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Product Details
Bank Name

Union Bank of India

Eligibility

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

Interest Rate

5 to 7.25% per annum.

Tenure

6 to 120 months.

Fixed Deposit Type

Regular

Fixed Deposit Receipt (FDR)

Fixed Deposit Receipt (FDR)

Tax Benefits

None

Credit Ratings

ICRA Limited A1+

Interest Payment Frequency

Quarterly and half-yearly

Cummulative/Non-Cummulative

Cumulative

Features
  • Minimum deposit of 1000.

  • There is no limit on the maximum deposit amount.

  • Premature closure of the deposit is allowed.

  • Loan facility is available.

Minimum Investment Amount

1,000

Fees and Charges
Pros
  • Low minimum deposit requirements.

  • No limit on the maximum deposit amount.

Cons
  • No tax saving benefits.

Pros & Cons
Account Opening and Procedure
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.

Application Procedure

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