Short Deposit Receipt (SDR)|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, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI are eligible to open a "Short Deposit Receipt" Account" in single/joint names.

Interest Rate

5.00 per annum.

Tenure

7 to 179 days.

Fixed Deposit Type

Short term

Short Deposit Receipt (SDR)

Tax Benefits

None

Credit Ratings

ICRA Limited A1+

Interest Payment Frequency

At maturity. 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 1000.
• There is no limit on the maximum deposit amount.
• Premature closure of the deposit is allowed.

Minimum Investment Amount

1000

Features & Benefits

Pros

• Low minimum deposit requirements.
• Minimum deposit tenure of 7 days.
• No limit on the maximum deposit amount.

Cons

• Limited tenure of 179 days.
• 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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