United Bank of India Fixed Deposit

About United Bank of India Fixed Deposit

Who wants to lose their money in stock markets? Nobody. Everybody looks for a safe instrument that will help them to fetch a good amount of returns along with the safety of the principal value. Fixed deposit is one such instrument that provides higher returns subject to your lock-in period for a specified period of time. It’s a better idea to opt for FD instead of keeping your money idle in savings bank account that barely generates returns on your savings. Fixed deposits are a secured instrument i.e keeping you in ‘no risk’ zone as it keeps you away from all the fluctuations of the stock market. How does it really matters when one looks for the safety of money employed? Well, it does matter as fixed deposits accumulate the hard earned money of its customers hoping for better returns. And if you’re planning to opt for United Bank of India Fixed Deposit, it’s better to go through the details of the time period where you can maximize your chances of earning better returns.

When you choose United Bank of India, be assured that you will be getting competitive interest rates for different tenures. The interest rates of United Bank of India is subject to change dependent upon the market changes and the bank’s necessity for internal liquidity. The bank offers specialized fixed deposit schemes such as ‘United Tax Savings Income Plan’ and ‘United Bonanza Savings’, apart from offering general fixed term deposits.

If you wish to invest in United Bank of India Fixed Deposit, then you need to know that this account remains fixed for a predetermined time period and interest is payable monthly, quarterly, half yearly, yearly or on maturity in accordance of the account holder. The periodic time frame for your investment in FD ranges from 15 days to 120 months.

United Bank of India Fixed Deposits Interest Rates

Let’s check out the revised rates of Domestic Term Deposit (Rate of interest in % p.a.)

Interest Rates of Domestic Term Deposit (Rate of interest in % p.a)

Revised (w.e.f 15.04.2017)

Period of DepositRate (% p a) for amount up to ₹1.00 croreRate (% p a) for amount above ₹1.00 crore
7 days to 14 days4.004.00
15 days to 29 days4.004.00
30 days to 45 days4.004.00
46 days to 60 days4.004.00
61 days to 90 days4.504.50
91 days to 180 days5.004.50
181 days to 269 days5.754.50
270 days to less than 1 year6.004.25
1 Year6.254.50
Above 1 year to less than 2 years6.00*4.25*
2 years to less than 3 years6.00*4.25*
3 years to less than 5 years6.00*4.25*
5 years and above6.00*4.25*

*The Rate applicable to all senior citizens includes Retired Staff of age 60 years and above will be 0.50% over the rate payable for above 1-year tenors.

The proposed rates shall apply to fresh deposits and for renewing term deposits. The Interest rate on UBI Tax Saving Schemes and NRE/NRO Deposits shall be in the same manner as of the above-proposed rates for Domestic Retail Term Deposits. But, no staff benefit will be entitled to United Tax Savings Deposit Scheme. The revised rates of Interest shall be put into effect on Domestic Term Deposits from Co-operative banks.

United Bank of India Fixed Deposit Interest Rates for Senior Citizens

UBI Staff and Retired Staff are entitled to be paid interest rates which will be 1 % above the applicable rate for Retail Term Deposit. The Retired Staff of age 60 years and above will derive both the benefits of staff(1%) and Senior Citizen (0.50%) for Deposits of above one year.

The ex-employees who were mandatorily been retired, dismissed or removed from Bank’s services as a measure of disciplinary action or even resigned from Banks’ services will not be entitled to derive the above benefits (H.O. Circular No. PD/DIR/03/O&M- 0145/06-07 dated 30.05.2006).

Premature Withdrawl

If you are seeking for premature withdrawal of your FD, you need to consider the following instructions issued by United Bank of India for such undertakings:

  • Your term deposit should closely premature within 7 days from the deposit date: In such case, no interest will be paid.
  • If your FD closely premature beyond 7 years and the deposit is withdrawn: 1% penalty will be imposed on the rate of interest applicable for the period when the deposit remained with the bank.
  • If prematurely withdrawn for reinvesting the deposit for a period exceedingly the residual period of the actual deposit undertaken, interest will be paid at the rate applicable on the date of actual deposit for the period for which the deposit remained with the bank, without the imposition of any penalty of 1%.
  • If the term deposit is renewed by prematurely withdrawing it for a period lesser than the remaining period of deposit, a penalty will be imposed  @ 1%.

Fixed Deposit Calculator

Want to know how much you have earned on your Fixed Deposits? Check out the calculator that assists you in calculating the maturity value of your investment. All you need to do is to enter the principal amount and the period of investment in order to find the amount of interest earned on FD.

Features of United Bank of India Fixed Deposits

Let’s discuss the features of United Bank of India Fixed Deposits which can be really helpful for you in planning for your FD:

  • Minimum period of deposit is 7 days and a maximum period of 5 to 10 years.
  • A penalty fee is levied for premature withdrawal of retail fixed deposits (applicable for lower deposits  of ₹ 100 lakh).
  • Auto renewal facility for Fds is available
  • The bank provides NRO, NRE and FCNR fixed deposits for NRIs.

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