Union Bank’s reputation for trustworthiness in its secure Fixed Deposit system is all thanks to Union Bank FD rates. The Union Bank has competitive rates of 3.00 to 7.00% per annum for the general clientele and around 3.50% to 7.50% for senior citizens. The term usually starts from a minimum of 7 days, going up to a length of 10 years.
The attractive interest rates for Union Bank Tax Saving Fixed Deposit rates are 6.07% for the general clientele and 7.20% for the senior citizens. The bank is also known for its comprehensive range of Fixed Deposit schemes for NRE, NRO, NRIs, FCNR (B), and RFC.
|Highest slab rate||7.00% (for 399 days)|
The Union Bank has certain eligibility criteria that customers must remember before deciding to open an account in the bank and enjoy Union Bank FD rates today. Those that fall under the following categories are eligible to open an account:
· Citizens of India
· Non-Residents of India
· Senior citizens
· Joint investors
· Sole proprietorship
· Companies, societies, or trusts
To initiate investments and open an FD account with Union Bank, investors must provide the following mandatory documents:
· KYC documentation for proof of identity and address. Acceptable proofs include an Aadhaar card, PAN card, individual’s driving license, electricity bill (from the past 3 months), and telephone bills.
· Bank statement and a cheque to serve as income proof.
· Passport-size photographs of the investor.
· A certification granted by the nearby Post Office.
· A completed application form with accurate details.
Mentioned below in the table are the Union Bank FD interest rates for Non-Residents or Domestic account holders:
|Tenure||Interest Rates (% p.a.)|
|1 year – 398 days||6.30|
|400 days – 2 years||6.30|
|2 years – 3 years||6.30|
|3 years – 5 years||6.70|
|5 years – 10 years||6.70|
The chart below shows the rates for a Fixed Deposit in Union Bank where the deposit amount is lesser than Rs. 2 crores.
|Tenure||Regular Citizens||Senior Citizens|
|7 days to 14 days||3.00%||3.50%|
|15 days to 30 days||3.00%||3.50%|
|31 days to 45 days||3.00%||3.50%|
|46 days to 90 days||4.05%||4.55%|
|91 days to 120 days||4.30%||4.80%|
|121 days to 180 days||4.40%||4.90%|
|181 days – 1 year||5.25%||5.75%|
|1 year – 398 days||6.30%||6.80%|
|400 days – 2 years||6.30%||6.80%|
|2 years – 3 years||6.30%||6.80%|
|3 years – 5 years||6.70%||7.20%|
|5 years – 10 years||6.70%||7.20%|
Union Bank FCNR (B) Interest Rates
|Maturity Period||USD < 500,000||USD >= 500,000||GBP||EUR||JPY*||CAD||AUD|
Union Bank RFC Interest Rates
|PERIOD||USD < 500,000||USD >= 500,000||GBP||EUR||JPY*||CAD||AUD|
|6 M to 1 YRS||5||5.25||4.5||2.15||0.01||4||3.5|
|1 YR To <2 YRS||5||5.25||4.5||2.15||0.01||4||3.5|
|2 YRS To <3 YRS||4.3||4.3||3.5||2.05||0.01||3.61||3.2|
Union Bank FD Interest Rates for NRI Accounts
The revised rates for different maturities for NRE Rupee Term Deposits, which will be effective from 23.05.2023 are as given below:
|Period||Interest Rate (Rates in % per annum)|
|<Rs. 2 Cr|
|>1 Year to 398 days||6.30|
|400 Days to 2 years||6.30|
|>2 years to less than 3 years||6.30|
|>3 Years to 5 Years||6.70|
|>5 Years to 10 Years||6.70|
Loan against Fixed Deposit is a convenient facility that allows you to obtain loans by using your FD as collateral. This option enables you to address urgent financial needs without having to withdraw your Fixed Deposit prematurely.
The interest rate charged for such loans is typically 2-3% p.a. higher than the regular FD rates. There is no limit on the loan amount you can avail, and you can borrow up to 75% of the total amount of your Fixed Deposit.
According to Union Bank of India FD rates, a loan against Fixed Deposit offers several top benefits, including lower interest rates compared to personal loans, quick and hassle-free processing, no processing charges, and minimal paperwork since the customer already has an account with the bank and the required documentation.
|Before 7 days||1% below the appropriate rate at which the bank retained the deposits before the completion of the first seven-day period when a deposit of Rs. 2 crores or below is made.|
|Completion of 7 days||There are no penalties charged if the seven-day period is completed.|
The following points denote the nomination facilities available for investors of Union Bank:
· There may only be one nominee, whether a bank account is owned solely or jointly.
· A resident may designate an NRI as a nominee, but the RBI must grant approval before any money can be returned.
· A nomination can be submitted on behalf of a minor by a person who has the legal authority to manage that minor’s account.
· By completing the form required by the Banking Companies Rules of 1985, applicants may make nominations.
· While the account relationship is still active, the nomination information may be amended by filling out the form required under the Banking Companies Rules of 1985.
· It is better to approach the nearest branch for additional information.
Union Bank Fixed Deposit Rates FAQ’s :-
For Union Green Deposits (UGD), if a deposit is closed after being open for at least 7 days, the applicable Union Bank FD interest rates 2023 will be reduced by 1% from the rate at the deposit’s opening date or the contracted rate, whichever is lower. However, no interest will be credited if the pre-closure happens before the seven-day period.
The amount invested, term, interest rate, frequency of interest calculation, and taxation are just a few of the variables that affect the money you may earn on your deposit. Using the Union Bank FD calculator, you can determine the returns on your investment and make your banking experience fruitful.
To select the right fixed deposit, compare Union Bank of India FD interest rate with various banks, assess the lender’s credibility through safety ratings by ICRA or CRISIL, decide on cumulative or non-cumulative options, and opt for a bank with excellent customer service and a simple FD opening process.
Union Bank allows citizens of India, non-residents of India, minors, senior citizens, joint investors, sole proprietorships, companies, societies, and trusts to open FD accounts.
To open an FD account with Union Bank, you need KYC documentation for proof of identity and address, a bank statement and income proof, passport-size photographs, a certification issued by the local Post Office, and a completed application form.