Formerly Corporation Bank
Interest for 3 years
Note: All interest rates shown below are as on 22nd Jun 2021
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 15 days||3%||3%|
|1 month 16 days - 2 months 29 days||3.5%||3.5%|
|3 months - 3 months 29 days||3.75%||3.75%|
|3 months 30 days - 5 months 27 days||4.3%||4.3%|
|6 months - 11 months 30 days||4.4%||4.4%|
|1 year - 1 year||5%||5%|
|1 year 1 day - 2 years||5.2%||5.2%|
|2 years 1 day - 2 years 11 months 30 days||5.4%||5.4%|
|3 years - 4 years 11 months 30 days||5.5%||5.5%|
|5 years - 9 years 11 months 29 days||5.6%||5.6%|
Union Bank of India is one of the leading public sector banks of the country. Union Bank Of India operates in the following business areas Personal banking, NRI Banking, Corporate Banking, etc. The bank offers services like CMS, E-Tax, trade finance, insurance products and loans to their corporate clients. The Bank is a listed entity and the Government of India holds stake in Bank’s total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company The bank has a balance sheet size of Rs. 5.5 Lakh Crs as on 31st March 2020 The bank recorded a loss of Rs 2897 Crs in FY20
3% - 5.6%
3% - 5.6%
FD Rate for Seniors
₹ 2 Crores
Flexible tenure & partial withdrawal facility, without the hassle of opening a savings account.
|Investment Amount||For 3 years with interest of 5.5%||For 5 years with interest of 5.6%|
|₹ 1 lakh||₹131570||₹132227|
|₹ 2 lakh||₹263141||₹264454|
|₹ 5 lakh||₹657852||₹661134|
|₹ 10 lakh||₹1315704||₹1322268|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹105116||₹ 101764|
|Total Investment Amount||₹ 100000||₹ 100000|
|Total Interest Gained||₹5116|
|Income Tax on Wealth Gained||₹ 12898||₹ 13092|
|Bank Name||FD Interest Rates|
|Dhanlaxmi Bank||5.4% - 5.9%|
|Tamilnad Mercantile Bank||5.5% - 5.5%|
|IDBI Bank||5.3% - 5.8%|
|Bank of India||5.15% - 5.65%|
|Sundaram Finance||6.25% - 6.75%|
|AU Small Finance Bank||6.25% - 6.75%|
|Canara Bank||5.5% - 6%|
|Axis Bank||5.4% - 5.9%|
|Mahindra Finance||6.3% - 6.55%|
|PNB Housing Finance Ltd||6.6% - 6.85%|
|IDFC First Bank||5.75% - 6.25%|
|State Bank of India||5.3% - 5.8%|
|HDFC Bank||5.15% - 5.65%|
|Bank of Baroda||5.1% - 5.6%|
|LIC Housing Finance||5.75% - 6%|
|Tamil Nadu Power Finance||7.75% - 8.25%|
|Jammu & Kashmir Bank||5.3% - 5.8%|
|Bajaj Finance||6.5% - 6.75%|
|Yes Bank||6.25% - 7%|
|RBL Bank||6.3% - 6.8%|
|Punjab and Sind Bank||5.3% - 5.8%|
|Kotak Mahindra Bank||5.1% - 5.6%|
|IndusInd Bank||6% - 6.5%|
|Central Bank of India||5% - 5%|
|DCB Bank||6.5% - 7%|
|Bandhan Bank||5.25% - 6%|
|Fincare Small Finance Bank||6.25% - 6.75%|
|DBS Bank||5.5% - 5.5%|
|Indian Overseas Bank||5.2% - 5.7%|
|Karur Vysya Bank||5.5% - 6%|
|Equitas Small Finance Bank||6.35% - 6.85%|
|City Union Bank||5.5% - 6%|
|SCB Bank||5.35% - 5.85%|
|Karnataka Bank||5.5% - 5.9%|
|South Indian Bank||5.5% - 6%|
|HDFC Ltd Fixed Deposit||6.05% - 6.3%|
|Bank of Maharashtra||4.9% - 5.4%|
|ICICI Housing Finance Company||6.05% - 6.3%|
|ESAF Small Finance Bank||5.75% - 6.25%|
|Indian Bank||5.15% - 5.65%|
|Shriram Finance||8% - 8.4%|
|Federal Bank||5.35% - 5.85%|
|ICICI Bank||5.15% - 5.65%|
|Ujjivan Small Finance Bank||6.75% - 7.25%|
|Post Office||5.5% - 5.5%|
|Punjab National Bank||5.1% - 5.6%|
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Union Bank of India offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Union Bank of India FDs is higher in their savings account. One can invest in Union Bank FDs through both online and offline modes with just a minimum investment of INR 100. This article covers Union Bank of India FD, its features and interest rates in detail.
Following are the Union Bank of India Fixed Deposit Schemes:
Tenure: The tenure of an Union Bank FD ranges from seven days to ten years. Also, one cannot change the tenure of their Union Bank FD once it has commenced.
Minimum and maximum investment: The minimum investment in Union Bank FD is INR 100. However, there is no limit on the maximum amount of investment except for Union Bank tax saving FD, which is INR 1,50,000.
Union Bank of India FD rates: Union Bank FD rates range between 3% and 5.6% for regular citizens and between 3.75% and 6.1% for senior citizens. Moreover, Union Bank offers an additional 0.5% interest to senior citizens on their FDs. Union Bank pays interest every quarter in the months of April, July, October and January every year.
Premature withdrawal: All Union Bank FDs can be withdrawn prematurely except for the tax saving FD. The bank charges a penalty of 1% if the deposits of INR 2 crore and below are withdrawn before the completion of FD tenure but after seven days. If the deposits are withdrawn before the completion of 7 days, then there is no penalty.
Loan against FD: Union Bank offers loans against their FDs. Investors can get up to 90% of the deposit amount as a loan against their Union Bank FD investment.
Nomination facility: Union Bank FD investors can nominate beneficiaries for their FDs.
Auto-renewal: Investors can opt for auto-renewal of their Union Bank FDs.
Safety: The Deposit Insurance Scheme of RBI covers all Union Bank deposits. The scheme covers all Union Bank deposits up to INR 5,00,000.
Additional payments: Investors cannot deposit an additional amount in a Union Bank FD once it has commenced. However, they can open a fresh Union Bank FD with the new amount.
One can open a Union Bank of India FD account through various modes such as Internet Banking, Mobile App and offline.
The following steps will help an individual to open a Union Bank of India FD account through internet banking:
The following steps will guide in opening an FD account through the Union Bank of India Mobile App:
To open a Union Bank of India FD account offline, one has to visit the nearest Union Bank of India branch. Fill the Union Bank of India FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, the Union Bank of India will provide an FD receipt.
Following are the documents that one require to open a fixed deposit account in Union Bank of India:
Following is the eligibility criteria for opening a Union Bank FD is
Union Bank offers recurring deposits to its depositors. Union Bank recurring deposits have a minimum tenure of six months and a maximum tenure of ten years. Depositors can open an RD account either by going to the Union Bank branch or online using internet banking. The interest rate for regular citizens on Union Bank RDs is in the range of 4.5% to 5.6%, and for senior citizens, it is in the range of 4.6% to 5.6%.
Only investment in Union Bank Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. Also, investment in no other Union Bank FDs qualifies for tax saving under Section 80C of the Income Tax Act. Furthermore, the interest income from Union Bank FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from Union Bank FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Union Bank, then the TDS rate will be 20%.
To know in how many years Union Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Union Bank FD will double. For example, for a tenure of 5-10 years, the Union Bank FD interest rate for senior citizens is 6.1%. An investor can double the investment amount by investing for this tenure in Union Bank FD in 11.80 years (72/6.1).
Union Bank guarantees returns in the form of interest on their FDs. Moreover, the Deposit Insurance Scheme of RBI covers all Union Bank deposits. Also, the scheme covers all Union Bank deposits up to INR 5,00,000. Hence Union Bank FDs are safe for investment.
Union Bank FD rates range between 3% and 5.6% for regular citizens and between 3.75% and 6.1% for senior citizens. Moreover, Union Bank offers an additional 0.5% interest to senior citizens on their FDs. Union Bank pays interest every quarter in the months of April, July, October and January every year.
The highest FD rate in Union Bank is 5.6% for regular citizens for a tenure of 5-10 years. The highest Union Bank FD rate for senior citizens is 6.1% for a tenure of 5-10 years.
The minimum investment in Union Bank FD is INR 100. However, there is no limit on the maximum amount of investment in Union Bank FD.
Yes, investors can open a Union Bank FD account online through their internet banking facility.
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