Union Bank FD Rates 2025

Union Bank Tax Savings FD Rates

Here is the list of Union Bank FD interest rates for Tax Saving FDs: 

Note: The interest rate mentioned in the table is effective from 23 May 2023.

Union Bank of India NRI FD Rates

Union Bank of India NRE FD Rates

Here is the list of Union Bank of India FD interest rates: 

Note: The interest rate mentioned in the table is effective from 25 April 2024.

Union Bank of India FCNR Rates

Features and Benefits of Union Bank Fixed Deposits

The main benefits and features of the FD scheme offered by Union Bank of India are mentioned below:

1. Attractive interest rates are offered.
2. The tenure of the scheme ranges between 7 days and 10 years.
3. Loans can be availed.
4. Premature closure is allowed.
5. TDS will be applicable on the interest that is earned.
6. Nominations can be added.
7. Joint accounts can be opened.

Eligibility Criteria and Required Documents for Union Bank FD

The below-mentioned individuals and entities can apply for the FD:

1. Resident individuals
2. Illiterate persons
3. Blind persons
4. Minors
5. Purdanasheen Ladies
6. Associations
7. Clubs
8. Societies
9. Trusts
10. Agencies/ Institutions

Documents Required for Union Bank Fixed Deposit

The following are the documents required to apply for Union Bank fixed deposit scheme: 

Passport sized-photographs

Proof of address: 

1. Aadhar card 
2. Electricity bill 
3. Telephone bill 
4. Certificate issued by Post Office 
5. Bank statement along with cheque 

Proof of identity: 

1. Voter ID 
2. Aadhar card 
3. Passport 
4. PAN card 

1. Driving license 
2. Ration card with photo 

How to Open a Union Bank of India FD Account 

The following are the ways to open Union Bank of India FD deposit account: 

Internet Banking 

Here are the steps to open Union Bank of India FD account: 

1. Visit the Union Bank of India official website 
2. Sign into the internet banking account using your credentials 
3. Provide all the required details, such as nominee, maturity instruction, deposit amount, tenure, etc. 

1. Click on ‘Submit’ to complete the process of FD account opening 

Accountholders will be intimated through SMS or email after successful opening of the FD account. 

Mobile Application 

Here are the steps to open FD account at Union Bank of India through mobile application: 

1. Download and install Union Bank of India mobile banking application 

1. Sign into the app using your login credentials 
2. Select the ‘Fixed Deposit’ option 
3. Fill in all the required details, such as deposit amount, tenure, nominee details, and other standing instructions 
4. Click on ‘Submit’ to confirm 

A confirmation message will be displayed on successful completion of the process. 

Offline 

The following are the steps to open Union Bank of India FD account: 

1. Visi the nearest branch of Union Bank of India 
2. Collect the Union Bank of India FD application form 
3. Fill in the application form 

1. Provide all the necessary documents along with the deposit amount 

After verifying the documents, the account will be opened, and the accountholder will be provided with FD receipt on successful processing of the account. 

Types of Union Bank of India FD Schemes 

The following are the different types of Union Bank of India FD schemes: 

Union Bank of India Fixed Deposit Receipt

Here are the key details of Union Bank of India Fixed Deposit Receipt: 

1. Minimum deposit amount: Rs.10,000 
2. Tenure range: Seven days to 10 years 
3. Interest payout: Quarterly basis 
4. Nomination facility: Available 

1. Senior Citizen interest rate: 0.50% over regular interest rate 

Short Deposit Receipt

Here are the key details of Short Deposit Receipt: 

1. Minimum deposit amount: Rs.5 lakh for seven to 14 days 
2. Tenure range: Seven days and held for 179 days or less 

Union Bank of India Deposit Reinvestment Certificate 

Here are the key details of Union Bank of India Deposit Reinvestment Certificate: 

1. Minimum deposit amount: Rs.500 in Urban or Metro cities and Rs.100 in rural or semi-urban cities 
2. Tenure range: Six months to 10 years 
3. Interest payout: Compounded quarterly basis and paid along with principal amount 

1. Nomination facility: Available 

Union Bank of India Monthly Income Scheme

Here are the key details of Union Bank of India Monthly Income Scheme: 

1. Minimum deposit amount: Rs.1000
2. Tenure range: 12 Months to 120 months

1. Interest payout: Monthly basis
2. Nomination facility: Available

Union Bank of India Tax Saver Deposit

Here are the key details of Union Bank of India Tax Saver Deposit: 

1. Eligibility: All resident individual can open the account jointly or solely 
2. Interest payout: Monthly basis (Monthly interest will be discounted value of actual interest) and interest will be credited on the last week of every month 
3. Nomination facility: Available 
4. Senior Citizen interest rate: 0.50% for deposits equal to or more than one-year tenure 

Union Bank of India Easy Tax Saver Deposit Scheme

Here are the key details of Union Bank of India Easy Tax Saver Deposit Scheme: 

1. Highlights: Tax saving and deposits can be made multiple times in monthly instalments, lump sum, or in surplus fund whenever available 
2. Minimum deposit amount: Not more than Rs.1.5 lakh 

Motor Accident Claims Annuity (Term) Deposit Account

Here are the key details of Motor Accident Claims Annuity (Term) Deposit Account: 

1. Highlights: As per the court, the lump sum amount deposited will be received in Equated Monthly Installments (EMIs) that includes both principal amount and the interest 
2. Minimum deposit amount: Rs.1000 with no maximum limit 
3. Tenure range: 36 to 120 months 
4. Interest payout: Subjected to TDS (Tax Deducted at Source)
5. Nomination facility: Available 

1. Loan facility: Not available 

Other Union Bank Domestic Term Deposit Schemes

1. DRIC FD scheme
2. Union Monthly Plus scheme
3. Non-Callable FD scheme

Union Bank Fixed Deposit - Premature Withdrawal Facility

Premature withdrawal facility is provided by Union Bank of India on their FDs under two scenarios, which are: 

1. Penalty of 1.00% will be levied on deposit amount of Rs.2 crore and below if the account is closed after seven days. 
2. No penalty is charged for premature closure if the account is closed after seven days.