Cumulative Deposit Scheme|Union Bank of India Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Union Bank of India

Eligibility

Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Cumulative Account" in single/joint name/s.

Interest Rate

5 to 7.25% per annum.

Tenure

6 months to 120 months.

Fixed Deposit Type

Recurring

Cumulative Deposit Scheme

Tax Benefits

None

Credit Ratings

ICRA Limited A1+

Interest Payment Frequency

Half-yearly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

Cumulative

Features

• Minimum deposit of 50.
• There is no limit on the maximum deposit amount.
• Premature closure of the deposit is allowed.
• No Penalty for delayed/non-deposit of monthly instalment amount.
• Loan facility is available.

Minimum Investment Amount

Features & Benefits

Pros

• Low minimum deposit requirements.
• No limit on the maximum deposit amount.
• Premature closure of the deposit is allowed.

Cons

• Low interest rates.

Pros & Cons

How to Open?

1. Visit a Union Bank of India Branch: Locate a branch near you and visit during their operating hours.

2. Gather Required Documents: Prepare the following documents:

• Proof of Identity (Aadhaar card, passport, driving license, voter ID)
• Proof of Address (Aadhaar card, passport, driving license, utility bill)
• PAN card (Permanent Account Number)
• Passport-sized photographs

3. Fill out the FD Application Form: Obtain an FD application form from the bank. Fill in the required details accurately, including:

• Your personal information
• Deposit amount
• Interest payout frequency (monthly, quarterly, half-yearly, or annually)
• Maturity period
• Nomination details (optional)

4. Submit the Application and Documents: Hand over the completed application form and required documents to the bank official.

5. Make the Deposit: Pay the deposit amount in cash, cheque, or demand draft.

6. Receive the FD Receipt: Once the deposit is confirmed, you will receive an FD receipt as proof of your investment.

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