Union Bank of India FD Rates

Tenure Interest Rates for Regular Deposit Interest Rates for Senior Citizen
7 days to 14 days 5.00% 5.50%
15 days to 30 days 5.00% 5.50%
31 days to 45 days 5.00% 5.50%
46 days to 90 days 5.50% 6.00%
91 days to 120 days 6.25% 6.75%
121 days to 179 days 6.25% 6.75%
180 days 6.50% 7.00%
181 days to 9 months 29 days 6.50% 7.00%
10 months to 1 year 2 months 6.75% 7.25%
1 year 2 months 1 day to 3 years 6.50% 7.00%
3 years 1 day to 5 years 6.50% 7.00%
5 years 1 day to 10 years 6.50% 7.00%

Union Bank of India Fixed Deposit Calculator

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Investment

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Interest Rate

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Interest Earned

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Maturity Value

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Investment Amount Minimum - Rs.1000 Maximum- No Maximum Limit
Tenure Minimum - 7 daysMaximum- 10 Years
Enjoy Flexible Withdrawals Pre-mature withdrawals are possible after applying terms and conditions of the bank
Avail Customized Schemes UBI’s FD schemes are designed in a way to cater the different interests and requirements of the clients

Union Bank of India FD Interest Rates

Fixed deposits are considered to be a safer investment option as compared to share markets. You can deposit your savings for a fixed duration and earn interest on the deposited amount at a fixed rate until the completion of the FD period. To earn great profits you can safely park your savings in the Union Bank’s FD schemes.

Key Features of Union Bank FDs

Check out the benefits of investing money in an FD-

  1. Union Bank of India allows you to nominate your spouse or any of the family members to receive the maturity amount.
  2. Competitive FD interest rates are offered
  3. You open your fixed deposit account starting from 10,000 rupees
  4. Loans are available up to a maximum of 90 percent of the deposited amount
  5. Easy pre-closure procedure. And no interest is applied if the FD is  closed within seven days of the opening
  6. Union bank offers fast and quick liquidity options
  7. No interest is applicable if you close your account within 7 days of opening it
  8. Senior citizens get 0.5% higher returns on their FDs as compared to the regular investors

Union Bank of India FD Interest Rates 2018

FD Tenure for Deposits < 1 Crore.

Regular FD Interest Rates (in %)

Senior Citizen FD Interest Rates (in %)

7 to 14 (days)

5

5.5

15  to 30 (days)

5

5.5

31 to 45 (days)

5

5.5

46 to 90 (days)

5.5

6

91 to 120 (days)

6.25

6.75

121 to 179 (days)

6.25

6.75

180 days

6.5

7

Between 181 days & lesser than 10 months

6.50

7

Between 10 months

& 14 months

6.75

7.25

Between 14 months & 3 years

6.7

7.25

Between 3 years 1 day & 5 years

6.85

7.35

Between 5 years 1 day & 10 years

6.85

7.35

Union Bank of India FD Maturity Calculator

With the help of Union Bank of India FD calculator, you can easily know the maturity amount that you will get after completion of the FD tenure. To determine the maturity amount, you just need to provide the amount of FD, its tenure, the applicable interest rates, and the compounding frequency of the FD interest rate.

Union Bank of India FD Rates

If you want to open a fixed deposit account for a tenure ranging between 3 and10 years then you can earn returns at the rate of 6.85 percent. The bank offers a special interest rate on FDs for senior citizens, which is 5% higher than the regular deposits. At present, the rate of interest on senior citizen fixed deposit account ranges between 5.5 to 7.35 percent.

Fixed Deposits rates of Union Bank of India are based on the RBI monetary policies, Bank’s liquidity position and credit demands along with the economic growth rate.

Union Bank of India Fixed Deposit Receipt

In this scheme, you can deposit money for a minimum of 7 days and maximum up to 10 years.  For a period ranging between 7 and 14 days, you need to deposit a minimum of Rs. 5 Lacs. And the interest payable is subjected to the Tax Deducted at Source (TDS).

The interest is calculated on a quarterly basis. The interest applicable varies on the basis of the tenure and if there are any changes in the interest rates that are applicable.

The Union Bank of India provides senior citizens with an additional interest of 0.50 percent for FD deposits above 1 year.

Union Bank of India Monthly Income Scheme

Monthly Income Scheme is available to all the residents. You can open both single and joint account. Nomination facility is also available in this scheme.

You can invest in this scheme to earn interest on a monthly basis on the fixed deposits ranging from 1 to 10 years.  The interest will either 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 percent to Senior Citizens.

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 -

  1. The minimum and maximum deposit tenure is 6 months and 10 years respectively
  2. The minimum amount of deposit for metro and urban branches is Rs. 500
  3. The minimum amount of deposit for semi-urban and rural areas is Rs. 100
  4. Nomination facility is available
  5. 50% higher interest rate for senior citizens, if the tenure of the deposit is more than 1 year

Union Bank of India Tax Saver Deposit

All the individuals and HUFs (Hindu undivided family) 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, trust, companies, societies, Institutions, and clubs.

Types of Deposit- This term deposit is available in a 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 of the survivors or the deposit holders. However, tax benefits under section 80 c will be available only to the first holder in a joint holder scheme.

The minimum amount that is required to issue a term deposit scheme is 5000 rupees and a maximum of 1 lakh 50 thousand rupees on yearly basis.  

The minimum tenure for term deposits is 5 years and a maximum of 10 years.

Union Bank of India Capital Gains Exemption Deposit Scheme

The Scheme was started by the Union Bank of India on 22nd June 1988. The assessee can utilize the deposited amount within the specified period to acquire new asset as per the respective Section of the Income Tax Act, 1961.

The taxpayers can avail tax benefits from the Capital Gains if the net consideration amount or the amount of capital gains is deposited in the bank on or before the due date of filing the ITR.

Capital Gains Exemption Deposit Scheme Accounts can be opened only at urban/ semi-urban / metropolitan Union Bank branches.

The bank offers two types of deposit accounts under this scheme- one is Savings Bank Deposits and the other is Term Deposits.

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, or through monthly installments (SIP), or by utilizing your surplus funds over the course of time in an FY.

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 save taxes in a systematic manner. You can invest small amounts during an FY and you will earn tax benefits U/S 80 C on the amount deposited. You can invest up to Rs.1, 50,000 altogether or infractions during a fiscal year.

Union Bank Premature Closure/Withdrawal

Union Bank of India allows Premature account closure or withdrawal (some penalties might be applicable). If the deposited amount is less than 1 crore rupees, no penalties will be charged on the interest rate in case of premature closure. If the deposited amount exceeds 1 crore rupees, then 1% penalty will be levied on the interest rate.

Tax Benefits on Union Bank of India Fixed Deposit

In the case of fixed deposits, the tax imposed depends on your tax bracket regardless of the FD tenure. If the amount of the interest earned is more than 10,000 rupees, the bank will levy tax deduction at the rate of 10 percent. Upon deduction, you will get a TDS certificate from the bank.


Union Bank of India FAQs

Q1.  What is the highest rate that I can get on my Union Bank FD?

The highest rate of interest that is provided by the Union Bank of India is 6.85%.

Q2. What is the rate of interest for senior citizens FDs with Union Bank of India?

In comparison to the regular FDs, senior citizens earn interest on their FDs anywhere ranging between 5.50 and 7.35 percent.

Q3. Is there any minimum or maximum tenure for Union Bank of India FDs?

Yes, you can choose to open an FD for a minimum of 7 days and a maximum of 10 years.

Q4. Is it possible to add an extra amount to my existing Fixed Deposit scheme?

It is not possible to deposit more money in your current FD. You can only deposit a fixed amount while opening the FD account. To deposit any additional amount you will have to open a new account.

Q5. What is the eligibility criterion to invest in a Fixed Deposit Scheme in Union Bank of India?

All the residents including HUFs, individuals, Firms, NRIs, are eligible to park their savings in the Union Bank fixed deposit schemes.

Q6. Does Union Bank allow changing the tenure of my current FD?

Once your FD account is opened, you cannot alter its tenure. However, you can close the current scheme and then open a new FD account for the required tenure.

Q7. Can open a Fixed Deposit account without a Permanent Account Number (PAN)?

You will have to face the following consequences of you invest in a fixed deposit semen without a Permanent Account Number-

  1. A TDS certificate will not be released
  2. As per section, 206AA TDS deduction will be applicable @ 20% instead of 10%
  3. Income Tax department will not give any TDS credit
  4. Invalidation of exemption certificates and Form 15G/H
  5. Penalties on TDS will be applicable

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