FD of Union Bank

FD of Union Bank

Union Bank of India is a government bank managed by the Ministry of Finance. It has a customer base of 120+ million customers and provides multiple banking and financial services to its customers.

Investing your surplus money in fixed deposits is considered one of the best ways of securing the money for certain tenure. The competitive Union Bank FD interest rates allow depositors to get substantial returns. Customers are allowed to deposit at least the minimum deposit amount at the time of opening the FD account.

Short Term FD :- 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.

Medium-Term FD :- 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.

Long Term FD :- These deposits have a tenure ranging from 5 years to 10 years and offer an interest rate of 6.7%.

Union Bank Features and Benefits of FD

1. The tenure for Union Bank FDs ranges from 7 days to 10 years.
2. Loan facility of up to 90% of the FD amount is available.
3. Union Bank offers a wide range of fixed deposit schemes to choose from
   Competitive interest rates are offered for all FD schemes.
4. Senior citizens can avail 0.50% extra interest rates over the general interest rates
   Easy and fast liquidity options are available.

UNI Fixed FD

1. Under this scheme, a lower deposit amount will suffice to open the account.
2. Tenure ranges from 7 days to 10 years.
3. The minimum deposit amount for this scheme is Rs. 10,000.
4. This is paid on a quarterly basis.
5. Nomination facility is available.
6. Senior citizens can avail of an additional 0.50% interest rate over the regular rates.

UNI Monthly FD

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

UNI Deposit FD

1. This scheme yields the highest returns due to its cumulative nature. This is an ideal scheme in which the interest is compounded on a quarterly basis and paid along with the principal amount.
2. Tenure ranges from 6 months to 10 years.
3. The minimum deposit amount is Rs. 500 in Urban/Metro centers and Rs. 100 in Rural/Semi-urban centers.
4. Nomination facility is available on this deposit.

Tax Saving FD

1. As the name implies, this scheme helps depositors to save tax under Section 80C of Income Tax Act, 1961.
2. Only individuals want HUFs with a valid PAN card can open this account.
3. 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.
4. The minimum deposit amount to open this account is Rs. 5000.
5. The deposit must be made for a minimum of 5 years to be eligible for tax exemption.
6. The deposit can be transferred from one branch to the other easily.
7. Interest payout on the deposit can be chosen to be received at regular, quarterly or monthly intervals as decided by the depositor.
8. Nomination facility is available

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