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United Bank Fixed Deposit Interest Rates

FD Interest Rate in United Bank of India 2022

Last Updated 03rd Aug 2021

When it comes to the FD interest rate, the highest rate offered on United Bank of India FD is 5.30%. Latest United Bank of India FD interest rate for senior citizens, on the other hand, ranges between 3.50% to 5.80%.You can earn up to ₹ 26,500 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 45 days 3.00% 3.50%
46 days to 90 days 3.25% 3.75%
91 days to 179 days 4.00% 4.50%
180 days to 270 days 4.50% 4.90%
271 days to 364 days 4.50% 5.00%

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India.

Earn upto 7.05% on FD APPLY NOW

United Bank Fixed Deposit Features

United 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 United Bank of India Fixed Deposit are:

  • Deposit Amount : United Bank of India FD can be opened with an amount as a low ₹ 500 to up to 10000000.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 5.80% p.a.
  • Highest Interest Rate : As per today’s rate, United Bank of India’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of United Bank of India Deposits : United 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 : United 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 : United Bank of India Fixed Deposit

United Bank of India FD Interest Rates Today

Interest rates on United Bank of India deposits are updated regularly by the Government of India. The following are updated United Bank of India FD interest rates 2022:

Tenure Interest Rate
7 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 179 days 4.00%
180 days to 270 days 4.50%
271 days to 364 days 4.50%
1 year 5.20%
1 year 1 day to 2 years 5.20%
2 years 1 day to 3 years 5.20%
3 years 1 day to 5 years 5.30%
5 years 1 day to 10 years 5.30%

United 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, United Bank of India offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in United Bank of India 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 45 days 3.50%
46 days to 90 days 3.75%
91 days to 179 days 4.50%
180 days to 270 days 4.90%
271 days to 364 days 5.00%
1 year 5.70%
1 year 1 day to 2 years 5.70%
2 years 1 day to 3 years 5.70%
3 years 1 day to 5 years 5.80%
5 years 1 day to 10 years 5.80%

United Bank of India Fixed Deposit Rates – Premature Withdrawal

You can close your United Bank of India FD account prematurely, however United Bank of India charges a penalty of 1% for premature withdrawal. Also, The penal provisions for premature closure on United Bank of India FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on United Bank of India FD

United 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 United Bank of India FD account. The nominee has to submit his/her identification proof at the time of claim.

United Bank of India Fixed Deposit Scheme

United Bank of India Fixed Deposit

Description:

  • Any Resident Individual can open a single or an account with joint names.
  • The minimum tenure for FD investment is six months.
  • You need to invest a minimum of Rs. 1000 and there is no maximum limit for investment in Fixed Deposit.
  • The bank also offers nomination and Loans against FD facility.

Earn upto ₹ 26,500 Per Lakh on United Bank of India Fixed Deposit?

To earn ₹ 26,500 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.30%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 26,500
  • FD Maturity Amount - ₹ 1,26,500

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in United Bank of India

  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at United Bank of India

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

  • Visit the official website of United 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 United Bank of India FD after reading the terms and conditions.

Loan Against Fixed Deposit United Bank of India

United Bank of India offers loans up to 90% against its own deposit. Note that United Bank of India will not give you loan against FD of any other bank. United Bank of India offers Loan against FD at the rate of 4% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in United 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.

FAQs

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

You can earn a maximum interest of 5.30% on United Bank of India fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of United 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 5.30%. Compared to this, United Bank of India senior citizens FD are in the range of 3.50% to 5.80%.

What are the current United Bank of India FD interest rates 2022?

Current interest for FD in United Bank of India ranges between 3.00% - 5.30%. for different tenure.The highest rate is offered on a tenure 5.80 months/years. For senior citizens the interest rates ranges bweteen 3.50% - 5.80%.

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

The minimum deposit amount required to book an FD with United Bank of India is ₹ 500 and there is no limit for maximum amount.

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

Yes, you can submit your application for opening an FD account on the website of United 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 United 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 5.30%. For United Bank of India FD the number of years in which your FD will get doubled is; 72/5.30 = 14

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

The interest on United Bank of India fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.30% for tenure and banks offer senior citizens little more, which is 5.80%.


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United Bank News - Jan 2022
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    After the merger of UBI and OBC with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2019-07-31 : United Bank of India posted Rs. 105 crore profit in the first quarter
    United Bank of India (UBI) has reported a profit of Rs. 105 crore during the first quarter of FY19-20 as against Rs. 389 crore loss a year ago. The total banking business grew by around 3% during this period. Following the footsteps of other lenders, UBI is also planning to bring down the fixed deposit rates after some time. Moreover, it is planning to achieve growth across retail loans and MSME loans to 60% by 2020.
  • 2018-12-13 : United Bank of India hikes Fixed deposit rates by 0.25%
    United Bank of India (UBI) has raised interest rates on its fixed deposit (FD) by 0.25% across select maturities. With the increase, the fixed deposit rate for one-year tenure will increase to 6.5% from existing 6.35%. While the interest rate for fixed deposits between 1-3 years will increase to 6.25% from 6 percent. The bank has revised the rate of interest on domestic term deposits for less than Rs. 1 crore, with effect from December 14, 2018.
*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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