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    Union Bank Fixed Deposit Receipt

    The Union Bank provides a fixed deposit scheme called the Union Bank Fixed Deposit Receipt, The fixed deposit works on a maturity basis, and a repayment request can be made even before maturity with this kind of fixed deposit.

    Eligibility Criteria for applying for Union Bank Fixed Deposit Receipt

    Any person who will be interested in taking up the Fixed Deposit Receipt should meet the below mentioned criteria.

    1. The Fixed Deposit Receipt scheme can either be opened single account or a joint account by individuals.
    2. The scheme can also be opened by organisations such as small firms, charitable institutions, recreational clubs, Hindu Undivided Families, trusts of religious nature, panchayats, etc.
    3. The scheme is available even to illiterate, blind and differently abled individuals
    4. Minors also are allowed to have this scheme, under the provision of a guardian.

    Features of Union Bank Fixed Deposit Receipt

    Account Type Joint/Single/Organisation
    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 anywhere between 4.00% - 7.50% 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.

    UBI Fixed Deposit Receipt interest rates as per December 2015

    All interest rates mentioned here are for the amount of less than Rs. 1 crore

    Tenure in days Rate of Interest
    31 - 120 days 5.60% - 6.75%
    121 - 180 days 7.00% - 7.60%
    181 - less than 1 year 7.60%
    1 year 7.75%
    1 year - 3 years 7.70%
    3 years - 10 year 7.50%

    * The interest rates mentioned are at the discretion of the bank and are subject to change

    Union Bank Fixed Deposit Receipt FAQs

    1. Is there a nominee permitted under this scheme?

      Yes, nominee is permitted under the Union Bank Fixed Deposit Receipt.

    2. What are the documents one should submit to open an account under this scheme?

      The documents required for this scheme:

      • The bank will require to be introduction of the person’s opening the account by another person acceptable by the bank.
      • 2 passport sized photographs of the applicants.
      • The bank will require a PAN copy
      • Also the bank will require completion of KYC norms and submission of complete information as required.
    3. How can I apply for this Fixed Deposit Receipt 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.

    4. When will the Fixed Deposit Receipt be provided to me?

      At the time of opening the Fixed Deposit account, a Fixed Deposit Receipt will be provided to you via courier.

    5. How often will I receive the interest earned by my Fixed Deposit Receipt?

      The interest will be payable into your savings account on a monthly or quarterly basis as desired by you.

    Useful Information on Union Bank Fixed Deposit

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