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Union Bank FD Calculator

Union Bank of India Fixed Deposit Calculator 2022

Last Updated 20th Jan 2022

Union Bank of India FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.60%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.10%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 3.00% 3.50% ₹ 1,00,058 - ₹ 1,00,134
15 days to 30 days 3.00% 3.50% ₹ 1,00,123 - ₹ 1,00,288
31 days to 45 days 3.00% 3.50% ₹ 1,00,255 - ₹ 1,00,432
46 days to 90 days 3.50% 4.00% ₹ 1,00,441 - ₹ 1,00,986
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Union Bank of India Fixed Deposit Calculator

Union Bank of India fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded 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. Banks may allow a higher interest rate on larger deposits. Union Bank of India offers a deposit amount in the range of Rs. 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 5.60% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 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 3.00% for a 5 years 1 day FD and a rate of 5.60% 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 - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.00%. 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 a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

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

  • Non Cumulative- 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.
  • Cumulative- 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.

How is Union Bank of India FD Rate Calculated?

Union Bank of India calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Union Bank of India FD Maturity Calculation for 5 Year

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.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Union Bank of India FD for a 5-year tenure at an interest rate of 5.60% for depositors below 60 years and 6.10% for senior citizens.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 5.60% for Citizens below 60 years and at 6.10% 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
2022 ₹ 5,719 ₹ 1,05,719 ₹ 6,241 ₹ 1,06,241
2023 ₹ 6,046 ₹ 1,11,765 ₹ 6,630 ₹ 1,12,871
2024 ₹ 6,392 ₹ 1,18,157 ₹ 7,044 ₹ 1,19,915
2025 ₹ 6,757 ₹ 1,24,914 ₹ 7,484 ₹ 1,27,399
2026 ₹ 7,143 ₹ 1,32,057 ₹ 7,951 ₹ 1,35,350

Union Bank of India FD Calculator Formula

Along with an 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

Other Investment Calculators

FAQs

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

You can earn a maximum interest of 5.60% on Union Bank of India fixed deposits.

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.You can also use Union Bank of India fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. 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.

Can I withdraw my premature FD from Union Bank of India?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from pays applicable ROI for actual duration of deposit of FD amount for premature withdrawal.

How can I calculate Union Bank of India premature FD amount?

To calculate premature FD amount you can use Union Bank of India bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Union Bank News - Jan 2022
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 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%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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