Union Bank of India Fixed Deposit
Last Updated : April 6, 2017, 12:14 p.m.
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)
| Period | Interest Rate for Amount Less Than INR 1 Cr |
|---|---|
| 7 – 14 Days | 5.00% |
| 15 – 30 Days | 5.00% |
| 31 – 45 Days | 5.00% |
| 46 – 90 Days | 5.50% |
| 91-120 Days | 6.25% |
| 121 Days – 179 Days | 6.25% |
| 180 Days | 6.90% |
| 181 Days – less than 10 months | 6.95% |
| 10 months – 14 months | 7.00% |
| More than 14 months - 3 years | 6.80% |
| 3 Years – 5 Years | 6.80% |
| 5 Years-10 Years | 6.80% |
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
| Particulars | Details |
|---|---|
| Minimum Investment Amount | INR 10,000 in Metro and Urban Branches, INR 5,000 in Rural and Semi-urban branches, and INR 5,000 for Senior Citizens |
| Minimum Tenure | 7 Days |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Monthly or Quarterly |
| TDS | Applicable |
| Premature Withdrawal | Allowed |
| Loan/Overdraft Facility | |
| Nomination Facility | Available |
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
| Particulars | Details |
|---|---|
| Minimum Investment Amount | INR 5,000 and in multiples of INR 1,000 afterwards |
| Maximum Investment Amount | INR 1,50,000 in a financial year |
| Minimum Tenure | 5 years |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Monthly or Quarterly |
| TDS | Given Under Section 80C of the Income Tax Act |
| Premature Withdrawal | Not Allowed before 5 years |
| Loan/Overdraft Facility | Available after 5 years |
| Nomination Facility | Available |
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
| Particulars | Details |
|---|---|
| Minimum Investment Amount | INR 100 in Rural/Semi-Urban centres and INR 500 in Urban/Metro Centres |
| Maximum Investment Amount | No Limit Yet |
| Minimum Tenure | 6 months |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Reinvested at Quarterly Intervals |
| TDS | Applicable |
| Premature Withdrawal | Allowed |
| Loan/Overdraft Facility | Available |
| Nomination Facility | Available |
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
| Particulars | Details |
|---|---|
| Minimum Investment Amount | Not Specified Yet |
| Maximum Investment Amount | No Limit Yet |
| Minimum Tenure | 6 months |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Monthly at Discounted Value |
| TDS | Applicable |
| Premature Withdrawal | Allowed |
| Loan/Overdraft Facility | Available |
| Nomination Facility | Available |
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
| Particulars | Details |
|---|---|
| Minimum Investment Amount | Not Specified Yet |
| Maximum Investment Amount | INR 1,50,000 in a financial year |
| Minimum Tenure | 6 months |
| Maximum Tenure | 10 years |
| Interest Payout Frequency | Monthly |
| TDS | Applicable |
| Premature Withdrawal | Allowed |
| Loan/Overdraft Facility | Available |
| Nomination Facility | Available |
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