Union Bank of India FD Rates for Senior Citizens

Handled by the ministry of Finance, Union Bank of India is one of the renowned government-owned banks in India with over 120 million customers and a variety of special schemes and plans to offer designed specially keeping in mind the needs of their customers. Union Bank of India offers fixed deposit accounts for general as well as senior citizens of India so that they can secure their money and earn interest on it in a long-term period. Usually, the interest rate offered to senior citizens is higher than the offering made to general citizens.

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Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
Bank of Baroda FD Rates 2.80% - 5.25% 3.30% - 6.25%
Bank of India FD Rates 2.85% - 5.05% 3.35% - 5.55%
Canara Bank FD Rates 2.90% - 5.40% 2.90% - 5.90%
Central Bank of India FD Rates 2.75% - 5.00% 2.90% - 3.25%
DBS Bank FD Rates 2.50% - 5.50% 3.50% - 6.00%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
IDFC Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
Indian Overseas Bank FD Rates 3.40% - 5.20% 3.90% - 5.70%
IndusInd Bank FD Rates 2.50% - 6.00% 3.00% - 6.50%
Punjab National Bank FD Rates 2.90% - 5.25% 3.50% - 5.75%
SBI FD Rates 5.30% - 5.40% 5.80% - 6.20%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
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The Union Bank of India generally offers a 0.50% additional rate of interest for senior citizens over the standard interest rates of FD.  

Union Back FD Rates for Senior Citizens Basic Details

Basic Details Senior Citizens
Interest rate 3.50% to 6.10% per annum 
The additional rate of interest for senior citizens The additional interest rate of 0.50% per annum is applicable over the regular interest rate.
Tenure of the fixed deposit Seven days to 10 years
Deposit amount in FD account  Minimum Rs. 1,000 to maximum no limit
Compounding of interest rate  Quarterly 

*All rates are provided by the insurer. Standard T&C applies.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Union Bank of India FD Rates for Senior Citizens

FD Rates for Senior Citizens for the FD amount less than Rs. 2 crores.

Tenure Regular customers 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 3.75% 4.25%
91 days to 120 days 4.25% 4.75%
121 days to 180 days 4.30% 4.80%
181 days to 364 days 4.50% 5.00%
1 year 5.25% 5.75%
1 year 1 day to less than 2 years 5.30% 5.80%
2 years 1 day to less than 3 years 5.50% 6.00%
3 years 1 day to less than 5 years 5.55% 6.05%
5 years 1 day to 10 years 5.60% 6.10%

Disclaimer: The interest rates, as mentioned above, may change from time to time according to the Bank's sole discretion or according to the market conditions.

Features of Union Bank of India FD for Senior Citizens

The features of Union Bank of India FD for senior citizens are given below:

  • The interest rates on the deposited principal amount will be calculated every quarter in April, July, October, and January.

  • The minimum tenure is seven days.

  • The maximum tenure for senior citizens is for ten years.

  • The senior citizen can avail of the loan facility in Union Bank up to 90% of the FD amount.

  • The minimum FD amount for opening the FD account for senior citizens is Rs. 1,000.

  • The maximum FD amount for the FD account for senior citizens has no limit.

  • Premature closure is allowed in the Union Bank of India. The Union Bank of India FD Rates for senior citizens will be paid for the run period at the specified interest rate. However, a penalty will be imposed on the premature closure.

  • Interest will be applicable if the FD account is closed within seven days of opening the account.

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Benefits of the Union Bank of India FD for Senior Citizens

The benefits of Union Bank of India FD for Senior citizens are given below:

  • Additional interest above the general interest rate will be offered to the senior citizens, i.e., 0.50% over the standard interest rate.

  • Senior citizens can open the Union Bank FD account with another citizen, preferably the spouse, even if he/she is below 60 years. In this case, the name of the senior citizen should be given as the first name in the application form.

  • These additional rates apply to only Indian residents on the fixed deposits up to Rs.5 crores in all the FD schemes in Union Bank.

  • The senior citizen depositor can avail of fast and easy liquidity options.

  • The nomination facility is available to senior citizens. They can nominate any person on the FD account.

  • Depositors can withdraw their FD amount prematurely, but they need to pay minimum charges for premature withdrawal.

  • According to the Income Tax Act rules, depositors can avail of the tax benefit based on the FD amount.

About Union Bank of India Fixed Deposit Interest Rate Calculator

Union Bank of India Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

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Eligibility Criteria

The eligibility criteria for opening the Union Bank of India FD account for senior citizens is given below:

  • Any individual who has attained the age of 60 years at the date of opening the FD account can opt for a Union Bank FD for senior citizens.

  • NRI/ PIO senior citizens are not eligible for the additional interest available to the Indian resident senior citizens.

Documents required 

When opening the new FD account in Union Bank one has to produce the following documents to the Bank:

  • Proof of age: Date of birth certificate / Voters id/ 10th marks-sheet/ passport/ pension payment order, etc.

  • Identity proof:  Aadhaar card/ voter id/ passport/ electricity bill, etc.

  • Address proof: Aadhar card/ voter id, etc.

  • The application form of the Union Bank of India FD accounts for senior citizens.

  • Passport size photos of the applicant.

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

Factors that affect the Union Bank of India FD Rates for Senior Citizens

The factors that affect the Union Bank of India FD rates for senior citizens are given below:

  • FD tenor: FD account tenure is one of the main factors that affect the Union Bank of India FD Rates for senior citizens. A longer FD account tenure will ensure a higher interest rate.

  • FD amount: If the FD amount that the senior citizen invested in the Bank is higher, then, automatically, the rate of interest earned by the depositor increases.

  • Age of the depositor: The age criteria for the senior citizens' FD account are the main eligibility criteria for opening the FD account. As the age increases, the rate of interest will also increase.

FAQ's

  • Q1. Will the Bank ask for further proof of age while depositing the subsequent deposits or calculating the Union Bank of India FD Rates for senior citizens?

    Ans. Once the investor initially furnishes proof of their age, no further verification will be required to carry out any FD processes.
  • Q2.Whom can the senior citizen depositor nominate for their FD account in Union Bank of India?

    Ans. A senior citizen FD depositor can nominate their close family members like parents, children, or spouse. So that after their demise, the nominee can claim the maturity amount. 
  • Q3. When can a senior citizen avail the option of premature withdrawals of the Union Bank of India FD amount?

    Ans. Senior citizens can avail of the option of premature withdrawal after one year of the FD account. However, they have to pay the penalty.
  • Q4. Does the Union Bank of India provide an FD maturity calculator to calculate Union Bank of India FD Rates for Senior Citizens?

    Ans. Yes, the Union Bank of India provides an online FD maturity calculator to calculate the Union Bank of India FD Rates for senior citizens.
  • Q5. How can a senior citizen open the Union Bank FD account?

    Ans. A senior citizen can open the Union Bank of India FD account either online by visiting the official website of the Union Bank of India or offline by visiting the Bank manually.
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