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Headquartered in Kolkata, United Bank of India is a government-owned financial services company. Commonly known as UBI, the bank has 35 Regional offices and 2001 branches spread across the country. The bank was nationalized in 1969 along with 14 other major banks in India. UBI has a strong presence in Eastern India with its three full-fledged overseas branches in Kolkata, New Delhi and Mumbai. The bank is now trying to expand its services to international regions. United Bank of India is the result of the amalgamation of four Bengali banks in 1950 viz. Comilla Banking Corporation, Bengal Central Bank, Comilla Union Bank and Hooghly Bank. The bank provides services and products under various segments viz. Retail Banking, Corporate Banking, International Banking, MSME Banking, Mutual Funds, Fixed Deposits, and Life Insurance etc.
United Bank of India offers fixed deposits at competitive interest rates for different tenures. You can invest in these fixed deposits offered by UBI to get higher returns on your savings. A fixed deposit account enables you to get higher returns on your savings than a normal savings account. The interest rates of United Bank of India is subject to change based on the changes in the market and the bank’s internal liquidity requirements. The bank offers unique fixed deposits schemes like “United Bonanza Savings Schemes” and “United Anand Deposits”, apart from offering regular fixed term deposits.
With UBI, you can open fixed deposit accounts for a fixed period of time. On these fixed deposits, you can earn interest at monthly, quarterly, half yearly or yearly basis as desired by you.
The features and benefits of UBI FDs include:
Indian residents, senior citizens and NRIs are eligible to open their fixed deposit accounts with United Bank of India.
The minimum amount required to open a fixed deposit account with UBI is ₹ 1,000. However, the bank accepts fixed deposits up to ₹ 5 crores.
You can open a fixed deposit account with UBI for a minimum period of 7 days and a maximum period of 5 to 10 years. Depending on the deposited amount and the tenure of your fixed deposits, your FD interest rate will vary.
The bank provides attractive rates of interest on its fixed deposit accounts. For domestic, NRE and NRO term deposits, the highest rate of interest on fixed deposits offered by United Bank of India is 8.50%. The lowest rate of interest for the same is 4%. These rates of interest are dependent on the tenure of deposit and the amount deposited. Also, they are subject to change from time to time without giving prior notification to its customers.
The bank provides loans against NRE and NRO term deposits to NRIs. But no loan is provided against fixed deposit accounts opened under the United Bonanza Savings Schemes.
The bank charges a nominal amount of 1% for premature withdrawal of retail fixed deposits. However, the bank does not pay any interest on your fixed deposits in case you withdraw them prematurely within 7 days from the date of deposit.
Yes, the bank allows premature renewal of its term/fixed deposits. The bank permits renewal at the rate of interest applicable on the date of renewal. However, the deposit needs to be renewed for a longer term than the balance period of the original deposit.
The bank offers special rate of interest for senior citizens on FDs. The highest rate of interest offered to senior citizens is 9.00% for opening a fixed deposit account for a period of 5 years and above. The lowest rate of interest applicable for senior citizens is 4%.
Yes, United Bank of India provides tax benefits on your fixed deposits under its “Tax Saving Income Plan”. Individuals and members of HUF are eligible to invest in FDs under this scheme, and by investing they can get tax deduction under section 80C of the Income Tax Act, 1961. Individuals can open this account either singly or jointly. However, in case of a joint account, only the first depositor will get tax deduction. Under this scheme, an individual can invest up to ₹ 1.5 lakh per year. The tenure of the fixed deposit should not be less than 5 years.
Yes, the United Bank of India offers NRE, NRO, RFC and FCNR fixed deposits for NRIs. The NRE fixed deposits are offered for a minimum period of 7 days to a maximum period of 5 years and above. The highest rate of interest offered on NRE term deposits is 8.25%. The FCNR deposit can be maintained in currencies like USD, EURO, and GBP. The deposit can be opened for a maximum period of 5 years. The RFC deposits offended by the bank can be maintained in multiple currencies such as USD, GBP and EURO. A RFC deposit can be opened for a maximum period of 3 years and a minimum period of 6 months. Interest offered on these deposits vary based on the currency in which the deposits are maintained. For NRO term deposits, the bank offers the same maturity period as it offers for its domestic term/fixed deposits.