Union Bank FD Rates 2023

Union Bank FD rates are 6.7% per annum for regular citizens and 7.2% for senior citizens (3 to 5 years tenure). Union Bank is one of the top nationalized banks holding a respectable place in the financial market. The bank offers a plethora of products and services, including the Union Bank Fixed Deposit account, also known as a term deposit. It provides competitive interest rates compared to other banks in the financial market, with tenure ranging from 7 days to 10 years. Investors can park their surplus savings and earn high interest on the deposited amount in the savings account. The bank offers myriad Fixed Deposit (FD) options for Individuals, Senior Citizens, and NRIs. Read more

FEATURES
union-bank
sbi-bank
hdfc-life-insurance
maxlife
Returns (BEFORE TAX)
6.70%
6.7%
7.0%
Highest Return7.5%
Returns (AFTER TAX)*
4.69%
4.7%
4.9%
LIFE COVER
No
No
No
₹10 Lakh**

Union Bank of India FD Rates Feb 2024

Tenure REGULAR RATES
Current Rates
SENIOR CITIZEN
7 days to 14 days 3.50% 4.00%
15 days to 30 days 3.50% 4.00%
31 days to 45 days 3.50% 4.00%
46 days to 90 days 4.50% 5.00%
91 days to 120 days 4.80% 5.30%
121 days to 180 days 4.90% 5.40%
181 days to less than 1 year 5.75% 6.25%
1 year 6.75% 7.25%
Above 1 year to 398 days 6.75% 7.25%
399 days 7.25% 7.75%
400 days to 2 years 6.50% 7.00%
Above 2 years to 3 years 6.50% 7.00%
Above 3 years to 5 years 6.50% 7.00%
Above 5 years to 10 years 6.50% 7.00%

FD interest rates have been declining over last few years and is expected to further fall, as Indian economy grows in coming years.

1 Yrs FD rate - Historical trend
Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
VIEW PLANS
*For annual premium upto ₹5 Lacs
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Total Investment

₹500 ₹30L
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Rate of Interest (Yearly)

1% 15%
Rate of Interest (Yearly)

Time Period

1 Year 15 Years
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Total Investment
Interest Earned
Maturity Amount
Compare FD Interest Rates of Top Financial Institutions
BANKS GENERAL CITIZENS SENIOR CITIZEN
Union Bank of India FD Rates 3.00% - 5.50% 3.75% - 5.75%
SBI Bank FD Rates 5.30% - 5.40% 5.80% - 6.20%
HDFC Bank FD Rates 2.50% - 5.60% 3.00% - 6.35%
Axis Bank FD Rates 2.50% - 5.75% 2.50% - 6.50%
Canara Bank FD Rates 2.93% - 6.40% 2.93% - 6.40%
Yes Bank FD Rates 3.25% - 6.25% 3.75% - 7.25%
Kotak Mahindra FD Rates 2.50% - 5.75% 3.00% - 6.25%
Bandhan Bank FD Rates 3.00% - 5.00% 3.75% - 5.75%
ICICI Bank FD Rates 2.75% - 5.70% 3.25% - 6.20%
Indusind Bank FD Rates 2.75% - 6.00% 3.25% - 6.50%
PNB FD Rates 3.00% - 5.75% 3.50% - 6.25%
Bank of Baroda FD Rates 3.00% - 5.10% 3.50% - 5.60%
IDFC Bank FD Rates 3.50% - 6.00% 4.00% - 6.50%
Indian Bank FD Rates 2.90% - 5.15% 3.40% - 5.65%
DBS Bank FD Rates 2.50% - 5.50% 2.50% - 5.50%
UCO Bank FD Rates 2.55% - 5.05% 3.80% - 6.30%
Bank of India FD Rates 2.85% - 5.35% 3.00% - 6.50%
IDBI Bank FD Rates 2.90% - 5.30% 3.40% - 5.90%
Central Bank of India FD Rates 2.75% - 5.15% 3.25% - 5.65%
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About Union Bank of India

Any bank's Fixed Deposit Interest Rate Scheme allows investors to invest a part of their salary in the FD scheme to achieve their goals and plan accordingly.

Union Bank offers multiple FD options, including Short Deposit Receipt, Union Bank of India Fixed Deposit Receipt, Union Bank of India Monthly Income Scheme, etc., with online banking facility and loan facility options. An investor can make a profit by investing their money strategically in a five-year tax-saving fixed deposit scheme.

Moreover, in general, one can save Tax on their earnings from Fixed Deposit schemes up to a limit of Rs. 1,50,000 per annum under Section 80C of the Income Tax Act, 1961. Bank of Baroda Fixed Deposit Account can be easily opened through internet banking, mobile applications, and offline by visiting the bank branch office.

  • Types of Union Bank FD Schemes

    • 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 Capital Gains Exemption Deposit Scheme
    • Union Bank of India Easy Tax Saver Deposit Scheme

    1. Short Deposit Receipt

    The description of short deposits is as follows:

    • A fixed deposit scheme that earns high returns on your investment for a short tenure of less than one year.
    • The minimum tenure of a short deposit is 7 days, while the deposit scheme can be held for a maximum of 179 days.
    • Offers nomination facility.
    • The deposited money is accepted as a security amount by the government department.
    • The minimum deposit amount for a tenure of 7 days to 14 days is Rs. 5,00,000.

    2. Union Bank of India Fixed Deposit Receipt

    In this scheme, you can deposit money for a minimum of 7 days to a maximum of 10 years. The interest payable is subjected to the Tax Deducted at Source (TDS).

    The minimum amount to be deposited in this scheme is Rs. 10,000 for urban branches, whereas Rs. 5,000 for rural and semi-urban branches.

    The interest is calculated every quarter. The interest applicable varies based on the tenure and if any changes in the Union Bank FD rates 2023 are applicable.

    The Union Bank of India FD rate for senior citizens is an additional 0.50% for deposits above 1 year.

    The bank provides an auto-renewal facility under this scheme, and the deposits will be renewed for the same tenure at the applicable Union Bank FD rates 2023.

    The facility of premature closure is also allowed, and the interest is paid for the running period at applicable Union Bank of India FD rates. The penalty is levied, if any.

    3. Union Bank of India Monthly Income Scheme

    An FD monthly income scheme is available for all Indian residents. You can open both single and joint accounts.

    You can invest in this scheme to earn monthly interest on fixed deposits ranging from 1 to 10 years. The interest will be credited or paid to your current / savings / cumulative account at the end of every month. The scheme offers an additional interest of 0.5% to Senior Citizens.

    4. Union Bank of India Deposit Reinvestment Certificate

    The Deposit Reinvestment Certificate is another type of FD account that gives you cumulative returns on your deposits. Have a look at some of the features of this scheme -

    • The minimum and maximum deposit tenures are 6 months and 10 years.
    • The minimum amount of deposit for metro and urban branches is Rs. 500
    • The minimum amount of deposit for semi-urban and rural areas is Rs. 100
    • A nomination facility is available
    • Additional 0.50% Union Bank FD rates 2023 for senior citizens if the tenure of the deposit is more than 1 year and the amount is lesser than Rs 1 Crore. For amounts above Rs.1 Crore, contact the nearest Union Bank of India branch directly.

    5. Union Bank of India Tax Saver Deposit

    All the individuals and HUFs (Hindu undivided families) are eligible to buy this scheme. It is mandatory to have a PAN card to invest in this scheme.  

    The policy is not open to corporates, firms, trusts, companies, societies, institutions, and clubs.

    Types of Deposits- This term deposit is available in the single holder and joint holder options. An individual can issue a single holder scheme either for himself or as the Karta of the HUF.

    Two adults can buy the joint holder type of deposits. An adult and a minor can also invest in this scheme, and the maturity amount will be paid to either one of the survivors or the deposit holders. 

    However, tax benefits under section 80C will be available only to the first holder in a joint holder scheme.

    The minimum amount required to issue a term deposit scheme is 5,000 rupees and a maximum of 1 lakh 50 thousand rupees yearly.  

    The minimum tenure for term deposits is 5 years, and the maximum is 10 years.

    6. Union Bank of India Easy Tax Saver Deposit Scheme

    It is a tax saver Fixed Deposit Scheme, wherein you have the flexibility to deposit the money either in a lump sum, through monthly installments (SIP), or by utilizing your surplus fund over time in a Financial Year.

    Easy Tax Saver Deposit Scheme offers guaranteed returns on your investments in a risk-free manner during a financial year.

    The idea is to help you systematically save taxes. You can invest small amounts during an FY and earn tax benefits under Section 80C on the amount deposited. You can invest up to Rs. 1,50,000 for infractions during a fiscal year.

  • Term Wise Union Bank FD Interest Rates

    Every term deposit comes with a maturity period. A person can open an FD for short-term, medium-term, or long-term. Take a look at the three types of fixed deposit accounts offered by Union Bank based on their maturity term:

    1. Short-Term Deposit

    Short-term deposits refer to those fixed deposits with a maturity period of up to one year. This type of deposit is opened to achieve short-term goals. The Union Bank of India offers short-term deposits for a minimum of 7 days to a maximum of 1 year. Presently, the maximum interest rate for short-term deposits by the bank is 5.25%.

    2. Medium-Term Deposit

    Medium-term deposits are fixed deposits with a tenure of more than 1 year and up to 5 years. The Bank currently provides a maximum interest rate of 5.5% on medium-term deposits.

    3. Long-Term Deposit

    Long-term deposits refer to those fixed deposits with a tenure of more than five years. This type of deposit is opted to achieve long-term goals, such as retirement. As per the existing Union Bank FD rates, the Bank is offering an interest rate of 5.60% on long-term deposits.

  • Union Bank Fixed Deposit Rates - Special Features

    Check out the benefits of investing money in Union Bank FDs:

    • Union Bank of India allows you to nominate your spouse or family members to receive the maturity amount.
    • Union Bank FD rates are competitive.
    • You can open your fixed deposit account starting from 10,000 rupees in the Urban and Metro branches. In comparison, Rs. 5,000 minimum deposit is required for senior citizens in urban areas.
    • Loans are available up to a maximum of 90 percent of the deposited amount
    • No interest is applied if the FD is closed within seven days of the opening.
    • Union Bank offers fast and quick liquidity options.
    • No interest is applicable if you close your account within 7 days of opening it.
    • Union Bank FD rates for Senior citizens are 0.5% higher than the regular investors for deposits above 1 year.
  • Union Bank of India Interest Rate Calculator

    Union Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps quickly calculate 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
  • Eligibility Criteria for Union Bank FD Rates

    The following individuals and groups are eligible to open a Union Bank fixed deposit account-

    • Partnership firms
    • Individual/ Joint Account
    • Minors
    • Trusts
    • Joint Hindu families
    • Limited companies
    • Municipalities
    • Partnership firms
    • Educational institutions
    • Associations
    • Societies
  • Documents Required to Open Union Bank FD Account

    1. Address Proof

    • Bank Statements (with Cheque)
    • Passport
    • Telephone/ Electricity Bill
    • A post-office-issued ID card or certificate

    2. Identity Proof

    • Voter ID card
    • Passport
    • Driving license
    • PAN card
    • Photo ration card
    • Government ID / Senior citizen ID card
  • How to invest in the Union Bank FD scheme

    An investor can opt for either of the following methods to invest in Union Bank FD Scheme:

    1. Internet Banking

    The following steps need to be followed to invest via internet banking:

    • Login to the bank account
    • Click on the "Open Fixed Deposit" option under the "transaction" tab.
    • Fill in the needful details like the policy's tenure and the amount willing to be invested.
    • Provide nominee details.
    • Confirm all the details before proceeding further.
    • A receipt will be generated that can be downloaded instantly.

    2. Union Bank Mobile Application

    The following steps need to be followed to open an FD account via the mobile application of the bank:

    • Download the bank's application on your mobile (it can be either ios or android).
    • After creating credentials, one can sign in to the application.
    • Head to the main menu and select the deposit option after signing in.
    • Under the "Deposits" option, choose the "Open Fixed Deposit" tab.
    • Fill in all the required details and upload the required documents.
    • A receipt will be generated after successfully providing all the details, which can be downloaded immediately.

    3. Union Bank FD Account Offline

    In the offline method of opening a Union Bank of India Fixed Deposit Account, the investor needs to visit the nearest bank branch and fill out forms to open their respective FD account. All the relevant documents must be submitted to the branch manager along with the deposit amount. After successfully verifying all the provided documents, the branch manager provides a receipt that is the account opening proof for the investor.

* Tax adjustment considering income tax slab of 30%
** Life cover for a plan with an annualized premium of Rs 1L
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Get Guaranteed returns upto 7.5%*

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