Union Bank FD Interest Rates

Union Bank FDs: Secure growth with competitive interest rates for a prosperous financial journey

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Union Bank FD Interest Rates for Senior Citizens & Non-Senior Citizens

Union Bank FD rates start from 3.00% and go up to 7.00% for deposits less than ₹2 Crore. The Union Bank FD rates for senior citizens are higher by an additional 0.50%. Overall, the rates vary depending on the tenor of the FD, which can range from 7 days to 10 years. You can choose the option that best suits your financial requirements.

The latest applicable interest rates on a Union Bank fixed deposit are as follows:

Maturity Period	Interest rates (per annum) on single deposits less than ₹2 Crore
Maturity Period	Non-Senior Citizens	Senior Citizens
7 to 14 days	3.00%	3.50%
15 to 30 days	3.00%	3.50%
31 to 45 days	3.00%	3.50%
46 to 90 days	4.05%	4.55%
91 to 120 days	4.30%	4.80%
121 to 180 days	4.40%	4.90%
181 days to less than 1 year	5.25%	5.75%
1 year	6.30%	6.80%
More than 1 year to 443 days	6.60%	7.10%
444 days	6.70%	7.20%
445 to 598 days	6.60%	7.10%
599 days	7.00%	7.50%
600 days to 2 years	6.60%	7.10%
More than 2 years to 3 years	6.70%	7.20%
More than 3 years to 5 years	6.70%	7.20%
More than 5 years to 10 years	6.70%	7.20%

Note: The above interest rates are valued w.e.f October 17, 2022 and are applicable for retail domestic fixed deposits. They are subject to change from time to time depending on the bank’s policies.

Deposit Amount

₹

Tenure

Months

Interest Rate

Interest Payout

Your Total Maturity Amount is

Total Investment

Total Interest Earned

Features and Benefits of Union Bank Fixed Deposit

Flexible Investment Tenor

You can choose an investment tenor that is convenient for you. The tenor options range from 7 days to 10 years.

Loans Against your FD

With the Union Bank of India’s fixed deposit plan, you also get the advantage of getting a loan against your FD account balance in case of emergencies.

Low Minimum Deposit Amount

The minimum deposit amount permitted is ₹1,000, while there is no limit on the maximum amount you can deposit. This means you do not need a huge sum to start investing.

Automatic and Convenient Renewal

Union Bank of India also offers the facility of automatic renewal at maturity, so your investment will be renewed for the same period as the original tenor chosen by you.

Choice of Interest Payout Frequency

You can choose to have your interest reinvested and paid out only at maturity. Alternatively, you can also opt for regular interest payouts on a quarterly or half-yearly basis.

Attractive Interest Rates

The Union Bank of India fixed deposit interest rates are highly competitive. You can get safe and decent returns on your FD investments. Furthermore, the Union Bank of India interest rates for senior citizens are higher by 0.50%.

Union Bank FD Interest Rates for Senior Citizens and Others for up to 5 Years

Whether you are aged below 60 years or are a senior citizen, it helps if you know what the Union Bank fixed deposit rates are and how they will help your deposit grow. The table below gives you more clarity on the Union Bank FD rates applicable on investments of ₹1 Lakh for senior citizens and non-senior citizens. You can also see how much interest you will earn at these Union Bank FD interest rates and what the maturity amount will be.

Tenor	Non-Senior Citizen			Senior Citizen
Tenor	Interest Rate	Interest Earned	Maturity Amount	Interest Rate	Interest Earned	Maturity Amount
1 year	6.30%	₹6,450	₹1,06,450	6.80%	₹6,975	₹1,06,975
2 years	6.60%	₹13,988	₹1,13,988	7.10%	₹15,114	₹1,15,114
3 years	6.70%	₹22,059	₹1,22,059	7.20%	₹23,872	₹1,23,872
4 years	6.70%	₹30,445	₹1,30,445	7.20%	₹33,035	₹1,33,035
5 years	6.70%	₹39,407	₹1,39,407	7.20%	₹42,875	₹1,42,875

Eligibility Criteria and Documents Required for Opening FD in Union Bank

Every bank has a certain set of eligibility criteria to determine who can invest in the fixed deposit plans it offers. The Union Bank of India also has some eligibility requirements. If you qualify for this investment option, you can apply and book an FD with the bank, provided you submit the required documents needed to invest in a fixed deposit. Check out all these details in the section below.

1. Eligibility Criteria

The following categories of persons can invest in a fixed deposit with the Union Bank of India.

Any resident individual (for single accounts)
Two or more individuals (for joint accounts)
Illiterate persons, blind persons, and pardanashin ladies
Minors
Associations
Clubs
Societies
Trusts
Institutions/Agencies specifically permitted by the RBI

2. Documents Required

You will need certain documents to be able to invest in the Union Bank FD. Given below is a list of the necessary documents.

Passport size photographs
Proof of your identity, such as Aadhar card, PAN card, driving licence etc.
Proof of your address, such as ration card, electricity bill, water bill, etc.
Proof of your age such as birth certificate, matriculation passing certificate, etc.
Bank account details, if needed

How to Open FD in Union Bank

You can book a Union Bank FD online as well as offline, depending on whatever is most convenient for you. Check out the details of how you can do this.

1. Booking a Union Bank FD Online

To open a fixed deposit with the bank online, you need to follow the steps outlined below.

Step 1: Visit the internet banking portal offered by the Union Bank of India website.
Step 2: Log into your account by entering your user ID and password.
Step 3: Click on the ‘Fixed Deposit’ option.
Step 4: Enter the details of your deposit such as the amount, the account from which the sum will be deposited, the investment tenor and other such details required.
Step 5: You will receive a confirmation message once your deposit has been made.

2. Booking a Union Bank FD Offline

The steps to book a Union Bank FD offline are listed below. You can do this to invest in a fixed deposit with the Union Bank of India in person.

Step 1: Visit the branch of Union Bank of India that is nearest to you.
Step 2: Ask for an FD application form.
Step 3: Fill in the form and ask for assistance with this if you need it.
Step 4: Once you have filled in the application form, submit it along with the required documents.
Step 5: You will receive a receipt when the account opening process is successfully completed.

Fixed Deposit Rates for Other Banks
SBI FD Interest Rates	ICICI Bank FD Rates	Canara Bank FD Rates
Axis Bank FD Rates	PNB FD Interest Rates	Bank of Baroda Fixed Deposit Interest Rate
HDFC FD Interest Rates	Indusind Bank FD Rates	Bandhan Bank FD Rates
Kotak Bank FD Rates	Bank of India FD Rates	Karnataka Bank FD Interest Rates
IDFC First Bank FD Rates	RBL FD Rates	UCO Bank FD Rates
Indian Bank FD Rates	Federal Bank FD Rates	Central Bank FD Interest Rate
IDBI FD Interest Rates	Punjab and Sind Bank FD Rates	DCB Bank FD Rates
Bank of Maharashtra FD Rates	KVB FD Interest Rates	Utkarsh Small Finance Bank FD Rates
IOB FD Interest Rates	Ujjivan Bank FD Rates	Saraswat Bank FD Rates
AU Bank FD Rates	YES Bank FD Rates	-

Disclaimer

The information provided by BFDL herein above is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial investment advice or endorsement of any sort.

The information including interest rates with regard to fixed deposit, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any investment or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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Monthly Interest on FD

Yes, there will be a penalty on premature withdrawal of a Union Bank FD. The penalty levied is at the rate of 1% less than the rate applicable on the deposit.

You can submit an application for the extension of your Union Bank FD at your nearest Union Bank branch. Alternatively, if you choose the automatic renewal option, the deposit will automatically be renewed at maturity for the same period as the original investment tenor.

Yes, you can get a loan against your Union Bank FD.

You can use an online application form if you wish to open an FD account via internet banking. On the other hand, an offline form may be more suitable if you wish to book your FD in person at the bank branch.

Yes, there is a Union Bank tax-saving deposit plan with a lock-in period of 5 years. The amount invested in this deposit is eligible for tax deductions up to ₹1.5 Lakh under section 80C of the Income Tax Act, 1961.

You can apply for a tax saving FD plan on the Union Bank of India’s internet banking portal or at a physical branch.

Yes, tax will be deducted on the interest earned from your Union Bank FD, provided the total interest earned during the year exceeds ₹40,000 (or ₹50,000 in case you are a senior citizen).

Yes. The Union Bank FD account comes with a loan facility.

The highest Union Bank FD rate for non-senior citizens is 7.00% per annum, applicable on deposits less than ₹2 Crore for a tenor of 599 days.

The duration of fixed deposits in the Union Bank of India can range from 7 days to 120 months or 10 years.

The Union Bank fixed deposit rates for senior citizens range from 3.50% per annum to 7.50% per annum, depending on the investment tenor chosen.