount placed until the end of the FD period.

How does a Union Bank FD Calculator work?

Fixed deposit with Union Bank of India is a terrific method to save funds for an extended period. If you want to receive your money back safely while earning an excellent ROI, then a Union Bank FD is the best option. It is now effortless to check the Union Bank of India FD rate of interest and make judgments.

The size of the investment, the period, the interest rate, and the frequency with which interest is calculated all play a role in FD profitability. Investors that already know what kind of return they want can tweak these factors to get it. In this case, the Union Bank FD Calculator rates are beneficial. Accordingly, Union Bank FD Calculator rates are described below:

Maturity term          Non-Senior Citizen Rates      Rates for Senior Citizen
7 – 14 days                                3.00%                                         3.50%
15 – 30 days                             3.00%                                          3.50%
31 – 45 days                             3.00%                                          3.50%
46 – 90 days                             3.75%                                          4.25%
91 – 120 days                          4.25%                                           4.75%
121–180 days                          4.30%                                           4.80%
181–364 days                         4.50%                                          5.00%
1 year                                         5.25%                                          5.75%
1 – 2 years                                 5.30%                                         5.80%
2 – 3 years                                 5.50%                                         6.00%
3 – 5 years                                 5.55%                                          6.05%
Tax Saver Fixed Deposits 
Maturity Period           Deposit Amount                 Interest Rate      
                                                                                      General      Senior Citizen Union Tax 
Saver Scheme -5
to 10 Years                   Up to Rs 1 Lakh                 6.85                       -
For NRO Fixed Deposit - Below Rs 2 Crore
Maturity Period Interest Rate 
7 to 14 days                                  3.50 
15 to 30 days                                3.50 
31 to 45 days                                3.75 
46 to 90 days                                4.00 
91 to 120 days                             4.50  
121 to 180 days                           4.75 
181 to less than one year          5.00 
1 Year                                             5.40 
Above 1 year to 443 days        5.40 
444 Days                                       5.40 
445 Days to 554 Days               5.40 
555 Days                                       5.40 
556 Days to 3 Years                   5.40 
Above 3 years to 5 years          5.45 
Above 5 years to 10 years       5.45
For NRE Fixed Deposit - Less than Rs. 2 cr
 Maturity Period               Interest Rate 
1 year                                     5.40 
Above 1 to 3 years              5.40 
Above 3 to 5 years              5.45 
Above 5 to 10 years           5.45

The investment amount, period, compounding frequency, and applicable Interest are the significant parameters that directly affect the interest quantum and deposit maturity, as shown in the graphs above. As a result, the Union Bank FD Calculator uses these elements to produce the desired result.

Simple Interest vs. Compound Interest

The bank interest rate on a bank fixed deposit is predetermined when the investment is made. Furthermore, it remains consistent through the investment duration. A few elements that influence fixed deposit interest rates are as follows:

  • To begin with, the duration of the investment is a component that influences the interest rate; the longer an investor stays engaged, the greater the interest rate will be.
  • The interest rate is higher for a senior citizen, ranging from 0.25 per cent to 0.75 per cent more significant than the standard rate of Interest. 
  • A preferred interest rate is a term for this extra Interest. From one bank to the next, the age at which a person is considered a senior citizen varies. A few of them think around 60 years, while others think around 55 years or so.
  • The current state of the economy is also a direct determinant. 
  • Financial institutions and banks evaluate economic variables such as the repo and inflation rates to determine interest rates.

Finally, there are two ways to calculate the interest on a fixed deposit: simple Interest and compound interest.

  1. Simple Interest

    Simple interest is the share earned on the principal amount invested at a predetermined interest rate during the lifetime.

    Calculator's formula

    Simple Interest (S.I) = (P * R * T)/ 100

    P- Principal amount invested.

    R-Interest rate (per cent)

    T-Tenure

    Example on Simple Interest

    Mr Kishan made a ten-year investment of Rs 100,000 at a rate of 5% every year.

    S.I. (Simple Interest) = (Rs 100,000 × 5 × 10 years)/ 100 = Rs. 50,000

    P=Rs 100,000

    Rate of interest (%) =5% per annum

    T= 10 years

    Maturity Value = Principal amount + Simple Interest

    = Rs 100,000 + Rs 50,000

    = Rs 150,000

  2. Compound Interest

    Compound interest is a share earned on the principal amount invested plus the interest earned. The interest rate is increased by the number of periods (years) for which the interest will be compounded and multiplied by the invested principal.

    Calculator's Formula

    A = P (1+r/n) ^ (n * t)

    Maturity Amount = A

    P is the initial investment amount.

    R denotes the interest rate. (in decimals)

    N is the number of compounding that occurs in a year.

    T stands for the number of years.

    Example

    Mr Kishan made a ten-year investment of Rs 1,00,000 at a rate of 5% per year compounded quarterly.

    P=Rs 100,000

    Interest Rate=5%

    In a year, there are four compoundings, one every quarter.

    The investment period is 10 years.

    A = P (1+r/n) ^ (n * t) = 1,00,000 (1+0.05/4) ^ (4×10)

    Maturity Amount =A= Rs. 1,64,361

    Interest amount = Rs. 1,64,361 – Rs. 1,00,000 = Rs 64,361

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

How to use the Policybazaar Union Bank FD Calculator?

The process of using the Policybazaar Union Bank FD Calculator is simple and user-friendly. Below are the steps to follow:

Step 1: Go to the Policybazaar website and use the FD calculator there.

Step 2: Choose the Union Bank FD Calculator from the drop-down menu.

Step 3: Enter the principal sum.

Step 4: Decide on a time frame for your investment.

Step 5: Select a deposit type, such as reinvestment, quarterly, or monthly payout.

Step 6: Press the compute button to get the final result.

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Advantages of using the Calculator

For depositors, using the Union Bank of India FD Calculator has various advantages. Because banking processes have mostly become digital, such calculators have become essential financial tools. For the following reasons, such a tool could be incredibly beneficial:

  • The calculator makes calculating an investor's return on investment quick and straightforward. It is feasible to perform a manual calculation. However, it is time-consuming.
  • These calculators always produce accurate results. On the other hand, manual calculations can result in errors that can cost an investor money in the long run.
  • The Union Bank fixed deposit calculator can assist a person in understanding how each component (principal, term, and so on) influences return.
  • Finally, after factoring TDS on returns, taxpayers can gain a clear understanding of profitability.

How can Union Bank FD Calculator help?

The Union Bank of India is the country's central bank. The FD Calculator can help you figure out how much interest you'll get if you maintain your money in a Union Bank of India fixed deposit. This will provide information on the investment, such as the capital amount at maturity after Interest has been accumulated daily, weekly, monthly, or, quarterly, half-yearly, and yearly.

The Union Bank of India FD Calculator allows you to compute the maturity value of your deposited funds based on the quarterly compounded interest rate. The number of fixed deposits, fixed deposit interest rates, deposit duration, and interest compounding frequency all impact the FD's maturity amount at the expiration of the term.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Written By: PolicyBazaar - Updated: 24 June 2021
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