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.Read more
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|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%|
The Union Bank of India generally offers a 0.50% additional rate of interest for senior citizens over the standard interest rates of FD.
|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.
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 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.
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.
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.
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
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.
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.
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.
|Fixed Deposit Interest Rates|
|SBI FD Interest Rates||HDFC FD Interest Rates|
|ICICI FD Interest Rates||Axis Bank FD Interest Rates|
|Canara FD Interest Rates||Yes Bank FD Interest Rates|
|Kotak Mahindra FD Interest Rates||Bandhan Bank FD Interest Rates|
|Union Bank of India FD Interest Rates||Indusind Bank FD Interest Rates|
|PNB FD Interest Rates||Bank of Baroda FD Interest Rates|
|IDFC Bank FD Interest Rates||Indian Bank FD Interest Rates|
|RBL Bank FD Interest Rates||UCO Bank FD Interest Rates|
|Karnatka Bank FD Interest Rates||Bank of India FD Interest Rates|
|IDBI Bank FD Interest Rates||Central Bank of India FD Interest Rates|
|Bank of Maharashtra FD Interest Rates||Citi Bank FD Interest Rates|
|Allahabad Bank FD Interest Rates||Indian Overseas Bank FD Interest Rates|
|Andhra Bank FD Interest Rates||Corporation Bank FD Interest Rates|
|DBS Bank FD Interest Rates||Syndicate Bank FD Interest Rates|
|Dena Bank FD Interest Rates||Vijaya Bank FD Interest Rates|
|State Bank of Travancore FD Interest Rates||State Bank of Mysore FD Interest Rates|
|State Bank of Hyderabad FD Interest Rates|
Rate of Interest (Yearly)
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