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  • Union Bank of India Fixed Deposit Calculator

Union Bank FD Calculator

Calculate FD Returns

Investment Amount
₹ 
Investment Duration
Interest Rate
 %

After 5 years, you will have

₹ 15,105

that’s ₹ 5,105 earned as interest

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Note: All projections are based on historical averages. Learn More

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Union Bank Fixed Deposit Features

Union Bank of India Fixed Deposit offers investors high interest rates at minimum risk. Following are some of the key features of a Union Bank of India fixed deposit account:

Guaranteed Returns: Union Bank fixed deposit schemes offer guaranteed income at a fixed interest rate.

Tenure: The tenure of Union Bank of India FDs ranges from seven days to ten years.

Minimum Amount: The minimum amount to open a Union Bank of India FD account is INR 100.

Maximum Amount: There is no limit on the maximum amount of investment in Union Bank of India FD. However, for Union Bank tax saving FD, the maximum investment is limited to INR 1.5 lakhs.

Union Bank of India FD rates: The Union Bank of India FD Rates ranges between 3% to 5.4% p.a.

Senior Citizens FD Rate: Union Bank of India offers preferential interest rates for senior citizen depositors. The Union Bank FD rates range between 3.5% to 5.9%.

Safety: The Deposit Insurance Scheme insures the Union Bank of India deposits up to INR 5,00,000.

Loan against FD: Union Bank provides its depositors with a facility to avail a loan up to 90% of the deposit against their FDs. A loan against the FD not only allows investors to meet their financial gaps but also helps in meeting liquidity requirements without breaking Union Bank FD.

Nomination Facility: Union Bank depositors can nominate beneficiaries while opening the FD account.

Auto-Renewal: Union Bank offers an auto-renewal facility of the fixed deposit account.

What is a Union Bank FD Calculator?

Union Bank FD Calculator is a simple online tool that helps in estimating the returns from an FD investment. The FD calculator only requires simple inputs like rate of interest, investment duration in years, investment amount, and target amount. The output Union Bank FD calculator provides aids in better financial planning.

However, one must understand that the Union Bank FD Calculator only provides an estimation and doesn’t guarantee any returns. The actual return might vary, and the exact maturity amount will be known only after one invested in Union Bank FD.

How to use the Union Bank FD Calculator?

Before investing, it’s always a good idea to calculate the potential returns. As a result, it is easy to make smarter investing decisions. To put it another way, evaluating returns in terms of wealth acquired rather than a percentage helps people to manage their financial goals better. There are two ways one can estimate the returns from FD investment using Scripbox Union Bank FD Calculator: investment amount approach and target amount approach.

Investment Amount Approach

Following are steps that you can follow to use the Union Bank FD Calculator using the Investment Amount Approach:

  • Firstly, enter the investment amount that you intend to invest in the Union Bank FD scheme.
  • Now, with the slider, adjust the desired tenure of the Union Bank FD investment. For Union Bank FD, the tenure usually varies from one to five years.
  • Then, use the slider to adjust the interest rate on the Union Bank FD.
  • Next, select the compounding period for the Union Bank fixed deposit investment. Choose the compounding option: monthly, quarterly, half-yearly or yearly option. Compounding frequency is the number of times interest gets compounded during the year. The interest amount is computed based on the frequency of the compounding intervals. As a result, it should be appropriately selected.
  • Finally, select the appropriate option under the senior citizen’s section (yes or no). Often, the interest rates vary for senior citizen depositors.

After all the inputs are entered, the Union Bank FD calculator automatically computes the interest and maturity amount. In the tabular format, the Union Bank FD calculator shows the interest earned every year along with the yearly opening and closing balance. Alternatively, the graphical representation shows the growth of Union bank FD investment over time (initial investment and maturity amount).  

Target Amount Approach

The target amount approach helps in determining the amount that one should invest today to achieve their target amount on maturity from the Union Bank FD investment. Following are the steps that one needs to follow to use the Union Bank FD Calculator using the Target Amount Approach:

  • Firstly, select how you want to receive the interest from Union Bank FD, as a regular income or in a lump sum.
  • Secondly, enter the target amount you want to receive from the Union Bank FD investment.
  • Lastly, enter the duration, interest rate and compounding frequency that the Union Bank FD offers. Also, select the appropriate option (yes or no) under the senior citizen section. Often, the interest rates vary for senior citizen depositors.

The Union Bank FD calculator estimates the investment amount needed to achieve the target and also the interest one might earn. Moreover, the Union Bank FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.

Benefits of using Union Bank FD Calculator

  1. Union Bank FD interest rate calculator helps in estimating the returns within a few seconds and aids in making quick and well informed investment decisions.
  2. The interest amount from Union Bank FD investment is affected by tenure, interest rate, compounding frequency, and investment amount. Therefore, one can use the Union Bank FD calculator multiple times to see which factor affects returns the most and also compare the results.
  3. There are multiple FDs in the market that banks and NBFCs offer. Using the Union Bank FD calculator, one can compare the maturity amount of different banks and NBFCs.
  4. Using Scripbox’s Union Bank FD Calculator, one can compare results with the returns from other investments as well. This helps in shortlisting the best suitable investment option for financial goals. For example, an investor who wants to compare the Union Bank FD investment results with PPF can use the Scripbox PPF Calculator and Union Bank FD Calculator.
  5. The Scripbox Union Bank FD calculator has two approaches, namely, the investment and target amount approach. Individuals who know how much they wish to invest can choose the investment amount approach. While investors who know have a target amount that they wish to accumulate can use the target amount approach on the Union Bank FD calculator.
  6. The Union Bank FD calculator provides results in graphical and tabular format. These representations clearly show the opening balance, interest earned, and closing balance for each year during the entire Union Bank FD investment tenure. Hence investors can know how much balance is remaining in their Union Bank FD after every interest payout.

How is Union Bank FD Interest Calculated?

The interest amount from Union Bank FD investment depends on a number of factors such as investment amount, tenure of the FD, compounding frequency, and the rate of interest. One can estimate the interest earned from Union Bank FD using two methods, namely, simple interest and compound interest. Let us understand the interest and maturity amount calculation using both methods with the help of an example.

Simple Interest on Fixed Deposit

Simple interest is the reward that one earns for investing money for a predetermined period at a fixed interest rate.

Formula

Simple Interest = (P * R * T)/ 100

P- Principal investment amount

R- Interest rate of Union Bank FD (%)

T- Tenure of the Union Bank FD

Example

Ms Aishwarya wants to invest INR 35,000 for six years at an interest rate of 5.6% per annum.

For Ms Aishwarya, the principal amount (P) is INR 35,000, the rate of interest (R) is 5.6%, and tenure (T) is six years.

Simple Interest = (INR 35,000 * 5.6 * 6 years)/ 100 = INR 11,760

Maturity Value = Investment + Simple Interest earned during the tenure of investment

= INR 35,000 + INR 11,760

= INR 46,760

Compound Interest on Fixed Deposit

Compound interest is the income that the investor earns on the principal investment amount and accumulated interest. Through the power of compounding, one can earn interest on interest. The interest earned will majorly depend on the tenure, compounding frequency and interest payout. Higher the duration of the investment coupled with more compounding periods can result in higher income in the form of interest. Also, lower or no interest payment frequency will also lead to higher interest income. For some of Union Bank FDs, the interest is compounded every quarter.

Formula

A = P (1+r/n) ^ (n * t)

A = Amount at maturity

P = Principal Investment

r = Rate of interest (in decimals)

n = number of times interest is compounded

t = tenure in years

Example

Ms Aishwarya wants to invest INR 35,000 for six years at an interest rate of 5.6% per annum, compounded quarterly.

For Ms Aishwarya, the principal amount (P) is INR 35,000, rate of interest (r) is 5.6%, tenure (t) is six years, and the number of compounding periods is 4 (n)

Maturity Amount = 35,000 (1+0.056/4) ^ (4*6)

A (maturity amount) = INR 48,862.86

Interest income = INR 48,862.86 – INR 35,000 = INR 13,862.86

Frequently Asked Questions

What are the FD rates in Union Bank?

The Union Bank of India fixed deposit interest rate ranges between 3% to 5.4% p.a. Also, the Union Bank of India offers preferential interest rates for senior citizen depositors, and they range between 3.5% to 5.9%.

What is the highest fixed deposit interest rate for the Union Bank of India?

The highest FD rate for Union Bank of India is 5.4% for a regular investor for the tenure of 5-10 years. Also, for senior citizens, the highest Union Bank of India FD interest rate is 5.9%.

Is FD safe in Union Bank?

The Deposit Insurance Scheme insures the Union Bank deposits up to INR 5,00,000. Hence Union fixed deposits are considered safe.

Does Union Bank of India provide a Loan against FD?

Union Bank provides its depositors with a facility to avail a loan up to 90% of the deposit against their FDs. A loan against the FD not only allows investors to meet their financial gaps but also helps in meeting liquidity requirements without breaking Union Bank FD.

Is there a Premature withdrawal facility available with the Union Bank of India?

Union Bank of India allows its investors to withdraw the deposit amount prematurely. However, Union Bank charges a penalty for premature withdrawal. The terms and conditions of premature withdrawal vary as per the terms of the Union Bank of India.

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