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Union Bank of India FD Calculator

Union Bank of India Fixed Deposit Calculator 2020

Last Updated 17th Sep 2020

Union Bank of India FDs have tenures ranging from 3 years 1 day to 10 years with maximum rate of interest of 5.45%. Interest rates for senior citizens are higher than the normal rates and ranges upto 5.95%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 3.50% to 4.00% ₹ 1,00,067 - ₹ 1,00,153
15 days to 30 days 3.50% to 4.00% ₹ 1,00,144 - ₹ 1,00,329
31 days to 45 days 3.75% to 4.25% ₹ 1,00,318 - ₹ 1,00,524
46 days to 90 days 4.00% to 4.50% ₹ 1,00,504 - ₹ 1,01,110
Union Bank of India FD Maturity Calculator
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Union Bank of India Fixed Deposit Calculator

Union Bank of India fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Union Bank of India. Bank may allow higher interest rate on larger deposits. Union Bank of India offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Union Bank of India offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Union Bank of India is 5.45% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 3 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.50% for a 3 years 1 day FD and a rate of 5.45% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.50%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Union Bank of India calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

Union Bank of India Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, Union Bank of India would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a Union Bank of India cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in Union Bank of India depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Union Bank of India FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of Union Bank of India FD.

Suppose if you make an investment of ₹ 1,00,000 in Union Bank of India FD for a 5-year tenure at an interest rate of % for depositors below 60 years and % for senior citizens. The maturity amount for this deposit amount is ₹ 1,00,000 and the total interest earned is ₹ 0 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 0 which is higher. The maturity schedule of Union Bank of India FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at % for Citizens below 60 years and at % for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2020 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2021 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2022 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2023 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2024 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000
2025 ₹ 0 ₹ 1,00,000 ₹ 0 ₹ 1,00,000

Union Bank of India FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Union Bank of India FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

FAQs

What is the highest interest earned on Union Bank of India fixed deposit?

You can earn a maximum interest of 5.45% on Union Bank of India fixed deposit.

How is Union Bank of India FD interest calculated?

The formula to calculate interest on Union Bank of India FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in Union Bank of India?

The growth of Union Bank of India FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Union Bank of India FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in Union Bank of India.

What are the minimum and maximum amounts that I can invest in an Union Bank of India FD?

The minimum investment limit in Union Bank of India Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.


Union Bank News - Sep 2020
  • 2020-06-17 : New FD rates for Union Bank
    With effect from 16 June 2020, Union Bank of India revised its FD rates. FD rate for 7 to 30 days is 3.50%, for 31 to 45 days it is 3.75%, for 46 to 90 days it is 4% and it is 4.50% for 91 to 120 days. Fixed deposit rate for 120 days to 120 to 180 days is 4.75%, for 181 days to less than one year is 5%, for one year to 443 days it is 5.40 and for 3 to 10 years it is 5.45%.
  • 2020-02-18 : Revised FD rates for Union Bank of India
    With effect from February 18, 2020, Union Bank of India revised its FD rates. FD rate for 7 to 45 days is 4.50%, for 46 to 90 days it is 5% and it is 5.50% for 91 to 120 days. Fixed deposit rate for 181 days to less than one year is 5.90%, for one year to 554 days it is 6.10% and 556 days to 10 years it is 6.20%.In addition to this, the FD rate for the special tenor of 444 days is 6.15% and it is 6.25% for 555 days.
  • 2019-12-06 : New Fixed Deposit rates for Union Bank of India
    Union Bank of India revised interest rates on fixed deposits for December month. New rates for 7-45 days are 5.00%, the rate for 46-90 days is 5.50%, for 91-120 days it is 6.00%, and the rate for 121 to 180 days is 6.10%. In addition to that, from 181 days to less than one year, the new FD rate is 6.15%, and from 1 year and above up to 10 years, the FD rate is revised to 6.30%. The new rates are in effect from December 1, 2019.
  • 2019-10-07 : Revised fixed deposit rates for Union Bank of India
    Union Bank of India revised interest rates on fixed deposits with effect from October 1, 2019. The revised interest rates for 7 days to 45 days is 5.00%, for 46-90 days the rate is 5.50%, the rate for 91 to 120 days is 6.00%, and for 121 days to 1 year the rate is 6.25%, For longer tenure of 1 year the rate is 6.60%, for 1 to 3 years it is 6.40% and for 3-10 years the rate is 6.45%.
  • 2018-07-27 : Union Bank of India hikes interest rate on FD by up to 25bps
    Union Bank of India has increased its interest rate on retail fixed deposits or FDs below Rs. 1 crore, by up to 25 basis points in select maturities. The Interest rate on Union Bank of India FD with a maturity of More than fourteen months to three years is increased to 6.70%, which was 6.50% earlier. More than three years to ten years will fetch an interest rate of 6.75%, which was 6.50% earlier. The new rates are effective from july 25, 2018.
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