Union Bank Fixed Deposit (FD) Interest Rates

Union Bank of India offers a diverse range of FD rates, ranging from 3.00% to 7.25% p.a. for the general public and 3.50% to 7.75% p.a. for senior citizens, spanning tenures from 7 days to 10 years. The top Union Bank of India FD rate is 7.00% per annum for 399 days, offering an attractive choice for smart investors.

Investing in a Union Bank FD is simple, just visit the official Union Bank website and apply online.

Union Bank Domestic FD Rates Below 2 Crores (Callable)

The UBI fixed deposit rates that apply to different tenures are shown in the table below for Union Bank fixed deposits under Rs. 2 crore. These rates apply to callable fixed deposits, meaning that premature withdrawals are permitted.

*Union Bank of India offers extra interest to resident senior and super senior citizens on term deposits up to Rs. 5.00 Crores. For resident senior citizens, there is an additional 0.50% interest, while for super senior citizens, it is 0.75% (0.25% more than for resident senior citizens). This additional rate for super senior citizens applies to term deposits opened or renewed on or after 01.12.2022.

Union Bank Bulk Term Deposit Rates Above 2 Crores (Callable)

The Union Bank fixed deposit interest rates and their corresponding tenures for bulk deposits of more than Rs. 2 crores are shown in the table below. These rates are for callable fixed deposits, which means premature withdrawal is allowed.

Interest Rates For Bulk Deposit For 2 Crores & Above (Non-Callable)

The table below shows the interest rates for Union Bank FDs above 2 Crores. These rates are for non-callable deposits only, which means, premature withdrawal or closure is not allowed.

Union Bank Tax Saver FD

The table below shows the interest rate on Union Bank Tax Saver FDs:

Union Bank FNCR Deposit Interest Rates

The table below shows the interest rates and durations for the FNCR deposits offered by Union Bank.

Features and Benefits of Union Bank Fixed Deposit

Union Bank Fixed Deposits provide numerous benefits for investors. Here are some main features.

• Flexible Tenure Options: Customise your investment horizon with Union Bank FDs, spanning a versatile range from 7 days to 10 years.
• Generous Loan Facility: Gain financial flexibility with a loan facility extending up to 90% of your FD amount.
• Diverse Schemes Portfolio: Enjoy an extensive array of fixed deposit schemes, providing many choices to align with your financial goals.
• Competitive Interest Rates: Experience attractive and competitive interest rates meticulously crafted for all Union Bank FD schemes.
• Senior Citizen Privilege: Enjoy an exclusive advantage with an extra 0.50% interest rate offered to senior citizens.
• Swift Liquidity Options: Access your funds effortlessly with seamless and prompt liquidity options for added financial convenience.
• Automatic Renewal Facility: Ensure continuity in wealth creation with the automatic renewal feature, eliminating the hassle of manual renewal procedures.
• Nomination Facility: Safeguard your investments by availing the nomination facility, ensuring a smooth transfer of benefits to your chosen nominee.

Union Bank FD Account Eligibility

The general eligibility criteria for investing in Union Fixed Deposit Accounts are highlighted below:

• Indian resident individuals can open a Union Bank FD.
• Legal guardians have the authority to open FDs on behalf of minors.
• Various associations, trusts, and institutions are also eligible for investment in Union Bank FD.
• Hindu Undivided Family (HUF) entities are eligible to invest in Union Bank Fixed Deposits.
• Partnership firms qualify for Union Bank FDs.
• Corporations and companies have the option to choose Union Bank FD.

Documents Required To Open Union FD

For starting a Union Bank FD, gather the following documentation:

• Forms and Photographs: Complete the Union Bank Fixed Deposit Form and include two passport-size photographs.
• PAN Card: Include a copy of the PAN Card. In case the customer doesn't possess a PAN Card, provide Form 60 or 61.
• KYC Documents: Submit any identification and address proof documents: Aadhaar card, PAN Card, Driver’s License, Voter ID card, Utility Bills, etc.
• Other Documents: Include any additional documents relevant to proprietorship concern, Partnership Firm, Company, HUF, etc. as required.

Premature Closure of Union Bank Fixed Deposit

Premature closure refers to withdrawing the deposit amount from your fixed deposit account before it reaches the maturity period.

For Union Bank fixed deposits below Rs. 2 crores closed before maturity (after 7 days), the interest will be 1% less than the opening date's rate or the contracted rate, whichever is lower. The same applies to Union Green Deposits, with no interest credited if pre-closure occurs before 7 days.

Types of Union Bank Fixed Deposits

Examine the list of Union Bank's many FD schemes, each with unique features to suit a range of financial needs.

Union Bank of India Fixed Deposit Receipt (FDR)

• Investing in a Union Bank of India Fixed Deposit Receipt (FDR) is hassle-free with a minimum deposit amount of Rs 1,000 and flexible tenure options ranging from 6 months to 10 years.
• You can benefit from loan and nomination facilities, and premature withdrawal is allowed.
• Upon maturity, your deposit will be automatically renewed at the prevailing interest rate.
• Exclusive to resident depositors, senior citizens enjoy an additional 0.50% p.a. on FD rates, while super senior citizens aged 80 years and above receive an extra 0.75% p.a. interest rate boost.

Union Bank of India Short Deposit Receipt (SDR)

• Investing in the Union Bank of India Short Deposit Receipt (SDR) requires a minimum deposit of Rs 1,000.
• With flexible tenure options ranging from 7 days to 179 days, this deposit comes with the convenience of nomination and loan facilities.
• Premature withdrawal is permitted, offering flexibility to depositors.
• Additionally, the automatic renewal feature ensures a hassle-free extension of your deposit at the prevailing interest rate.

Union Bank Tax Saver FD

• The Union Bank of India Tax Saver FD is a simple tax-saving option with a minimum deposit of Rs. 5,000 and multiples of Rs. 1,000 thereafter, allowing a maximum deposit of Rs. 1.5 lakh in a financial year.
• The tenure is 5 to 10 years, featuring a lock-in period of 5 years.
• A loan facility is available, but only after the initial 5-year lock-in.
• There is no automatic renewal, and premature closure is allowed only in case of the primary account holder's demise.
• Additionally, the FD offers a nomination facility for added convenience.

Union Bank of India Easy Tax Saver Deposit Scheme

• The Union Tax Saver is a tax-saving deposit that starts with a minimum deposit amount of Rs 1,000 and multiples of Rs 1,000 thereafter.
• Union Easy Tax Saver Deposit Scheme lets you invest in Tax Saver Fixed Deposits flexibly - through monthly instalments, lump-sum, or whenever you have extra funds.
• It helps you save tax systematically by investing small amounts, up to Rs. 1,50,000, and provides guaranteed returns throughout the financial year.

Union Bank Money Flex Term Deposit (MFTD)

• The Union Bank Money Flex Term Deposit (MFTD) is an accessible investment option with a minimum deposit of Rs. 25,000 and a maximum deposit below Rs 2 crore.
• Offers convenient and flexible tenure choices from 6 months to 10 years.
• While there is no loan facility, the MFTD allows for automatic renewal at the applicable interest rate.
• Importantly, depositors have the flexibility of premature withdrawal without incurring any penalties.

Union Bank of India Motor Accident Claims Annuity Deposit (MACAD)

• The Union Bank of India Motor Accident Claims Annuity Deposit (MACAD) requires a minimum deposit based on a monthly annuity of Rs. 1,000.
• The tenure ranges from 3 to 10 years and if it's less than 3 years, a regular FD account is opened. For durations beyond 120 months, the MACAD can be booked as per court directions.
• No loans are allowed, but there is a nomination facility.
• Premature withdrawal or part lump sum payment during the claimant's life needs court authorization.
• If authorized, a new annuity account is created with the remaining tenure and amount, at the prevailing interest rate.
• If the remaining tenure is less than 3 years, a new MIS (fixed deposit) account is opened at the current rate. These features make the MACAD a specialized and flexible investment option from Union Bank.

Union Bank of India Capital Gain Scheme

• The Union Bank of India Capital Gain Scheme is a good investment opportunity with a minimum deposit of Rs. 1,000 and a flexible tenure of 2 to 3 years.
• Depending on the sections under which capital gains can be saved, the scheme allows for a maximum of 2 or 3 years.
• If opened in the FDR system, interest payments are made quarterly or half-yearly, as per the customer's preference.
• While there's no option for a loan, the scheme does provide a nomination facility.
• Automatic renewal is not allowed, but premature withdrawal is permitted for added flexibility.

Union Bank Fixed Deposits for NRIs

Following are the major Union Bank FD schemes specifically designed for NRIs.

Union Smart Rupee Deposit Scheme

• The Union Smart Rupee Deposit Scheme is designed specifically for NRIs/PIO/OCIs, requiring a minimum deposit of USD 10,000 or its equivalent.
• The tenure is set at 1 year, and no premature extension is permitted. Upon maturity, the amount will be paid in Indian Rupees (INR) only.
• The interest rate is aligned with the applicable rates for FCNR (B)-Term Deposit.
• This scheme provides a straightforward and accessible investment option for non-resident individuals.

Union Bank of India NRE Fixed Deposit

• The Union Bank of India NRE Fixed Deposit offers a minimum deposit of Rs. 10,000 for FDR in metro and urban branches, Rs. 5,000 in rural and semi-urban branches, and Rs. 5,000 for senior citizens.
• If the deposit is canceled before 1 year, no interest will be credited.
• The facility provides a nomination option, and interest payments are made quarterly.
• In case the interest payment date falls on holidays, it will be processed on the next working days.
• This NRE Fixed Deposit from Union Bank is a convenient and flexible investment choice.

Union Bank of India NRE Flexi Fixed Deposit

• The Union Bank of India NRE Flexi Fixed Deposit is designed for NRIs/PIO/OCIs, requiring a minimum balance of Rs. 50,000 in the Savings Account.
• With a 1-year tenure, it allows daily transfers between the Savings and Flexi Term Deposit accounts.
• You can Sweep Out amounts in multiples of Rs. 10,000 (up to Rs. 1 Crore per day) and Sweep In amounts starting from Rs. 5,000.
• Enjoy free benefits like 5 chequebooks per year, no NEFT/RTGS charges, and no minimum balance charges.
• The scheme also offers a nomination facility, and no loans or overdrafts are allowed against the linked FD Flexi Account, ensuring a secure investment.

Union Bank of India NRE Monthly Income Scheme

• The Union Bank of India NRE Monthly Income Scheme is a hassle-free option with a minimum deposit of Rs. 1,000 and a flexible tenure of 1 to 10 years.
• It offers monthly interest payments at a discounted value of the contracted rate. The scheme provides the convenience of a loan facility and nomination options.
• While premature closure is allowed, it comes with a penalty if any, and the interest will be paid for the run period at the applicable rate.
• It's important to note that no interest will be credited if the deposit is closed before completing 1 year.
• This NRE Monthly Income Scheme from Union Bank ensures simplicity and flexibility for investors.