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    Overview of Union Bank Fixed Deposit

    Overview of Union Bank Fixed Deposit  and 2 other FDs

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    5% - 7.5% Compound yearly
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.8% - 7% Compound yearly
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know

    Overview of Union Bank Fixed Deposit is Rated as "Excellent!" by 25 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    About Union Bank of India (UBI)

    Union Bank of India, founded in Mumbai in 1919, is a leading public sector banks in India. The bank has continuously shown profits during the 93 years of its operation and now operates a network of 4000+ branches in the country. With a large client base of 49 million, the bank has attained business of ₹ 5, 32,007 crore and takes pride in 100% Core Banking Solution implementation. The bank lends to different sectors of the economy such as exports, industry, trading, infrastructure, agriculture, and SME segments to boost economic growth. With its employee strength of 31,000, the bank is poised to provide a customer-centric approach to banking with the aid of cutting-edge technology.

    Union Bank of India (UBI) Fixed Deposits

    UBI’s fixed deposit schemes are devised to meet the investing needs of different investors. To this end, Union Bank of India offers FD schemes that feature varying tenures, each with interest rates set to maximise returns to the depositor.

    Eligibility - Who can open an FD account with Union Bank of India?

    Any Resident Individual - Single Accounts, Minors (with co-signing adults), Hindu Undivided Families, Two or more individuals in Joint Accounts, Illiterate Persons, Purdanasheen Ladies, Blind persons, Societies, Associations, Clubs, etc. Trusts, Institutions/Agencies specifically permitted by the RBI are eligible to open a fixed deposit account in the bank in single/joint name/s can open FDs in UBI.

    However, certain types of accounts are meant for specific depositors and the rules clearly prohibit others to deposit in them. Tax Saver FDs are meant only for individuals and HUFs with PAN, but not for trusts, societies and companies etc.

    What Fixed Deposit Schemes does Union Bank of India offer?

    Union Bank of India has an array of fixed deposit schemes such as Short Deposit Receipts (SDR), Fixed Deposit Receipt (FDR), Deposit Reinvestment Certificate (DRIC), Monthly Income Scheme, Union Tax Saver and Union Capital Gains Deposits.

    What is the minimum amount required to open an FD account with UBI?

    The Deposit Re-investment Certificate (DRIC) allows deposits as low as ₹ 100/- in rural/semi-urban centers and ₹ 500/- in urban/metro centers. This minimum amount may differ for other types of FDs.

    However, minimum amount requirement does not apply to Govt-sponsored subsidy schemes, margin money, earnest money and court attached/ordered deposits.

    What is the maximum amount that can be deposited in an UBI FD account?

    Usually the maximum deposit amount allowed under FD is ₹ 10 crores. More about maximum amount to be deposited under FD can be found from the nearest Union Bank of India branch. However, acceptance of high value fixed deposits are subject to regulatory approvals.

    What is the minimum / maximum period for which funds can be held as fixed deposits with Union Bank of India?

    Fixed deposits can be held for as short as 7 days under SDR to as long as 10 years.

    What is the procedure to open a fixed deposit account at Union Bank of India?

    Union Bank allows accounts to be opened online or at any of its branches. You will have to submit Know Your Customer (KYC) documents as mandated by Reserve Bank of India (RBI) and deposit the amount in cash, cheque or demand draft.

    What are the interest rates offered on Union Bank of India fixed deposits?

    Union Bank of India offers interest at different rate slabs for deposits below ₹ 1 crore and for deposits over Rs 1 crore. Currently the interest rate on FDs below Rs 1 crore is 4- 8.75 % P.A with varying tenures from 7 days to 10 years. For amounts over ₹ 1 crore, this rate varies between 4-8.5 percent p.a.

    However, interest rates may change with a change in bank rates as announced by RBI from time to time.

    Does UBI offer tax saver fixed deposits?

    Yes, UBI does offer a tax savings deposit scheme called Union Tax Saver. The deposit can be of opened either in name of single holder or jointly. The amount stays locked-in for a period of five years. An individual with PAN or Karta of the Hindu undivided family may open it in their single name. In a joint holder type of deposit receipt can be held by two adults/ an adult and minor with at least one adult holding a PAN. Either of the holders or the survivor can claim the matured deposit. The deduction from income under section 80C of the Act shall be available only to the first holder of the deposit in a joint FD.

    The minimum amount accepted under Union Tax Saver is ₹ 5,000/- and in multiples of ₹ 1,000/- thereof. A maximum limit of ₹ 1,50,000/- can be deposited in a financial year. However, the scheme is subject to announcements regarding tax exemptions. The deposits are accepted for a minimum period of 5 years and maximum period of 10 years.

    Are FD accounts with UBI taxable?

    Interest on UBI Fixed Deposits shall be liable to tax under the Income Tax Act. As per current rules, if the total interest on deposits, per depositor, per financial year, per branch is more than Rs 10,000.

    TDS will be applicable under Union Tax Saver as per existing guidelines. PAN is mandatory while opening FD accounts with Union Bank of India. If a depositor does not have PAN, he/she may declare so in the relevant form available with the bank.

    What are the main features of Union Bank of India fixed deposit schemes?

    UBI FDs offer the following features:

    1. Various schemes to suit a varied client base
    2. Flexibility with premature withdrawal and loan facility
    3. Tax savings

    Are loans provided against FDs at Union Bank of India?

    Yes, loans can be availed against Union Bank of India FDs. UBI allows loan amounts up to 90% of the amount held as principal and interest earned thereon under a deposit. But Tax Saver deposits can only be pledged after 5 years.

    Does UBI offer senior citizens special rates on their fixed deposits?

    Yes, senior citizens are entitled to a higher rate of interest on fixed deposits. The bank offers an additional rate component (higher than normal deposits) to senior citizens on any size of deposit on all of its domestic term deposit schemes. This is usually applicable to domestic term deposits of one year and above, and 0.50% over the normal rate.

    The bank treats any person who has completed the age of 60 years as a senior citizen for availing the additional interest benefits.

    The bank allows senior citizens to open a deposit jointly with other persons below the age of 60, to avail higher interest rates. In such cases the name of the senior citizen is to be given as the first name in the application. However, NRI senior citizens are not eligible for the benefit of additional interest available to residents.

    Does UBI issue credit cards against fixed deposits held by it?

    UBI offers credit cards to salaried and self-employed professionals on the basis of their PAN card and IT returns. However, in case the documents are not available, credit cards are also offered against fixed deposits. The credit limit on the cards is linked to the amount of the FD.

    Can you withdraw my fixed deposit from Union Bank of India before its maturity?

    Yes, you can withdraw the deposit before its maturity. The interest payable will be at the rate applicable on the date of the deposit and for the period the deposit has remained with the bank. But you won’t be paid any interest for deposits that have remained with the bank for less than 7 days. If you are withdrawing a deposit to renew the deposit, the deposit will be renewed for a period longer than the balance period of the first original deposit.

    Can NRIs open Fixed Deposit account with Union Bank of India?

    Yes, NRIs and PIOs can open the account in Indian currency for a minimum of 1 year to a maximum period of 10 years. Income tax is not charged on the depositor. The principal and interest amount are fully repatriable. The depositor can appoint nominees to their accounts. The depositor can open joint accounts along with one or more NRIs or PIOs. In terms of Power of Attorney given to operate the account, the permission is allowed for withdrawals and local payments and for investments on the behalf of the depositor.

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  • Union Bank Fixed Deposit Reviews

    • Union Bank of India Fixed Deposit
      "Customer relation"
      0.5 5.0/5 "Blown Away!"
      UNION Bank always make the customer feel valued as they provide very good customer service. I had taken this FD at SRINAGAR GUNTUR because it is near to my location. This was offered to me at the time when I visited the branch for some other purpose. Where as other banks does not have offer such offer when I visit their branch.
      Was this review helpful? 16
      , guntur
      Reviewed on Sep 19, 2016
    • Union Bank of India Fixed Deposit
      "Highly recommendable for preferential rate"
      0.5 5.0/5 "Blown Away!"
      I booked a fixed deposit for 6 months tenure with Union Bank of India as I work with them. Its a very good option to take a deposit since they provide much better rates than most other banks. They provide a rate of interest of 7.65% currently for which we get 8.65% being staff. Its always a good bank to hold a deposit scheme since its a public sector bank and it offers good rates.
      Was this review helpful? 8
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Fixed Deposit
      "Competitive rates"
      0.5 5.0/5 "Blown Away!"
      I have taken a fixed deposit scheme of 5 years with Union Bank of India. Being staff we are offered 1% extra than the rate of interest as per the banking guidelines. The current rate is about 7.65% which translates into 8.65% for us staff. The process and the rates are quite lesser than most banks and the extra interest adds to the benefit.
      Was this review helpful? 12
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Fixed Deposit
      "Highly recommendable "
      0.5 5.0/5 "Blown Away!"
      Being a staff of Union Bank of India, I prefer to have my fixed deposit with them. This is also backed by the fact that they provide very competitive rates for the fixed deposit schemes than most other banks. Its easy to book the deposit and since I am staff I get an extra 1% on the interest rate. I hold a deposit scheme of 10 years. I would recommend them to anyone for their rates.
      Was this review helpful? 9
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Fixed Deposit
      "Moderate..."
      0.5 3.0/5 "Satisfactory"
      Service is average however satisfactory. Interest rate is also average. I have good relationship with Union Bank of India and I went with them for this fixed deposit. There is no restrictions or charges if I go and close the deposit in midst of the tenure.
      Was this review helpful? 17
      , new delhi
      Reviewed on Jan 22, 2016
    • Union Bank of India Fixed Deposit
      "Good rate for fixed deposit "
      0.5 5.0/5 "Blown Away!"
      Union bank of India is good. Compared to other banks interest rate for fixed deposit plan is high. Maximum 9% rate is given for the tenure of one year. Minimum lock in period is for seven days. In case we withdraw the amount in between the period they will reduce 1% interest rate. Through online we can do the payment.
      Was this review helpful? 14
      , bhopal
      Reviewed on Nov 13, 2015
    • Union Bank of India Fixed Deposit
      "Very good"
      0.5 5.0/5 "Blown Away!"
      Union bank of INDIA Fixed deposit is very good. The reason why I have opted for it is because Interest rate offered by them was very low when it comes to FD. This FD was opened at my home town and its next to my place. I have no idea about tax benefit.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 11, 2015
    • Union Bank of India Fixed Deposit
      "It was very good"
      0.5 5.0/5 "Blown Away!"
      Union bank of India FD is good. It was a Government bank and they will provide FD based no my savings account. However I have to hold a savings account with them only then they can provide FD otherwise not. Interest rate offered by them is the best in the market. I have opened FD twice once through the branch and the other one through online and its trustworthy,
      Was this review helpful? 8
      , noida
      Reviewed on Aug 25, 2015
    • Union Bank of India Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      For Fixed deposit the interest rate offered by Union bank of India is 9.5% and took the tenure of 7 years. There is no minimum lock in period we can avail it as our wish.In case if we break the FD lock in period in between there is no penalty charges were as they will give the pay the current interest rate on the withdrawal amount.
      Was this review helpful? 23
      , kolkata
      Reviewed on Jun 16, 2015
    • Union Bank of India Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      Union bank of India offers the fixed deposit plan for the interest rate of 8% with the minimum locking period of 1 year. I took the plan for the tenure of 5 years.In between the tenure we cant break the FD. After completed the tenure period the amount will be credited to the account automatically
      Was this review helpful? 11
      , rewa
      Reviewed on Jun 12, 2015
    • Union Bank of India Fixed Deposit
      "Fixed Deposit"
      0.5 5.0/5 "Blown Away!"
      i have recently opened a saving bank account with Union Bank of India. They are providing normal rate of interest on fixed deposits but the services and customer support which they are providing is surely above average level. Both, their tele-support as well as bank staff are very cooperative, which is very helpful to new customers.
      Was this review helpful? 15
      , mumbai
      Reviewed on May 11, 2015
    • Union Bank of India Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am holding a UBI Fixed deposit they are providing very good interest rate on RD and FD that is the most notable feature of UBI. They provide proper response to the customer query. The interest rate offered by them is much better when compared with others. I have forgotten my id and password its been quite some time since I logged in.
      Was this review helpful? 11
      , new delhi
      Reviewed on Mar 31, 2015
    • Union Bank of India Fixed Deposit
      "Its fine"
      0.5 3.0/5 "Satisfactory"
      I have been holding this United Bank of India fixed deposit account since 2006.I have planned to switch over to another plan as there was no or little support from them. I have personally visited the Branch for taking this deposit. The interest rate offered by them was 9% which is for a period of 8 to 9 years which is not good. The reason why I have chosen this bank is because its easy for me to transfer funds from my savings account to this FD.
      Was this review helpful? 19
      , bangalore
      Reviewed on Feb 24, 2015
    • Union Bank of India Fixed Deposit
      "Good "
      0.5 4.0/5 "Great!"
      I am holding a UBI Fixed deposit . The rate of interest offered by them is quite similar to others. It is very safe and secured so I love to deposit in a Nationalized Bank. Customer service offered by them is no up to the mark. There are no charges for preclosure.
      Was this review helpful? 14
      , kolkata
      Reviewed on Feb 10, 2015
    • Union Bank of India Fixed Deposit
      "UNION BANK is UNIque and ON bank."
      0.5 4.5/5 "Excellent!"
      union bank of India provides good rate of interest on fixed deposit. bank also provides e-lobby facility in some of major branches. bank also provides mobile banking facility. this bank truly deserves in best customer service. the maturity procedure is very ease and convinient.
      Was this review helpful? 13
      , mumbai
      Reviewed on Dec 13, 2014
    • Union Bank of India Fixed Deposit
      "Superb Services"
      0.5 5.0/5 "Blown Away!"
      The fixed deposit I have with Union Bank of India is really good as I availed it on the base of my account I have with them since 1989. I am having this for the past 3 months now. The customer support is really helpful. I invested around Rs.100000 for a lockin period of 1 year. The interest rate they provided is 8% which is beneficial.
      Was this review helpful? 6
      , chandigarh
      Reviewed on Dec 09, 2014
    • Union Bank of India Fixed Deposit
      "Best Investment"
      0.5 5.0/5 "Blown Away!"
      I am near about to get maturity amount as I opened Fixed Deposit for long term of 7 years. According to me Fixed deposit is one of the best investment plan to save money, where amount would get doubled during maturity. Union Bank of India is offering good benefits for their FD customers like insurance, vehicle loan and so on. Around 9.8% is the interest rate on FD which would accumulate in yearly basis.
      Was this review helpful? 6
      , mumbai
      Reviewed on Dec 05, 2014
    • Union Bank of India Fixed Deposit
      "Better rate of Interest rate"
      0.5 5.0/5 "Blown Away!"
      The special features in Union Bank of India for Fixed deposit is that Rate of interest because the rate of interest was high when I opened Fixed deposit and I think still they are offering high rate. I had compared the rate with other banks but Union Bank of India is the one who gives highest rate to customers. My father is handling the account so I am not sure about most of the details but I am glad about Union Bank of India. Actually processing time is lengthy so they should decrease the processing time.
      Was this review helpful? 7
      , pune
      Reviewed on Nov 13, 2014
    • Union Bank of India Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      Around 60000 of fixed deposit amount I am having from Union bank of India . This was very feasible for me to because I had the branch location in my college where I am working for. They offered me 9% as interest rates compounded . I am maintaining this account for my tax savings account
      Was this review helpful? 13
      , new delhi
      Reviewed on Oct 28, 2014
    • Union Bank of India Fixed Deposit
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      Union Bank Fixed Deposit, interest rate is good, when i save the money i can with draw the money with good amount, i got receipt, on line i have not tried i went and opened in branch, i am using from past 2 years, their is no disadvantage, everything is fine, the bank is available in all places. Customer service is quite slow.
      Was this review helpful? 5
      , varanasi
      Reviewed on Aug 16, 2014
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