Union Bank of India FD Interest Rates

About Union Bank of India

Union Bank of India was founded on 11 November 1919. It is headquartered in Mumbai. And in the 96 years of its operations, the bank has been successful in expanding across India. As of now, the Union Bank of India has over 4,200 branches all around the country.

Union Bank of India FD interest rates have always been a topic of interest for customers. The bank also offers a range of other robust product ranges of savings and term deposits along with refinancing and borrowings from abroad. Because of all this, Union Bank of India can boast of having a customer base of over 5.7 crores.

The Union Bank of India FD interest rates have been designed to cater to a wide range of their customers. These interest rates are ideal for customers who have an investment objective in their minds.

Features of Union Bank of India FD Interest Rates

Beyond the competitive Union Bank of India FD interest rates, there are many other features that customers can get by investing in an FD scheme. These features are:

• For metro and urban branches, the minimum amount for opening an FD account is INR 10,000 and in rural and semi-urban branches, the minimum amount for opening an FD account is INR 5,000
• Interest is paid on a quarterly basis. If the date of interest payment falls on a holiday, then the due date for payment is on the next working day
• Depositors have the option of requesting repayment of their deposits before maturity. In this case, the interest will only be paid for the period for which the deposit was maintained with the bank. No penalty is charged for premature closure
• Provision for nomination is available
• The Union Bank of India FD interest rates are changing with time. This means that if you don’t like these rates now, then all you need to do is wait around for a bit

Union Bank of India FD Interest Rates 2021

If you want to open an FD account with the Union Bank of India, then you need to be familiar with the Union Bank of India FD interest rates 2021. We will help you with that in this section. The Union Bank of India FD interest rates 2021 for deposits less than INR 2 crore are given below.

Benefits of Union Bank of India FD

Now that you are familiar with the Union Bank of India FD interest rates 2021, then you might also be wondering about the benefits of opening up an FD with the Union Bank of India. If that is true for you, then get rid of your doubts by going through the list given below.

• Get guaranteed returns as the rate of interest offered to customers at the time of opening of the FD remains constant throughout the tenure of the FD
• If a customer already has a Union Bank of India savings account, then he or she can open an FD account without any hassle! All you need to do is perform a few clicks or visit your nearest Union Bank of India branch
• You can benefit from compound interest if you choose an FD with reinvestment options
• Customers have the option to get a regular income with their FD account. You can get monthly or quarterly interest payout options
• A Fixed Deposit (FD) at Union Bank of India is a very flexible product. This means that you are free to choose from several Union Bank of India FD interest rates 2021, tenure, and even payout options. The tenure options also range from 7 days to 10 years
• You can also get a five years tax saving FD to save tax. This expansion is valid under Section 80C of the Income Tax Act

Types of Union Bank of India FD Interest Rates

There are different types of Union Bank of India fixed deposit accounts. These accounts have different Union Bank of India FD interest rates 2021. A list of the different types of FD accounts is given below.

• DRIC FD scheme
• Union Bank of India Monthly Income Scheme
• Union Tax Saver Deposit Scheme
• Union Monthly Plus Scheme
• Non-Callable FD Scheme
• Union Bank Easy Tax Saver Fixed Deposit Scheme
• Union Bank Short Deposit Receipt
• Union Bank Fixed Deposit Receipt

Eligibility of Union Bank of India FD

Individuals and entities falling into the categories mentioned below are eligible for applying for a Union Bank of India fixed deposit account.

• Resident individuals
• Illiterate individuals
• Blind people
• Minors
• Pursanasheen ladies
• Associations
• Clubs
• Societies
• Trusts
• Agencies
• Institutions

How to Calculate Union Bank of India FD Interest Rates

You might think that calculating the Union Bank of India FD interest rate is a complicated task. However, you couldn’t be more wrong. To calculate the interest rates for a fixed deposit account, all you need to do is simply use the Union Bank of India FD interest rate calculator.

The calculator can help you calculate both simple interest and compound interest. What could be more simple than this? On top of this, the calculator can help make sure that you are able to make the highest amount of profit from your investment.

Factors Affecting Union Bank of India FD Interest Rates

If you want to invest in a fixed deposit account, then you should also know that FD interest rates can fluctuate due to several factors. These factors are:

• Rate of Inflation: A bank is more likely to provide a positive return to depositors if there is low inflation. In case of high inflation, the interest rates provided by the bank will take a hit

• Liquidity Conditions of the Country: Banks will not have to focus on retail fixed deposits for their needs if there is adequate liquidity in the country. This works in the favor of both the bank and the customer.

• Demand and Supply: A decrease in fixed deposit rates can be experienced if there is less demand for credit. On the other hand, banks will increase the fixed deposit rates if there is a high demand for credit