Union Bank FD Rates 2024

• 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.

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.

• 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.

• 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

• Joint Hindu families
• Limited companies
• Municipalities
• Partnership firms
• Educational institutions
• Associations
• Societies

2. Identity Proof

• Voter ID card
• Passport
• Driving license
• PAN card
• Photo ration card
• Government ID / Senior citizen ID card

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.