The Union Bank provides a fixed deposit scheme called the Union Bank Fixed Deposit Receipt. The fixed deposit works on a maturity basis although a repayment request can be made even before maturity. The scheme can be opened as a single account or as a joint account
|Amount||The minimum amount for the recurring deposit can be from Rs. 10000, in Urban and Metro branches and Rs. 5000 in semi urban and rural branches. Senior Citizens have a minimum amount of Rs. 5000 as well|
|Rate of Interest||The rate of interest can range from 3.00% to 5.60% per annum subject to the tenure of the deposit. Senior Citizens will be given an additional 0.50% higher than the rate for a period of 1 year and above|
|TDS||The bank will issue a TDS certificate for the tax deducted|
|Loan against Union Bank Fixed Deposit Receipt||The Union Bank Fixed Deposit Receipt doesn’t offer the facility of a loan or overdraft facility available under this scheme.|
|Nomination (if any)||All bank deposits are allowed to have a nominee in case of unforeseen events|
|Auto Renewals||In case the depositor wishes to renew the deposit, they can do so by seeking premature renewal, the renewal period can be done for a period that’s longer than the original period.|
|Period of Deposit||The deposit scheme is available for a period of 7 days to up to 10 years.|
Any person who will be interested in taking up the Fixed Deposit Receipt should meet the below mentioned criteria.
All interest rates mentioned here are for the amount of less than Rs.2 crore:
|Tenure||Interest Rate (per annum)|
|7 to 14 days||3.00%|
|15 to 30 days||3.00%|
|31 to 45 days||3.00%|
|46 to 90 days||3.75%|
|91 to 120 days||4.25%|
|121 to 180 days||4.30%|
|181 days to less than 1 year||4.50%|
|Above 1 year to less than 2 years||5.30%|
|Above 2 years to less than 3 years||5.50%|
|Above 1 year to less than 3 years||NA|
|Above 3 years to less than 5 years||5.55%|
|Above 5 years to less than 10 years||5.60%|
* The interest rates mentioned are at the discretion of the bank and are subject to change. The above interest rates are as of December 2020.
Yes, nominee is permitted under the Union Bank Fixed Deposit Receipt.
The documents required for this scheme:
You can call the 24/7 customer care, or apply online the Union Bank website, or even walk into their branches to apply for the Fixed Deposit Receipt.
At the time of opening the Fixed Deposit account, a Fixed Deposit Receipt will be provided to you via courier.
The interest will be payable into your savings account on a monthly or quarterly basis as desired by you.
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