UNION MONTHLY PLUS|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

By an individual in his/her own name. By more than one individual in their joint names with suitable repayment instructions. On behalf of a minor by his/her natural guardian or by a guardian appointed by court. In the name of institutions/Corporate/proprietorship/partnership/ Trust/HUF etc

Interest Rate

5 to 6.25% per annum

Tenure

6 months to 60 months

Fixed Deposit Type

Step Up/Step Down Recurring Deposit

UNION MONTHLY PLUS

Tax Benefits

None

Credit Ratings

ICRA Limited A1+

Interest Payment Frequency

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

• Customers have to declare the monthly instalment i.e. “Core amount” at the time of opening of the account.
• Customers can deposit multiple times in a month in the account but the maximum permissible amount per month is 10 times the core amount or Rs 1,00,000- whichever is lower.
• Depositors can increase (Step Up) the monthly instalment amount up to 10 times the Core amount during any month. The instalment can also be deposited one or more times during a month, subject to a maximum of 10 times the Core Amount .
• After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month, but it should not be less than the Core amount.
• The maximum deposit amount can be 60,00,000.

Minimum Investment Amount

100

Features & Benefits

Pros

• Flexible deposit options starting from Rs 100.
• Step Up and Step Down options.
• Premature closure of the deposit is allowed.

Cons

• Tenure of 5 years only.
• The maximum core amount that can be deposited in a month is 1,00,000.

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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