The Union Bank of India is one of the largest government-owned banks in the country which offers its customers a wide range of financial products. The bank also offers ease in accessing these products through a digital banking platform.
The Union Bank of India offers the facility of fixed deposit to its customers along with an interest rate which ranges from 3.50% to 7.15%.
Tenure | General Public FD interest rate (per annum) |
7 days to 14 days | 3.50% |
15 days to 30 days | 3.50% |
31 days to 45 days | 3.50% |
46 days to 90 days | 4.50% |
91 days to 120 days | 4.80% |
121 days to 180 days | 5.00% |
181 days to less than 1 year | 6.25% |
1 year | 6.75% |
>1 year to 398 Days | 6.75% |
399 Days | 6.75% |
400 Days | 6.90% |
401 days to 455 days | 6.60% |
456 days | 7.15% |
457 days to 2 years | 6.60% |
> 2 years to less than 996 days | 6.60% |
997 days | 6.40% |
998 days to less than 3 years | 6.60% |
3 years | 6.70% |
> 3 Year to 5 years | 6.50% |
>5 Years to 10 Years | 6.50% |
Note: The interest rate mentioned in the table is effective from 25 April 2025.
The eligibility criteria for opening the fixed deposit in Union Bank would be any resident individual for single accounts and two or more individuals for joint accounts will be required. Apart from this, Illiterate persons, Blind persons, Purdanasheen women, minors, associations, clubs, societies, etc. and Trusts, Institutions specifically permitted by the RBI can open an FD account.
The documents which are required for opening an fixed deposit account with the Union Bank of India are:
For Proof of Identification
For Proof of Address (if Aadhaar card does not contain updated address)
The rate of interest depends on the tenure of the FD and ranges between 3.50% per annum to 7.15% per annum.
Senior citizens will receive an additional interest rate as decided by the Union Bank of India.
You can withdraw your fixed deposit account through the process of premature withdrawal. You will have to visit the branch of the bank and fill the form for premature withdrawal along with producing the receipt for your fixed deposit account. It is important to know that most banks charge a nominal fee for premature withdrawal which need to be paid. The bank will then process the application and the amount will be credited to the desired account.
Yes, TDS will be deducted on the interest accrued on your fixed deposit as per the Income Tax Act. However, if you choose to deposit your money in a Tax-Saver FD, you will receive a tax exemption of up to Rs.1.5 lakh as per Section 80C of the Income Tax Act.
To open a fixed deposit account with the bank, you can either visit your nearest branch of the bank or apply online through the website of the Union Bank of India. Apart from this, you can also call the 24/7 customer care number of the bank and open your account with the help of a bank representative.
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