Union Bank of India Fixed Deposit

About Union Bank of India Fixed Deposit

Ideas must be rolling all across your mind to deposit for the future and live a happy life with your family, aren’t they? You may contemplate to park your hard-earned sum in fixed deposits, mutual funds, life insurance, medical insurance and others. All these financial instruments are beneficial and could play a vital role in securing your future. However, every investment comes with a degree of risk. In this backdrop, it is necessary to assess which investment type will cater into your risk profile and provide the desired returns at the same time. It is where fixed deposit scores over all other investment tools. And guess, who will provide you with the fixed deposit offering you good return? It is Union Bank of India, a public sector undertaking unit that offers a host of fixed deposit schemes to make your future a bright one. The interest rates offered on the bank schemes is attractive and will fetch you good returns over a period of time. So, without any delay, let’s check out the interest table first.

Union Bank of India Fixed Deposit Interest Rates

(Rates As on March 31, 2017)

PeriodInterest Rate for Amount Less Than ₹1 Cr
7 – 14 Days5.00%
15 – 30 Days5.00%
31 – 45 Days5.00%
46 – 90 Days5.50%
91-120 Days6.25%
121 Days – 179 Days6.25%
180 Days6.90%
181 Days – less than 10 months6.95%
10 months – 14 months7.00%
More than 14 months - 3 years6.80%
3 Years – 5 Years6.80%
5 Years-10 Years6.80%

Union Bank of India Fixed Deposit Interest Rates for Senior Citizens

Senior Citizens are entitled to an additional interest rate for term deposits of one year and more. The additional interest rate offered by Union Bank of India is 0.50% over the normal rate for domestic residents.

How to Apply

After having a look at the interest rates, you would be keen to book an FD at Union Bank of India. You can visit the website of Union Bank of India and book an FD online, much unlike many PSU banks that do not offer online booking of FD. Additionally, you can call to the bank’s 24×7 customer care number-1800 22 22 44, 1800 208 2244 for domestic residents and +918025302510 for NRIs, as well as visit the nearest branch of Union Bank of India to open an FD.

You can access application forms for fixed deposits at the branches or the website of the bank. In any of the options, you will have to fill in the form and submit it to the bank officials for the processing of your application. The bank will open your FD account based on successful verification of the details.

Minimum Amount Required to Open an FD Account

For individuals below 60 years of age- ₹10,000 in Metro and Urban Branches, ₹5,000 in Rural and Semi-urban branches

For Senior Citizens-₹5,000

Union Bank of India Fixed Deposit Schemes

1. Fixed Deposit Receipt

Expect to generate regular income by booking a fixed deposit receipt at Union Bank of India. With a tenure of 7 days-upto 10 years, the depositors can earn a reasonably higher amount via the scheme.

Scheme Features

ParticularsDetails
Minimum Investment Amount₹10,000 in Metro and Urban Branches, ₹5,000 in Rural and Semi-urban branches, and ₹5,000 for Senior Citizens
Minimum Tenure7 Days
Maximum Tenure10 years
Interest Payout FrequencyMonthly or Quarterly
TDSApplicable
Premature Withdrawal
Allowed
Loan/Overdraft Facility
Nomination FacilityAvailable

2. Union Tax Saver Deposit

The tax-saving deposit, which comes with a 5-year lock-in period, offers an option for depositors to transfer the deposit from one branch to another branch of Union Bank of India.

Scheme Features

ParticularsDetails
Minimum Investment Amount₹ 5,000 and in multiples of ₹1,000 afterwards
Maximum Investment Amount₹ 1,50,000 in a financial year
Minimum Tenure5 years
Maximum Tenure10 years
Interest Payout FrequencyMonthly or Quarterly
TDSGiven Under Section 80C of the Income Tax Act
Premature Withdrawal
Not Allowed before 5 years
Loan/Overdraft FacilityAvailable after 5 years
Nomination FacilityAvailable

3. Deposit Re-Investment Certificate

This scheme is ideally suited for individuals looking to invest a lump sum amount and get the interest compounded quarterly along with the principal amount.

Scheme Features

ParticularsDetails
Minimum Investment Amount₹100 in Rural/Semi-Urban centres and ₹ 500 in Urban/Metro Centres
Maximum Investment AmountNo Limit Yet
Minimum Tenure6 months
Maximum Tenure10 years
Interest Payout FrequencyReinvested at Quarterly Intervals
TDSApplicable
Premature Withdrawal
Allowed
Loan/Overdraft FacilityAvailable
Nomination FacilityAvailable

4. Monthly Income Scheme

As per the scheme, you can get the interest in your savings or current account during the last week of the month at a discounted value.

Scheme Features

ParticularsDetails
Minimum Investment AmountNot Specified Yet
Maximum Investment AmountNo Limit Yet
Minimum Tenure6 months
Maximum Tenure10 years
Interest Payout FrequencyMonthly at Discounted Value
TDSApplicable
Premature Withdrawal
Allowed
Loan/Overdraft FacilityAvailable
Nomination FacilityAvailable

5. Union Easy Tax Saver Deposit Scheme

Hunting for a flexible fixed deposit scheme? Invest in Union Easy Tax Saver Deposit Scheme that allows you to invest through monthly installments to accumulate a lump sum or deposit surplus funds as and when you have.

Scheme Features

ParticularsDetails
Minimum Investment AmountNot Specified Yet
Maximum Investment Amount₹1,50,000 in a financial year
Minimum Tenure6 months
Maximum Tenure10 years
Interest Payout FrequencyMonthly
TDSApplicable
Premature Withdrawal
Allowed
Loan/Overdraft FacilityAvailable
Nomination FacilityAvailable

Union Bank of India Fixed Deposit Eligibility Criteria

Persons eligible to open a fixed deposit at Union Bank of India belong to the set of people and associations mentioned below.

  • Single & joint account holders
  • Illiterate persona
  • Visually Impaired Individuals
  • Purdanasheen Ladies
  • Associations
  • Societies
  • Trusts
  • Clubs
  • RBI-approved Agencies
  • Institutions

Union Bank of India Fixed Deposit Form

You can either go to the branch or visit the website of Union Bank of India to access application forms for fixed deposits. In any of the options, you will have to fill in the form and submit it to the bank officials for the processing of your application. Upon successful verification of the details, you will able to book a fixed deposit.

Documents Required

The requirement of documents will differ according to the type of individuals and organisations.

Individuals

Passport, PAN Card, Voter Identity Card, Driving License, Job Card Issued by MNREGA Duly Signed  by a State Govt Officer,  Aadhaar Card

Joint Individuals

Passport, PAN Card, Voter Identity Card, Driving License, Job Card Issued by MNREGA Duly Signed  by a State Govt Officer,  Aadhaar Card

Non-Resident Individuals

Copies of Passport and Residence Visa, applicants need to be introduced by Indian Embassy/bank/Notary Public

Properietory Concern

Prescribed Proprietory Declaration Letter and any two of CST/VAT Certificate, Sales Tax/Service Tax, Professional Tax Registration Certificate, Certificate/ licence issued by Municipal Authorities under Shop & Establishment Act or any other similar documents showing the activities of the concern

Hindu Undivided Family (HUF)

Prescribed Joint Hindu Family Letter signed by all the major Coparceners, Declaration form from Karta, documents Validating the Identity of each of the Karta and all the major Co-parceners.

Partnership Firm/LLP

Registration Certificate (If Registered), Partnership Declaration, Partnership Deed, Recent Passport Size Photograph of All Partners, Any Identity Proof Document of the Partners, and Designated Partner Identification Number for LLP Only

Companies/Corporations

Certificate of Incorporation, Memorandum and Articles of Association, List of Directors with their Bio-data, Resolution from Board of Directors, Power of Attorney Granted to its Managers, Employees or Officers to Transact on its Behalf, License Copy Issued by Central Government

Trusts & Foundations

Registration Certificate, Trust Deed, Settlers Declaration, List of Trustees, Resolution of Trust Managing Committee for Account’s Opening and Operation, An Officially Valid Document with Regards to an Individual Receiving a Power of Attorney to Transact on its Behalf

Societies, Associations, NGOs, Clubs and Other Organizations

Registration Certificate (If Registered), By-Laws, Managing Committee Members and theirBio-Dataa, Resolution of Managing Committee of the Organization for Account Opening and Delegation of Powers for Operation of Accounts

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