Union Bank 2024 Interest Rate For FD- FD interest rates at Union Bank of India range from 3.0% to 7.30% per annum. to the general public and 3.50 to 7.80 percent per year to senior citizens for periods of seven days to ten years. Union Bank of India Tax Saving FDs have an annual interest rate of 6.70 percent. for everyone else and 7.20 percent annually. for depositors who are older, with terms ranging from five to ten years. For non-resident aliens, the bank also offers a variety of fixed deposit products, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Fixed deposits in British pound sterling (GBP), euro (EUR), Japanese yen (JPY), Canadian dollar (CAD), and Australian dollar (AUD) are accepted by Union Bank of India for FCNR (B) and RFC deposits.
The interest rate on a deposit account with Union Bank is calculated daily and updated every day at noon Eastern time. This means that the interest rate may change from day to day, depending on the current market conditions and other factors. Deposit accounts are typically set up for a fixed period of time, such as one month or one year. The longer the term of the deposit account, the higher the interest rate you can expect to earn. However, some deposit accounts allow you to make additional deposits and withdraw funds without paying any additional fees.
Union Bank 2024 Interest Rate For FD
Union Bank of India provides resident senior citizens and super senior citizens with an additional rate component on term deposits of up to Rs. 5,000,000 in its entire domestic scheme for term deposits. The additional rate component that is applicable to deposits made by senior citizens who live in the United States is 0.50 percent higher than the normal rates that are shown above. The additional rate component that is applicable to resident super-senior citizens is 0.25 percent higher than the rate that is applicable to resident senior citizens and is 0.75 percent higher than the normal rate that is shown above. The opened and renewed term deposits would be subject to the additional rate on super senior term deposits.
Variations in interest rates are possible. As a result, the depositor website will guarantee the rates up until the deposit date. The interest rate that will be applied will be determined by taking into consideration the total amount that a depositor has contributed over a comparable amount of time. For deposits of two crores or more, please contact our closest branch. It is important to consider all of your options when choosing a bank or a deposit account because not all banks offer the same high interest rates.
Union Bank 2024 Interest Rate For FD Details
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What is a Union Bank Fixed Deposit?
One of India’s largest public sector banks is Union Bank of India. It provides a wide range of financial services to its clients, one of which is its fixed deposit program. Investors can earn substantial returns on their deposited funds while avoiding fluctuations in the market with fixed deposits. Now, a Union Bank FD calculator is a handy tool that every depositor must use, no matter how much or little they put in.
Union Bank’s specialized online calculators for fixed deposit investments aid in determining returns. An individual must enter the investment amount, FD term, and interest rates to begin calculations. In addition, one must select the frequency with which interest is paid out and immediately know the amount of interest.
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Types of Union Bank of India FD Schemes
There are several types of Union Bank of India FD (Fixed Deposit) schemes. These range from regular fixed deposit schemes to maturity period schemes, interest rate schemes, and other features such as annuity or income options. Some of the common types of Union Bank of India FD (FD) schemes are: Regular fixed deposit scheme – This type of scheme allows you to choose the length of time you would like to invest in the bank’s FDs. The amount you can deposit is usually based on the selected term and interest rate. Regular FDs usually have a fixed rate of interest and require a minimum deposit amount.
Union Non-Callable Term Deposits Scheme
The plan is available for single deposits in excess of Rs. 2 crore. The scheme lets you make deposits in the form of a Deposit Reinvest Certificate, a Fixed Deposit Receipt, or a Short Deposit Receipt. The deposit tenure ranges from 61 days to three years at this location. Premature withdrawal is only permitted in specific exceptional circumstances.
Motor Accident Claims Annuity Deposit (MACAD)
The purpose of this plan is to deposit a one-time lump sum into the account in accordance with the court’s or tribunal’s instructions. A portion of the principal and interest will be distributed to the individual in the form of equated monthly instalments (EMI). Between 36 and 120 months are required. For the specified time period, the associated minimum monthly annuity is Rs. 1,000.
Capital Gain Scheme
According to the Ministry of Finance, this plan follows the Capital Gain Account Scheme of 1988. By depositing the amount of capital gains or net consideration in this account prior to the due date for filing IT returns, taxpayers can take advantage of the exemption from capital gains.
Easy Tax Saver Deposit Scheme
You can put money into this tax-saving FD plan in one lump sum, monthly installments, or whenever you have extra money for investing. This account has a maximum deposit limit of Rs. 1.5 lakh, but you can deposit small amounts throughout the year to qualify for IT exemptions under Section 80C.
Union Tax Saver
In accordance with Section 80C of the Income Tax Act of 1961, the deposit amount will be exempt from tax under this general tax-saver FD plan. The plan has a lock-in period of five years, but you can extend it up to ten years if you want to. The deposit must be made in multiples of Rs.1,000, starting with a minimum of Rs.5,000. You can put up to Rs. 1.5 lakh in cash.
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Money Flex Term Deposit (MFTD)
In addition to offering the flexibility to withdraw a portion of the deposit at any time prior to maturity, the Money Flex Term Deposit plan provides higher returns. Accounts for one person or two can be opened. The duration can range anywhere from six months to ten years. To open the account, a minimum deposit of Rs.25,000 is required.
Deposit Reinvestment Certificate (DRIC)
The principal and compounded interest on the amount deposited in this scheme will be paid out quarterly. To open this account, you must put in Rs. 1,000. The amount that can be deposited is unlimited.
Monthly Income Scheme (MIS)
The plan is good for people who want a regular fixed income with guaranteed returns at a certain monthly interest rate. The maximum amount of time allowed is 120 months, with a 12-month minimum. Rs. 1,000 is the minimum deposit amount.
Fixed Deposit Receipt (FDR)
This account operates similarly to a standard FD account, with a Rs. 1,000 minimum deposit. However, the minimum deposit requirement does not apply to deposits of margin money, earnest money, government-sponsored schemes, subsidies, or court-ordered or attached deposits. The duration of the deposit can range from six months to 120 months.
Short Deposit Receipt (SDR)
The scheme requires a minimum deposit of Rs. 1,000. The duration can be anywhere from 7 days to 179 days. Depending on the date of maturity, interest is calculated quarterly and paid semiannually in March and September.
Short Term Bank Deposit Scheme (STBD)
Under the name “Gold Monetization Scheme (GMS),” the bank offers this plan. It aims to mobilize and facilitate the productive use of gold held by households and institutions. In the long run, the plan aims to cut down on gold imports. Gold is used to denote the scheme’s principal and interest. For this account, the minimum deposit is 30 grams of raw gold of 995 fineness.
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NRO Fixed Deposit Receipt
Non-resident Indians can save money in Indian rupees by opening a Non-Resident Ordinary (NRO) FD account. This kind of account can last anywhere from 15 days to 10 years. One of the following sources must be used to add funds to this account:
- through banking channels in any permitted foreign currency.
- Cheque or demand draft in Indian Rupee (INR) drawn on Vostro accounts held with Union Bank of India by a foreign bank or exchange house
- Transfer of funds from another Union Bank of India NRE/FCNR/NRO account held by the same account holder or another account holder A certificate
- must be issued by the paying bank if the account is held by another bank.
- presenting the bank in person with foreign currency or foreign currency traveler’s checks.
Union Bank of India FD Special Features and Benefits
- Rs 1,000 is the minimum amount needed to open an FD account. Depending on the scheme you choose, this may differ.
- All FD plans offer interest rates that are competitive.
- The deposit tenure can be anywhere from seven days to ten years.
- Liquidity options are simple and quick.
- On some schemes, customers can get loans up to 90% of the FD amount.
- Premature account closure is free of charge if certain conditions are met.
- If the account is closed within seven days of opening, no interest is paid.
- When compared to regular customers, senior citizens receive rates that are 0.5% higher.
- There is a facility for nomination.
- There is a way to renew automatically. That is, the account will be renewed for the same period of time at the current rates when the first cycle comes to an end.
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Union Bank FD Rates: Deposits less than Rs.2 Crore
| Tenure | General Public FD interest rate (per annum) |
| 7 days to 14 days | 3.00% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.05% |
| 91 days to 120 days | 4.30% |
| 121 days to 180 days | 4.40% |
| 181 days to less than 1 year | 5.25% |
| 1 year | 6.30% |
| 1 Year to 598 Days | 6.30% |
| 599 Days | 7.00% |
| 600 Days to 699 days | 6.30% |
| 700 days | 7.25% |
| 700 days to 2 year | 6.30% |
| 2 year to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 Year | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
Union Bank of India NRI FD Rates
The Union Bank of India NRI FD rates are one of the best in the market. With an amazing rate of return and excellent service, it is no surprise that this bank is a favorite among NRI investors. The rates offered by Union Bank of India NRI FDs are competitive, and they also include all the necessary features to protect your money in case of an emergency. In addition, the bank has a wide range of products to choose from, which makes investing in multiple assets easy and cost-effective. If you are looking for high-quality financial services for your NRI funds, look no further than Union Bank of India NRI FDs!
Union Bank of India NRE FD Rates
| Tenure | Rate of Interest |
| 1 year | 6.30% |
| 1 Year to 598 Days | 6.30% |
| 599 Days | 7.00% |
| 600 Days to 699 days | 6.30% |
| 700 days | 7.25% |
| 700 days to 2 year | 6.30% |
| 2 year to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 Year | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
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Union Bank of India FCNR Rates
| Tenure | CAD | JPY | USD | GBP | EUR |
| 1 year to less than 2 years | 4.08 | 0.06 | 4.25 | 3.22 | 1.25 |
| 2 years to less than 3 years | 3.60 | 0.10 | 3.25 | 3.50 | 1.25 |
| 3 years to less than 4 years | 3.30 | 0.10 | 3.35 | 3.25 | 1.25 |
| 4 years to less than 5 years | 3.25 | 0.11 | 3.40 | 3.00 | 1.25 |
| 5 years | 3.25 | 0.12 | 3.25 | 3.00 | 1.25 |
FD Calculator
Paisa bazaar’s Union Bank FD Calculator allows investors to check the maturity amount of their Fixed Deposits. To determine how much their investment will be worth at maturity, users will be required to enter the amount they wish to deposit, their preferred investment tenure, and the applicable FD rate for that tenure.
Benefits of An Online Union Bank FD Calculator
There are numerous benefits to using the Union Bank fixed deposit calculator. Some notable advantages include:
- The online FD calculator is made to get accurate results without having to worry about making a mistake. In addition, the tool has a user-friendly interface, so you can use it on your desktop, laptop, or mobile device with the same ease and comfort.
- Because you don’t have to go through the lengthy calculation process, it saves you time. When you enter the appropriate data into the required fields, this calculator immediately displays the result.
- You can invest your money for a suitable tenure at a profitable interest rate with the Union Bank FD calculator. This is due to the fact that the FD calculator lets you compare the amount of interest you can earn over multiple tenures at various rates.
- This online tool allows you to predetermine the maturity amount without incurring any costs. This tool can be used at any time and is completely free.
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