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 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
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
Fees and Charges
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
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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