Union Bank Fixed Deposit Receipt
The Union Bank provides a fixed deposit scheme called the Union Bank Fixed Deposit Receipt. The fixed deposit works on a maturity basis although a repayment request can be made even before maturity.
The scheme can be opened as a single account or as a joint account
Features of Union Bank Fixed Deposit Receipt
Account Type | Joint/Single/Organisation |
Amount | The minimum amount for the recurring deposit can be from Rs. 10000 |
Rate of Interest | The rate of interest can range from 3.50% to 7.40% per annum subject to the tenure of the deposit. Senior Citizens will be given an additional 0.50% higher than the rate for a period of 1 year and above |
TDS | The bank will issue a TDS certificate for the tax deducted |
Loan against Union Bank Fixed Deposit Receipt | Available under this scheme. |
Nomination (if any) | All bank deposits are allowed to have a nominee in case of unforeseen events |
Auto Renewals | In case the depositor wishes to renew the deposit, they can do so by seeking premature renewal, the renewal period can be done for a period that's longer than the original period. |
Period of Deposit | The deposit scheme is available for a minimum period of 6 months to up to 10 years. |
Eligibility Criteria for applying for Union Bank Fixed Deposit Receipt
Any person who will be interested in taking up the Fixed Deposit Receipt should meet the below mentioned criteria.
- Any Resident Indian individual
- Firms, charitable institutions, recreational clubs, Hindu Undivided Families, trusts of religious nature, panchayats, purdanasheen ladies, etc.
- Illiterate, blind, and differently abled individuals
- Minors under the provision of a guardian.
UBI Fixed Deposit Receipt Interest Rates
All interest rates mentioned here are for the amount of less than Rs.2 crore:
Tenure | General Public FD interest rate (per annum) |
7 days to 14 days | 3.00% |
15 days to 30 days | 3.00% |
31 days to 45 days | 3.00% |
46 days to 90 days | 4.05% |
91 days to 120 days | 4.30% |
121 days to 180 days | 4.40% |
181 days to less than 1 year | 5.25% |
1 year | 6.30% |
>1 year to 398 Days | 6.30% |
399 Days | 7.00% |
400 Days to 2 year | 6.30% |
> 2 year to less than 3 years | 6.30% |
3 years | 6.50% |
> 3 Year to 5 years | 6.70% |
>5 Years to 10 Years | 6.70% |
Note: The interest rate mentioned in the table is effective from 23 May 2023.
Union Bank FD Rates Deposits less than Rs.3 Crore
Here is the list of Union Bank FD interest rates:
Period | Rates of Interest (p.a.) |
7-14 Days | 3.50% |
15-30 Days | 3.50% |
31-45 Days | 3.50% |
46-90 Days | 4.50% |
91-120 Days | 4.80% |
121-180 Days | 5.00% |
181 Days to < 332 days | 6.35% |
333 days | 7.40% |
334 days to < 1 year | 6.35% |
1 year | 6.80% |
>1 year to 398 Days | 6.80% |
399 Days | 7.25% |
400 Days to 2 year | 6.60% |
> 2 year to 996 days | 6.60% |
997 days | 6.40% |
>998 days to less than 3 Years (except for 999 days @ 6.40) | 6.60% |
3 years | 6.70% |
> 3 Year to 5 years | 6.50% |
>5 Years to 10 Years | 6.50% |
Note: The interest rate mentioned in the table is effective from 2 August 2024.
FAQs on Union Bank Fixed Deposit Receipt
- What are the documents one should submit to open an account under this scheme?
The documents required to open an account under this scheme are two passport-sized photographs of the applicant, PAN card copy, introduction of the applicant, and completion of KYC as prescribed by the bank.
- How can I apply for this Fixed Deposit Receipt scheme?
You can call the 24/7 customer care, or apply online the Union Bank website, or even walk into their branches to apply for the Fixed Deposit Receipt.
- Is there a nominee permitted under this scheme?
Yes, nominee is permitted under the Union Bank Fixed Deposit Receipt.
- When will the Fixed Deposit Receipt be provided to me?
At the time of opening the Fixed Deposit account, a Fixed Deposit Receipt will be provided to you via courier.
- How often will I receive the interest earned by my Fixed Deposit Receipt?
The interest will be payable into your savings account on a quarterly basis or half yearly as desired by you.
- What is the penalty charged for premature closure of Fixed Deposit Receipt scheme?
If the term deposit has run for seven days or more and then has closed before the maturity period, then the interest earned will be 1.00% less than the available rates which is the penalty charged from the bank’s end.
- Is there any limitation for the minimum deposit amount?
Yes, there is a limitation for the minimum deposit amount for Fixed Deposit Receipt scheme. The minimum deposit is not applicable for earnest money, court attached or ordered deposits, margin money, and subsidy sponsored under Government schemes.
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