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Union Bank of India Revises Interest Rates On Fixed Deposit: Check New Rates Here
Union Bank of India, one of the largest government-owned banks of our country, has recently revised interest rates on its domestic term deposit schemes. For both regular and senior citizens, the bank allows a maturity period of 6 months to 120 months on deposits. To open a fixed deposit account, the bank allows a minimum deposit of Rs 1000 with no upper limit. The interest payment frequency will be quarterly or half-yearly basis and TDS will be deducted based on the type of customer.
Union Bank of India offers a range of options on its fixed deposit scheme such as loan facility, nomination facility and premature closure of the account. Interest will be paid at 1.00 percent less than the applicable rate on the date of opening of the deposit for the period for which it has maintained with the bank or contracted rate, whichever is lower, in the case of pre-closure of retail term deposits (less than Rs.2.00 crores) that have operated for 7 days or more. With effect from 1st September 2021, the bank has modified fixed deposit interest rates for an amount of less than Rs 2 Cr which are as follows.
Union Bank of India Interest Rates On Regular Deposits
Following the most recent revision, the bank is now offering an interest rate of 3.00% on deposits maturing in 7 to 45 days. For deposits maturing in 46 days to 90 days and 91 days to 120 days, the bank is providing an interest rate of 3.50% and 3.75% respectively. Union Bank of India is offering an interest rate of 4.30%, 4.40%, 5.00%, and 5.10% on deposits maturing in 121 to 180 days, 181 days to less than 1 year, 1 year, and 1 year to less than 2 years. On deposits maturing in 2 years to 3 years and 3 years to 5 years, regular customers will get an interest rate of 5.30% and 5.40%. On long-term deposits maturing in 5 years to less than 10 years, the bank is now offering an interest rate of 5.50% respectively.
| Period | Interest Rate |
|---|---|
| 7 - 14 Days | 3.00% |
| 15 - 30 Days | 3.00% |
| 31 - 45 Days | 3.00% |
| 46 - 90 Days | 3.50% |
| 91 - 120 Days | 3.75% |
| 121 to 180 Days | 4.30% |
| 181 Days to less than 1 Year | 4.40% |
| 1 Year | 5.00% |
| >1 Year to 2 Years | 5.10% |
| >2 Year to 3 Years | 5.30% |
| >3 Years to 5 Years | 5.40% |
| >5 Years to 10 Years | 5.50% |
| Source: Bank Website, W.e.f 1.09.2021 |
Union Bank of India Interest Rates On FD For Senior Citizens
Senior citizens will continue to get an additional card rate of 0.50% on their deposits. For a deposit amount of less than Rs 2 Cr, the following are the most recent interest rates on fixed deposits of Union Bank of India.
| Period | Interest Rate |
|---|---|
| 7 - 14 Days | 3.50% |
| 15 - 30 Days | 3.50% |
| 31 - 45 Days | 3.50% |
| 46 - 90 Days | 4.00% |
| 91 - 120 Days | 4.25% |
| 121 to 180 Days | 4.80% |
| 181 Days to less than 1 Year | 4.90% |
| 1 Year | 5.50% |
| >1 Year to 2 Years | 5.60% |
| >2 Year to 3 Years | 5.80% |
| >3 Years to 5 Years | 5.90% |
| >5 Years to 10 Years | 6.00% |
| Source: Bank Website, W.e.f 1.09.2021 |
Note
Union Bank of India has mentioned the following important points on its website which is a must-read by the investors.
- Interest rates are subject to change. Hence depositors will ascertain the rates as on the date of placement from the website.
- Aggregate value of deposits placed by a depositor on the day for an identical tenor will be taken for deciding the applicable interest rate.
- For interest rates for deposits of Rs. 2 Crores and above, please contact the nearest branch.
- Interest is calculated on a daily product basis and is credited on a quarterly basis in the months of April, July, October and January every year.
