Product 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
Fees and Charges
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
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
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.