UNION MILLIONAIRE SCHEME|Union Bank of India Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

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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, Pardanashin Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies, NRI specifically permitted by the RBI eligible to open a "Union Millionaire" in single/joint name/s.

Interest Rate

6.35 to 7.25% per annum.

Tenure

6 months to 120 months.

Fixed Deposit Type

Recurring

UNION MILLIONAIRE SCHEME

Tax Benefits

None

Credit Ratings

ICRA Limited A1+

Interest Payment Frequency

Half-yearly (Cumulated quarterly). 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

• This scheme aims to provide a minimum maturity value of Rs. 10,00,000 and above.
• The minimum deposit amount will depend upon the interest rates and tenure of the deposit.
• A loan facility is available.

Minimum Investment Amount

Depends upon the tenure and interest rates.

Features & Benefits

Pros

• Flexible minimum deposit requirements.
• No limit on the maximum deposit amount.
• Recurring deposits to achieve a minimum maturity value of Rs.10,00,000 and above.

Cons

• No tax saving benefits.

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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