| Started On | 1919 |
| Head Quarters | Mumbai |
| CRISIL Rating | NA |
| CEO | Shri Rajkiran Rai G |
| Listed on exchange as | United Bank of India |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
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 tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.30% – 6.70% p.a.
These deposits have a tenure ranging from 5 years to 10 years and offer an interest rate of 6.7%.
| Name | Tenure | Interest rate |
|---|
A Union Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Union Bank FD account via internet banking-
2) Mobile App - Union Bank of India App
Follow the steps mentioned ahead to open an FD account via the Union Bank of India App-
3) Offline Union Bank of India FD Opening
For opening a Union Bank of India FD account via offline mode, one has to visit the nearest Union Bank of India branch. Fill out the Union Bank of India FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Union Bank of India.
Any individual belonging to any of the following groups are eligible to open a fixed deposit account with Union Bank.
However, keep in mind that tax saving FD schemes are only available to an individual or joint account holders. Agencies or corporations cannot invest through these plans.
Interested investors need to furnish valid identity and address proof before opening a Union Bank of India FD account.
Proof of Identity (Any One)
Proof of Address (Any One)
An investment in Union Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Union Bank FDs entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Union Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Union Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Union Bank provides loans against their Fixed Deposits. Investors can get up to 90% of the deposit amount as a loan against their Fixed Deposit.
Union Bank Fixed Deposits can be withdrawn prematurely besides the tax-saving Fixed Deposit. The Union Bank levies a penalty of 1% if Rs 2 crores deposit and below are withdrawn before FD tenure completion but after 7 days. However, if the deposits are withdrawn before the completion of 7 days, no penalty will be charged.
What is the minimum amount required to book an FD with Union Bank of India?
You can open a Union Bank FD with minimum Rs. 1000. Also, there is no limit on the maximum amount.
What is the FD rates provided by Union Bank of India FD?
The FD rates provided by UBI are 3.50% to 7.25% for regular citizens and 4.00% - 7.75% for senior citizens.
What is the highest interest rate provided by Union Bank on FD?
The maximum interest provide Union Bank of India on FD is 7.25% for regular citizens and 7.75% for senior citizens.
What is the tenure of Union Bank of India FD?
The Union Bank of India FD tenure ranges from 7 days to 10 years.
Is nomination facility provided by the bank?
Yes, nomination facility is available