• Union Bank Short Deposit Receipt

    Fixed deposits are great investment options for the ones with a traditional point of view of saving, but at times, one needs to have a greater stable return on an investment over a shorter period, rather than a traditionally longer period. Union Bank of India offers its customers an option to open a fixed deposit account that allows them to benefit from preferential interest rates and deposit periods of as low as 7 days. This specific scheme is known as Union Bank of India Short Deposit Receipt.

    Eligibility Criteria for applying for Union Bank of India Short Deposit Receipt

    The basic eligibility criteria for opening a Short Deposit Receipt with Union Bank of India are as follows –

    1. Customer must be above 18 years of age
    2. Customer must be either salaried, self-employed or retired and an Indian citizen
    3. Customer must have existing banking relationship with Union Bank of India or must come with proper introductions

    Apart from the above mentioned basic criteria, the bank might require additional conditions to be fulfilled, based on its discretion.

    Features of Union Bank of India Short Deposit Receipt

    Account Type Both individuals and non-individuals can apply. Hindu Undivided Families allowed. Accounts can be jointly held
    Deposit Amount Minimum deposit is INR 500000 (for a duration of 7 days to 14 days)

    No maximum limit for deposits
    Rate of Interest Anywhere between 4.00% per annum to 8.10% per annum
    Period Minimum duration – 7 days

    Maximum duration – 10 years (Short Deposit criteria ends at 179 days)
    TDS TDS Certificate will be issued by the Bank
    Lock-in Period 7 days
    Tax Rebate Applicability N/A
    Loan against Union Bank of India Short Deposit Receipt N/A (subject to change based on bank’s discretion)
    Nomination Nomination facility is available
    Auto Renewals The scheme is valid only for the period selected at initiation. Renewal for another year happens only if change of terms is allowed by the bank

    Union Bank of India Short Deposit Receipt Interest Rates

    The interest rates offered on Union Bank of India Monthly Incomes are linked to the base rate of the bank. As of December 2015, the rates could be anywhere from 4.00% per annum to 7.60% per annum for the general populace. Senior citizens might get an additional rate over and above the advertised rates.

    The interest to be paid will be credit to the Savings, Current or Cumulative account of the depositor after the maturity. The interest rates as of December 2015 are as follows –

    Period of Deposit Rate of Interest (Deposits < INR 1 crore)
    7 days to 14 days 4.00
    15 days to 30 days 5.25
    31 days to 45 days 5.60
    46 days to 90 days 6.50
    91 days to 120 days 6.75
    121 days to 179 days 7.00
    180 days 7.00
    181 days to less than 1 year 7.60
    1 year 7.75
    Above 1 year to 3 years 7.70
    Above 3 years to 5 years 7.50
    Above 5 years to 10 years 7.50

    All the above mentioned rates are dependent on the bank’s discretion and are liable to change anytime.

    Union Bank of India Short Deposit Receipt FAQs

    1. How to apply for a Short Deposit Receipt Deposit in Union Bank of India?

      One can apply for a Short Deposit Receipt with Union Bank of India through any of its official branches by furnishing the required documents and the minimum deposit amount.

    2. What are the documents required for opening a Short Deposit Receipt Deposit?

      One would require an introduction to the bank or should be an existing customer. Apart from that, two recent passport size photographs of the person(s) opening the account will be required. Government attested ID proof and declaration through Form 60 or 61 or PAN (Permanent Account Number) or GIR (General Index Register) needs to be provided.

    3. What is the interest rate applicable for a Short Deposit Receipt Deposit account?

      The interest rate could range from 4.00% per annum to 8.10% per annum. That would include any additional interest provided for senior citizens too.

    4. What is the maturity period of a Short Deposit Receipt Deposit?

      The minimum maturity period of a Short Deposit Receipt will be 7 days and the maximum would be 10 years, though the classification of a Short Deposit is valid only till a maximum time of 179 days.

    5. What is the lock-in period for a Short Deposit Receipt Deposit account?

      Though there are no applicable lock-in periods for this deposit, the minimum time the deposit has to be retained is 7 days.

    Useful Information on Union Bank Fixed Deposit

    Other Fixed Deposit Schemes Offered by Union Bank

    Special FD Schemes

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    Union Bank Short Deposit Receipt Reviews

    Write a Review
    • Union Bank of India Fixed Deposit
      "Not good"
      0.5 3.0/5 "Satisfactory"
      I had a Fixed Deposit with Union Bank of India and its closed 18 to 19 months due to personal reasons. I am doing investment but my experience is not good with FD account. In my home town, there is no other banks so just decided to go with this bank. The returns are good.
      Was this review helpful? 9
      , bangalore
      Reviewed on Aug 28, 2019
    • Union Bank of India
      Union Bank of India Fixed Deposit
      "Good Investment"
      0.5 4.0/5 "Great!"
      Union of India fixed deposit is same as other investment. Being an existing customer I have opt for one year of fd, the online banking feature is good to open and closing the account, they was no charges for the liquidity of fund before the maturity.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jul 29, 2019
    • Union Bank of India Fixed Deposit
      "Its Recommendable "
      0.5 5.0/5 "Blown Away!"
      I have fixed deposit with Union Bank of India, I opt for one year fixed deposit , they are providing 8.60% of interest for per annum. I got the profit around Rs. 8000 for the amount invested amount of around Rs. 1.60 lakh, I would recommend this service. They do have option to deposit the amount through online.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jul 18, 2019
    • Union Bank of India Fixed Deposit
      "Good Savings"
      0.5 4.0/5 "Great!"
      I done one time investment of fixed deposit with Union Bank of India. As per the current financial year the FD interest gone down around 6.75% for per annum. I opened the account through bank, they taken 3 to 4 for activation. The customer support is good I don' t have any issues.
      Was this review helpful? 8
      , mumbai
      Reviewed on Feb 26, 2019
    • Union Bank of India Fixed Deposit
      "Highly poor net banking services"
      0.5 0.5/5 "Unacceptable"
      Even if a customer dies at hospital, he has to visit the branch to get the FD money from bank account. This is my personal experience. I am trying to get my FD money to my account thru net banking, but customer service is advising me to visit branch first.
      Was this review helpful? 18
      , noida
      Reviewed on Jul 06, 2018
    • 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? 19
      , 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? 11
      , 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? 15
      , 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? 11
      , 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? 18
      , 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? 16
      , 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? 6
      , 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? 25
      , 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? 12
      , 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? 16
      , 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? 20
      , 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? 15
      , 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? 14
      , mumbai
      Reviewed on Dec 13, 2014
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