|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 1 month 14 days||3%||3.5%|
|1 month 15 days - 2 months 28 days||4.1%||4.6%|
|3 months - 3 months 29 days||4.3%||4.8%|
|3 months 30 days - 5 months 28 days||4.4%||4.9%|
|5 months 29 days - 11 months 28 days||5.3%||5.8%|
|11 months 29 days - 1 year 1 month 1 day||6.3%||6.8%|
|1 year 1 month 2 days - 1 year 1 month 2 days||7%||7.5%|
|1 year 1 month 3 days - 2 years 11 months 28 days||6.3%||6.8%|
|2 years 11 months 29 days - 2 years 11 months 29 days||6.5%||7%|
|3 years - 9 years 11 months 27 days||6.7%||7.2%|
Note: All interest rates shown above are as on 6th Nov 2023
Union Bank of India was incorporated in 1919 and was nationalized in 1969. The Government of India holds an 83.49% stake in the bank. 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. Union Bank has its headquarters in Mumbai. As of March 2022, Union Bank has more than 8,870 branches across India and more than 11,200 ATMs. The total deposits as of March 2022 stood at INR 10,32,392 crores. Union Bank’s Fixed Deposits have an AA+ Credit Rating.
3% - 7%
3.5% - 7.5%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.5%||For 5 years with interest of 6.7%|
|₹ 50,000||₹ 60,734||₹ 69,832|
|₹ 1 lakh||₹ 1,21,467||₹ 1,39,664|
|₹ 2 lakh||₹ 2,42,934||₹ 2,79,328|
|₹ 5 lakh||₹ 6,07,336||₹ 6,98,319|
|₹ 10 lakh||₹ 12,14,672||₹ 13,96,638|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,06,485||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹6,485||₹ 7,763|
|Bank Name||FD Interest Rates|
|Kerala Gramin Bank FD||7.5% - 8%|
|Punjab and Sind Bank FD||6% - 6.5%|
|Ellaquai Dehati Bank FD||6.25% - 6.75%|
|Manipur Rural Bank FD||6.2% - 6.7%|
|Sarva Haryana Gramin Bank FD||6.75% - 7.25%|
|City Union Bank FD||6.5% - 6.75%|
|LIC Housing Finance FD||7.75% - 8%|
|Dhanlaxmi Bank FD||6.5% - 7%|
|Tamilnad Mercantile Bank FD||6.5% - 7%|
|Capital Small Finance Bank FD||7.15% - 7.65%|
Union Bank of India (UBI) 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. Also, UBI offers higher interest rates for senior citizen depositors. 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.
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.
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.
Following are the Union Bank of India Fixed Deposit Schemes:
The Money Flex Deposit scheme is designed to provide depositors with a higher rate of return on their savings than any other term deposit scheme. The scheme also allows them to withdraw a portion of their deposit at any time before maturity without having to close the account prematurely.
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. Check current Union Bank RD Interest Rates 2023
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%.
What is the highest Union Bank of India FD rate today?
What is the highest interest rate on Union Bank of India 1 year FD scheme?
What is Union Bank of India FD scheme interest rate for 5 years?
How many years FD will double in Union Bank of India?
What is Union Bank of India FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in Union Bank of India?
What are the available FD tenures in Union Bank of India?
What is Union Bank of India FD ROI for 10 lakh deposit for 1 year?
The interest from the Union Bank of India FD calculator for 10 lakh deposit for 1 year will be INR 64,851. The maturity value will be INR 10,64,851. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in Union Bank of India?
How many FDs can be opened in Union Bank of India?