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

Fixed Deposit Details

Bank Name

Union Bank of India

Eligibility

The applicant should be a citizen of India. The applicant should be more than 18 years old. The applicant should have a valid KYC document such as PAN and Aadhar. Fixed deposits can be opened by: Individuals, HUFs, Sole proprietorships, Partnership firms, Limited companies, Guardians on behalf of minors, Societies, Clubs, Trusts, and Associations.

Interest Rate

7.40 % per annum.

Tenure

333 Days

Fixed Deposit Type

Regular

Union Sumvridhi

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

• An additional concession is available for senior and super-senior citizens.
• Minimum deposit amount of Rs 1000.
• Maximum deposit amount of Rs 3,00,00,000.
• Quarterly compounding of interest.
• A loan facility is available.

Minimum Investment Amount

1,000

Features & Benefits

Pros

• Half-yearly interest payout.
• High interest rates for senior and super senior citizens.
• Premature withdrawal is allowed.

Cons

• Fixed tenure of 333 days.
• The maximum amount can not be more than 3 crores.

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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