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Union Bank of India Recurring Deposit Interest Rates

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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Recurring Deposit Period Interest Rates* (p.a.)
7 day – 14 day 5%
15 day – 30 day 5%
31 day – 45 day 5%
46 day – 90 day 5.50%
91 day – 120 day 6.25%
121 day – 179 day 6.25%
180 days 6.50%
181 day to less than 10 months 6.50%
10 months to 14 months 6.75%
More than 14 months to 3 years 6.60%
More than 3 years to 5 years 6.70%
More than 5 years to 10 years 6.70%

*Less than Rs.2 crore.

Union Bank Recurring Deposit Schemes

Union Bank offers different types of RD schemes to suit the different requirements of its customers. These schemes are offered with unique features and are known as Cumulative Deposit and Union Monthly Plus.

Union Bank of India Cumulative Deposit

If you’re looking to invest with small amounts in monthly instalments with a fixed timeline, Union Bank of India offers the Union Cumulative Deposit Scheme. Through this type of RD, the bank wants to cater to lower/lower middle/middle/upper middle and salaried individuals.

If you’re a resident of India and hold a savings account with Union Bank, or two or more individuals with a joint account, visually impaired, illiterate individuals, minors, associations, clubs, societies, purdanasheen ladies, etc., can choose the Union Cumulative Deposit as permitted by the Reserve Bank of India (RBI). Also, institutions/agencies, trusts permitted by the RBI are eligible to take advantage of this scheme.

Features

  • The minimum amount starts from Rs.50 per month as instalments.
  • You can choose tenures between 6 months and 120 months (multiples of 1 month).
  • The number of instalments cannot be changed; however, it can be converted into a Term Deposit prior to maturity, subject to the term deposit tenure is much larger than the cumulative deposit.
  • Interest rates at permissible levels are compounded every quarter.
  • TDS will be applicable on the interest component of the cumulative deposit.
  • Upon maturity of the deposit, the amount will be disbursed a month after the last instalment of the deposit.

Union Bank of India Union Monthly Plus

The Union Monthly Plus RD scheme offers ‘Step-up’ and ‘Step-down' options. Through this option, you can increase the monthly instalment amount or decrease it. The scheme is offered to individuals, corporates, institutions, partnership, proprietorship, trust, etc.

Features

  • You’ll have to choose the core amount (minimum of Rs.100 and a maximum of Rs.1 lakh) when you open the RD account and deposit the chosen amount.
  • The deposit tenure ranges from 6 months to 60 months (multiples of 1 month).
  • Interest rates are like the Term Deposit offered by Union Bank and it’ll be computed on a daily product basis.
  • The option of Step-up or Step-down of the monthly instalment.

Step-up Option

The ‘Step-up’ option lets you increase the monthly instalment amount, during any month, of up to 10 times the core amount. For example, if you’ve chosen the core amount as Rs.1,000, then you can Step-up the instalment of up to Rs.10,000.

Step-down Option

After you have stepped up the instalment amount, you can decrease it; however, it cannot be lesser than the core amount.

Union Bank of India Short Term Recurring Deposit Interest Rates

Short-term recurring deposits from Union Bank ranges from 6 months to 1 year. The interest rate for RDs with deposits of less than Rs.2 crore for short-term RDs is between 5% and 6.75% p.a. For deposits more than Rs.2 crore, you’ll have to check with the bank’s nearest branch.

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

The medium- and long-term RD ranges from more than 14 months to 10 years. The rate of interest for RDs with this type of tenures ranges from 6.60% to 6.70% p.a. for deposits of less than Rs.2 crore. Like short-term RDs, the medium- and long-term RDs of more than Rs.2 crore, you’ll have to contact the nearest Union Bank branch.

Union Bank of India Senior Citizen Recurring Deposit Interest Rates

Any individual who has attained the age of 60 is considered a senior citizen. Union Bank of India offers an additional benefit over and above the regular interest rate offered for RDs. Senior citizens who are looking to deposit less than Rs.1 crore, the rate of interest is 0.50% more than the regular interest rates. For more than Rs.1 crore as deposit, you’ll have to contact the nearest branch of the bank.

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
    "Safe and Secured investment"
    UNION BANK OF INDIA
    0.5 4.0/5 "Great!"
    Currently Union of Bank is offering 7% of interest per annum for the recurring deposit investment. The online option is very good to make the deposits without going to the bank. I can deposit minimum of Rs. 500 to max period, I have option increase the tenure period as well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 29, 2019
  • Union Bank of India
    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? 8
    , 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? 3
    , 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? 6
    , mumbai
    Reviewed on Feb 14, 2015
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