• 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 although a repayment request can be made even before maturity. The scheme can be opened as a single account or as a joint account

    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 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.

    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.

    • Any Resident Indian individual
    • Firms, charitable institutions, recreational clubs, Hindu Undivided Families, trusts of religious nature, panchayats, purdanasheen ladies, etc.
    • Illiterate, blind, and differently abled individuals
    • Minors under the provision of a guardian.

    UBI Fixed Deposit Receipt Interest Rates

    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%
    1 year 5.25%
    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.

    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:

      • An introduction of the applicant by another person acceptable by the bank.
      • 2-passport sized photographs of the applicant
      • Copy of the PAN card
      • Completion of KYC norms and submission of 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.

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