Union Bank of IndiaFixed Deposit

• The minimum tenure of this deposit is 7 days
• These deposits can be held for a period of 179 days or less
• The minimum deposit amount required is Rs. 5 lakh for a period of 7-14 days

• Under this scheme, a lower deposit amount will suffice to open the account. The features pertaining to these deposits are:
• The tenure ranges from 7 days to 10 years
• The minimum deposit amount for this scheme is Rs. 10,000
• The Union Bank of India FD interest is paid on a quarterly basis
• Nomination facility is available
• Senior citizens can avail of an additional 0.50% interest rate over the regular rates

• As the name implies, under this scheme, all resident individuals can open an account solely or jointly to get payments every month
• The interest earned is paid on a monthly basis
• The monthly interest earned is the discounted value of the actual interest
• The interest is credited to the depositor’s savings/current or cumulative account during the last week of every month
• Nomination facility is available
• Senior citizens can earn a 0.50% extra interest for deposits made equal to more than a tenure of 1 year 

• This scheme yields the highest returns due to its cumulative nature. It is an ideal scheme in which the interest is compounded on a quarterly basis and paid along with the principal amount. Some of the features are:
• The tenure ranges from 6 months to 10 years respectively
• The minimum deposit amount is Rs. 500 in Urban/Metro centers and Rs. 100 in Rural/Semi-urban centers
• Nomination facility is available on this deposit

• As the name implies, this scheme helps depositors to save tax under Section 80C of Income Tax Act, 1961. Some of the features are:
• Only individuals wand HUFs with a valid PAN card can open this account
• An individual can make the deposit himself and in the case of HUFs, the Karta can do the same
• Two individuals or one adult and one minor can also open an account under this scheme on a joint basis
• The minimum deposit amount to open this account is Rs. 5000
• The deposit must be made for a minimum of 5 years to be eligible for tax exemption
• The deposit can be transferred from one branch to the other easily
• Interest payout on the deposit can be chosen to be received at regular, quarterly or monthly intervals as decided by the depositor
• Nomination facility is available

• This is another tax saver scheme by Union Bank which is quite similar to Union Tax Saver Deposit but with different features. Some of the features of this scheme are:
• The deposit made under this scheme would be exempted from tax under section 80C of Income Tax Act, 1961
• The total deposit in a financial year should not be more than Rs. 1.5 lakh
• Deposits can be made multiple times under this scheme
• These deposits can be made in either monthly installment (standing instruction/sip), in lump sums or whenever you have surplus funds for investing

• One-time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest. Some of the features are:
• The minimum deposit amount is based on the minimum monthly annuity Rs. 1000 for the relevant period. However, there is no maximum limit.
• The tenure ranges from 36 to 120 months
• Loan facility is not provided
• Nomination facility is available
• The interest payment is subject to TDS
• The prevailing rate of interest as per the tenure will be provided

 For a Union Bank of India FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.00% p.a. to 5.25% p.a. These deposits are known as short term deposits as their tenure is less than 1 year.

Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.30% – 5.55% p.a.

These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 5.60%.