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Union Bank of India Fixed Deposit

Union Bank of India FD Scheme

Last Updated 11th Jan 2021

Union Bank of India fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.00% to 5.60%
Minimum Tenure
Maximum Tenure
Deposit Amount
Maximum Deposit
    Earn upto 6.95% on FD APPLY NOW

    Union Bank of India FD

    Union Bank of India is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between to . Apart from that, Union Bank of India FD offers regular returns on fixed deposit ranging between 3.00% to 5.60%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 6.10%. In addition to that, Union Bank of India fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Union Bank of India Fixed Deposit Schemes

    Different type of Union Bank of India term deposit products offered to the investors are listed as follows:

    Union Flexi Savings Deposit Scheme

    Description:

    Benefits of Union Bank of India FD

    Union Bank of India fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about Union Bank of India FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Union Bank of India offers FD rates up to 5.60%. The interest rates offered on Union Bank of India FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Union Bank of India term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because Union Bank of India fixed deposit allows one to borrow a secured loan against Union Bank of India FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about Union Bank of India loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: Union Bank of India FD offers the investors the flexibility to choose the investment tenure as per their convenience. Union Bank of India offers fixed deposit for a minimum tenure of up to a maximum tenure of . Union Bank of India offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Union Bank of India fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of . Apart from that, one can invest in the Union Bank of India FD up to a maximum of .

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Union Bank of India means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Union Bank of India will attract an interest rate lowered by below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Union Bank of India fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Union Bank of India FD

    Union Bank of India FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Union Bank of India FD

    Union Bank of India fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    Union Bank of India offers the loan against FD facility to the FD investors with a repayment tenure of up to .

    What is the minimum investment for FDs under Union Bank of India?

    Union Bank of India FD can be availed with a minimum deposit of .

    What is the minimum amount for a fixed deposit in Union Bank of India?

    The minimum amount required for a fixed deposit investment in Union Bank of India fixed deposit is .

    What is the current interest rate on FD in Union Bank of India?

    Currently, Union Bank of India offers an interest rate ranging between 3.00% to 5.60% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Union Bank of India?

    Union Bank of India fixed deposit can be opened with a minimum tenure of .


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    Union Bank News - Jan 2021
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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