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Union Bank FD Interest Rates 2021

Union Bank FD Interest Rates

Last Updated 16th Jul 2021

When it comes to the FD interest rate, the highest rate offered on Union Bank of India FD is 5.60%. Latest Union Bank of India FD interest rate for senior citizens, on the other hand ranges between 3.50% to 6.10%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 3.75% 4.25%
91 days to 120 days 4.25% 4.75%
Earn upto 6.95% on FD APPLY NOW

Union Bank Fixed Deposit Features

Union Bank of India FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Union Bank of India Fixed Deposit are:

  • Deposit Amount : Union Bank of India FD can be opened with an amount as a low to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.60% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 6.10% p.a.
  • Highest Interest Rate : As per today’s rate, Union Bank of India’s highest interest rate on FD is 5.60% offered for a tenure of 10 years.
  • Safety of Union Bank of India Deposits : Union Bank of India deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Union Bank of India provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Union Flexi Savings Deposit Scheme, Standard Fixed Deposit

Union Bank of India FD Interest Rates Today

Interest rates on Union Bank of India deposits are updated regularly by the Government of India. The following are updated Union Bank of India FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
1 year 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%

Union Bank of India FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Union Bank of India offers a higher interest rate to senior citizens than the general public. Listed below are the Union Bank of India fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 30 days 3.50%
31 days to 45 days 3.50%
46 days to 90 days 4.25%
91 days to 120 days 4.75%
121 days to 180 days 4.80%
181 days to 364 days 5.00%
1 year 5.75%
1 year 1 day to 2 years 5.80%
2 years 1 day to 3 years 6.00%
3 years 1 day to 5 years 6.05%
5 years 1 day to 10 years 6.10%

Best FD Plan as per Union Bank of India FD Rates

To invest in Union Bank of India fixed deposit, you must compare Union Bank of India Fixed Deposit Rates for varying tenures. Union Bank of India FD Interest Rates 2021 are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current Union Bank of India Fixed Deposit Interest Rates is 5.60 p.a.

If you are looking to invest in short term deposits with Union Bank of India, the interest rate of Union Bank of India for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Union Bank of India Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, Union Bank of India Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.60%.Union Bank of India Senior citizens FD Rates are offered at special rates with the highest deposit rates of6.10% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Union Bank of India:

  • Interest on deposit is paid only at the time of the maturity
  • Union Bank of India also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

Union Bank of India Fixed Deposit Rates – Premature Withdrawal

You can close your Union Bank of India FD account prematurely, however Union Bank of India charges a penalty of pays applicable ROI for actual duration of deposit for premature withdrawal. Also, The penal provisions for premature closure on Union Bank of India FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Union Bank of India

Union Bank of India offers loans up to 90% against its own deposit. Note that Union Bank of India will not give you loan against FD of any other bank. Union Bank of India offers Loan against FD at the rate of 4% to 6.6%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Union Bank of India. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Union Bank of India

To open an Union Bank of India Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Union Bank of India and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Union Bank of India FD after reading the terms and conditions.

To open a Fixed Deposit account in Union Bank of India, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Union Bank of India FD after reading the terms and conditions.

Nomination Facility on Union Bank of India FD

Union Bank of India also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Union Bank of India FD account. The nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest fixed deposit interest rate for Union Bank of India?

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

Are there any special rates for senior citizens FD of Union Bank of India?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.60%. Compared to this, Union Bank of India senior citizens FD are in the range of 3.50% to 6.10%.

What are the current Union Bank of India FD interest rates 2021?

Current interest for FD in Union Bank of India ranges between 3.00% - 5.60%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Union Bank of India?

The minimum deposit amount required to book an FD with Union Bank of India is .

Is it possible to change the tenure of my existing fixed deposit account with Union Bank of India?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Union Bank of India without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Union Bank of India?

Yes, you can submit your application for opening an FD account on the website of Union Bank of India. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Union Bank of India?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.60%. For Union Bank of India FD the number of years in which your FD will get doubled is; 72/5.60 = 13

What is the interest of 1 lakh in the Union Bank of India?

The interest on Union Bank of India fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the Union Bank of India FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.75%
91 days to 120 days 4.25%
121 days to 180 days 4.30%
181 days to 364 days 4.50%
1 year 5.25%
1 year 1 day to 2 years 5.30%
2 years 1 day to 3 years 5.50%
3 years 1 day to 5 years 5.55%
5 years 1 day to 10 years 5.60%


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Union Bank News - Jul 2021
  • 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%.
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