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Union Bank of India Recurring Deposit Interest Rates

 4.5 / 5.0   by 8 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

PeriodROI (% p.a.)
181 day to <10 Month6.95
10 Month to 14 Month7
>14 Month to 3 Year6.8
>3 year - 5 Year6.8
>5 year - 10 Year6.8

Get The Best Rates for a Union Bank of India Recurring Deposit

Not everyone can put away lump sums as savings, so contributing a small amount every month will help build up a savings fund. A recurring deposit is a savings scheme under which you can deposit a fixed amount on a monthly basis over a period of time. Your savings will earn interest and your total savings will be paid back to you at the end of the deposit tenure. Union Bank of India offers two RD schemes: Cumulative Deposit and Union Monthly Plus.

  • Union Bank of India Cumulative Deposit

    This deposit works like a regular RD scheme. Anyone can open this deposit for as low as Rs. 50 per month. The tenure period range between 6 months to 120 months, in multiples of 1 month. Once you have selected your installment amount, it cannot be changed till the end of the deposit. Interest is calculated every quarter. The deposit will mature one month after the last installment and be paid out. Customers have the option to convert the RD into a fixed deposit on the condition that the FD tenure is longer than the remainder of the RD.

  • Union Bank of India Union Monthly Plus

    This scheme is opened to individuals, HUFs, Trusts and institutions. Corporates, proprietors and partnerships can also open this RD scheme. This scheme runs on the basis of a core amount that is selected at the beginning which can range between Rs. 100 and Rs. 1 lakh. The deposit period ranges between 6 months and 60 months. With this scheme, you have the option to step up your core deposit amount up to 10 times more. If your core amount is Rs. 1,000, you can increase the amount as per your convenience up to Rs. 10,000. After stepping up the amount, if you want to reduce it back to the initial core amount, you can step down. In addition to these benefits, there is no premature closure penalties.

Union Bank of India Short Term Recurring Deposit Interest Rates

Short term RD accounts comprise of those tenures that range between 6 months to 1 year. Your interest rate depends on the size of your deposit. Deposits of less than Rs. 1 crore earn interest of 7% to 7.75% per annum. Deposits of Rs. 1 crore to Rs. 10 crore earn between 6.5% to 7.65% per annum.

Union Bank of India Medium and Long Term Recurring Deposit Interest Rates

Medium term deposits range between 1 year to 5 years attracting interest of 7.5% to 7.7% per annum on deposits that are less than Rs.1 crore. Deposits that are between Rs. 1 crore and Rs. 10 crore earn interest between 7.10% and 7.25% per annum. Long term deposits range between 5 years and 10 years. Deposits that are less than Rs. 1 crore will earn 7.5% per annum. Deposits above Rs. 1 crore to Rs. 10 crore earn 7% per annum.

Union Bank of India Senior Citizen Recurring Deposit Interest Rates

Any person who has attained the age of 60 will be considered a senior citizen and is eligible for a higher interest rate. For deposits that are 1 year and above, the rate of interest offered will be 0.5% per annum over the regular rate. This offer is not extended to NRI senior citizen accounts. Senior citizens can also open joint accounts with a person below the age of 60 and avail of the special scheme, but the senior citizen will be named as first application.

More you need to know about Recurring Deposit

Union Bank RD Schemes

Read More Articles On RD

Recurring Deposit - Sitemap

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UBI RD Rates Reviews

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  • Union Bank of India Recurring Deposit
    "Good service"
    UNION BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    I had a Recurring Deposit with Union Bank of India and the experience was quite good. I pay an amount of Rs 3000 every month and in return i get a certain amount with the interest of 7.5% which is satisfactory. Customer service was fine and they responded on time. The maturity of the RD is 1 year and i am satisfied with the returns.
    Was this review helpful? 7
    , mumbai
    Reviewed on Jan 12, 2018
  • Union Bank of India Recurring Deposit
    "Good services"
    UNION BANK OF INDIA
    0.5 4.0/5 "Great!"
    Union Bank of India has always been good in the services. I have also taken a recurring deposit with them. Since I do not have the option of opening this account online, I visited the bank for the same and it has been a good experience. The rate of interest is satisfactory and there are no much of charges related to it.
    Was this review helpful? 12
    , chennai
    Reviewed on Nov 23, 2016
  • Union Bank of India Recurring Deposit
    "Rate are better than most of banks"
    UNION BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The best saving programme is with UNION BANK OF INDIA, I have my recurring deposit schemes with Union bank of India, one with a tenure of 3 years and the other of 1 year. They offer 7.55%-7.65% rate of interest generally but we get an extra 1% as we are bank staff. The bank always offers much preferential rates for all products. It serves as a very good method of a savings scheme and has no closure penalty.
    Was this review helpful? 6
    , kolkata
    Reviewed on May 23, 2016
  • Union Bank of India Recurring Deposit
    "Best "
    UNION BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I do have the recurring deposit with the Union bank of India and the interest rate was around 8.65% because am an employer. Customer service is good with them and the online banking facilities are perfect with them. They used to provide the feedback immediately.
    Was this review helpful? 2
    , karur
    Reviewed on Apr 07, 2016
  • Union Bank of India Recurring Deposit
    "Excellent"
    UNION BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Union bank of India gives 9% of the interest rate for the recurring deposit and the minimum lock in period is for 2 years. If the tenure increases the interest rate will also be high.The amount for the RD is debited from my account every month. In case if break the RD in between the lock in period there is no extra charges. I took this RD facility by visiting the branch and the customer service provided was good.
    Was this review helpful? 3
    , kolkata
    Reviewed on Jun 16, 2015
  • Union Bank of India Recurring Deposit
    "Recurring Deposit"
    UNION BANK OF INDIA
    0.5 3.5/5 "Pretty good"
    I'm holding a UBI recurring deposit account. As I have a long term relationship with them . I have taken this deposit . This is taken for a period of 5 year. The rate of interest charged by them was 9% which is quite nominal . This provide tax benefit also and net banking facility is good.
    Was this review helpful? 2
    , bangalore
    Reviewed on Apr 18, 2015
  • Union Bank of India Recurring Deposit
    "Fair enough"
    UNION BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    I am holding a UBI recurring deposit account. Its a nominal one. As I have a long term relationship with them . I have taken this deposit . This is taken for a period of 1 year. The rate of interest charged by them was 9% which is quite nominal . They provide tax benefit as well and online access is there for this account.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 21, 2015
  • Union Bank of India Recurring Deposit
    "Good"
    UNION BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    To open the Recurring Deposit with Union Bank of India I visited their branch directly. As my salary account is with them for more than 15 years so I just filled a single application form and the deposit got activated. Rate of interest is very good. Every year I close the deposit and will open it newly. For the amount of 1.20lakhs I have received 17 to 18 thousand extra.
    Was this review helpful? 5
    , mumbai
    Reviewed on Feb 14, 2015
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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