Union Bank New FD Interest Rates May 2023
Updated on May 3, 2023
Written by Manish Kothari
CEO Zfunds
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Updated Union Bank FD Interest Rates 2023
Union Bank of India, one of the leading public sector banks of the country, is a listed entity, and the Government of India is currently holding 83.50% of the bank’s total share capital. Today, the Union bank has a vast network of 9300+ domestic branches, 11800+ ATMs, and 8216 BC Points which serves over 120 million customers and 77000+ employees.
The Bank’s total assets as of 31st March 2021 was at Rs.15,77,489 crores, comprising Rs. 6,53,684 crore of advances and Rs. 9,23,805 crore of deposits. The Union Bank of India’s Board members include eminent individuals with a wealth of experience in the economy, rural and agriculture sector, commerce & accountancy, strategy, banking, financial services, business development, risk management, analytics, central banking, etc.
What is a Fixed Deposit (FD) ?
Any fixed deposit (FD) is an investment instrument/tool offered by multiple banks and non-banking financial companies (NBFC) to their customers. People may invest a specific amount for a fixed term at a predetermined interest rate through an FD. The interest rate may vary from one financial organization to another, although it is generally higher than the interest offered on the savings accounts of the same organization.
Also Read : sbi fd interest rates 2023 for senior citizens
Revised Union Bank FD Interest Rates 2023 : Less Than 2 Crore
| Period | Revised Interest Rate |
| 7-14 Days | 3 |
| 15 -30 Days | 3 |
| 31-45 Days | 3 |
| 46 -90 Days | 4.05 |
| 91-120 Days | 4.3 |
| 121-180 Days | 4.4 |
| 181 Days to <1 Year | 5.25 |
| 1 Year | 6.3 |
| >1 Year to 598 Days | 6.30* |
| 599 Days | 7 |
| 600 Days to 699 days | 6.30* |
| 700 days | 7.25* |
| >700 days to 2 year | 6.30* |
| > 2 year to 799 days | 6.30* |
| 800 days | 7.30* |
| 801 days to less than 3 Year | 6.30* |
| 3 years | 7.30* |
| >3 Year to 5 Years | 6.7 |
| >5 Years to 10 Years | 6.7 |
What are the Features of Union Bank Fixed Deposit Receipt (FDR) ?
Union Bank Fixed Deposit Receipt (FDR) offers you multiple features, including:
| Scheme Code | TD002 |
| Eligibility | Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Blind persons, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies permitted by the RBI eligible to open a FDR Account" in single/joint names. |
| Minimum Investment Period | 6 Months |
| Maximum Investment Period | 120 months |
| Minimum Deposit Amount | Rs.1000 |
| Maximum Deposit Amount | No Limit |
| TDS | TDS will be deducted as per the guidelines. |
Watch this Video Information about Union Bank Fixed Deposit Rates April 2023
What are the Benefits of Fixed Deposit Schemes ?
Fixed Deposit scheme comes with multiple benefits and advantages over any other investment option, making it one of the safest investment choices which you can opt for to save and park your money. When you select to invest in a Fixed Deposit investment option, you bag many benefits, including:
· An assured return
· You may also have the option of availing an Overdraft facility against Fixed Deposit Flexible tenure options, which depends on the tenure of your Fixed Deposit investment scheme.
· Hassle-free and convenient online application procedure enable you to get started with your Fixed Deposit account in no time.
· High Liquidity option providing you a choice of premature withdrawal of your fixed Deposit with an applicable penalty, which is subjected to applicable terms and conditions
FDR Interest Rates: for less than 2 crores (Investment amount)
| Investment tenure/period | Interest Rate (per annum) : Regular customers | Interest Rate (per annum) : Senior citizens |
| 7 – 14 Days | 3.00% | 3.50% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.00% | 3.50% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 3.75% | 4.15% |
| 121 to 180 Days | 4.30% | 4.80% |
| 181 Days to <1 Year | 4.40% | 4.90% |
| 1 Year | 5.00% | 5.50% |
| More than 1 Year to 2 Years | 5.10% | 5.60% |
| More than 2 Year to 3 Years | 5.30% | 5.80% |
| More than 3 Years to 5 Years | 5.40% | 5.90% |
| More than 5 Years to 10 Years | 5.50% | 6.00% |
Interest Rates: NRE Term Deposits: Less than Rs 2 Crore
| Investment Period | Interest Rate (per annum) |
| 1 year | 5.00% |
| >1 Year to 2 Years | 5.10% |
| >2 Year to 3 Years | 5.30% |
| >3 Years to 5 years | 5.40% |
| > 5 Years to 10 Years | 5.50% |
Benefit of Union Bank Senior Citizens FD
Union Bank also offers an additional rate component only to Resident Senior Citizens on FDR up to Rs. 5 crores in all of its domestic term deposit investment schemes. This additional rate component is only applicable to domestic term deposits and is more than 0.50% over the standard rate. NRI Senior Citizens are not eligible for this additional benefit interest available to resident senior citizens.
Documentation required for opening FDR (Senior citizens)
· Senior School Leaving Certificate which indicated date of birth
· LIC policy
· Voters Identity Card
· Pension Payment Order
· Birth Certificate issued by the competent authority
· Passport
· Any other document acceptable to the bank
Banks FD Interest Rates (w.e.f January 2023)
| Bank Name | Cumulative Deposit |
| SBI Bank Fixed Deposit Rates | 3.5% to 7.25% |
| Axis Bank Fixed Deposit Rates | 3.5% to 8.01% |
| ICICI Bank Fixed Deposit Rates | 3.5% to 7.50% |
| HDFC Bank Fixed Deposit Rates | 3.5% to 7.75% |
| IndusInd Bank Fixed Deposit Rates | 4% to 7.85% |
| Federal Bank Fixed Deposit Rates | 3.5% to 7.75% |
| Canara Bank Fixed Deposit Rates | 3.25% to 7.65% |
| Union Bank of India Fixed Deposit Rates | 3.5% to 7.8% |
Top Bank Fixed Deposit (FD) Saving Schemes for Individuals (w.e.f January 2023)
| Bank Name | 1 Year | 3 Years | 5 Years |
| Axis Bank | 6.75% | 7.00% | 7.00% |
| HDFC Bank | 6.50% | 7.00% | 7.00% |
| Yes Bank | 7.00% | 7.00% | 7.00% |
| Canara Bank | 6.75% | 6.50% | 6.50% |
| Punjab National Bank | 6.75% | 6.75% | 6.50% |
| KVB Bank FD | 6.50% | 7.00% | 6.25% |
| Punjab and Sind Bank | 6.25% | 6.25% | 6.25% |
Top Bank Fixed Deposit (FD) Saving Schemes for Senior Citizens (w.e.f January 2023)
| Bank Name | 1 Year | 3 Years | 5 Years |
| Axis Bank | 7.50% | 7.75% | 7.75% |
| HDFC Bank | 7.00% | 7.50% | 7.50% |
| Yes Bank | 7.50% | 7.50% | 7.50% |
| Canara Bank | 7.25% | 7.00% | 7.00% |
| Punjab National Bank | 7.25% | 7.25% | 7.00% |
| KVB Bank FD | 6.90% | 7.40% | 6.65% |
| Punjab and Sind Bank | 6.75% | 6.75% | 6.75% |
Frequently Asked Questions about Union Bank FD Rates 2023
Q. What are fixed deposit accounts ?
A. Fixed deposit is an investment option offerred by several banks and NBFCs (Non-Banking Financial companies) in which you can save your money securely for a determined period of time. Once your investment is locked at a predetermined interest rate, it remains unaffected by any further change or fluctuation in the market. Thus, FD provides a safe and secure investment option to save your money with no risk associated.
Q. What are the interest rates of Union bank for FDRs for senior citizens ?
A. Union bank offers additional rate component to domestic term deposits which is 0.50% additional over the standard rate for senior citizens.
| Investment tenure/period | Interest Rate (per annum) : Senior citizens |
| 7 – 14 Days | 3.50% |
| 15 – 30 Days | 3.50% |
| 31 – 45 Days | 3.50% |
| 46 – 90 Days | 4.55% |
| 91 - 120 Days | 4.80% |
| 121 to 180 Days | 4.90% |
| 181 Days to <1 Year | 5.75% |
| 1 Year | 6.30% |
| More than 1 Year to 2 Years | 6.80% |
| More than 2 Year to 3 Years | 6.80% |
| More than 3 Years to 5 Years | 7.20% |
| More than 5 Years to 10 Years | 7.20% |
Q. What are the required documents to open FDR in Union Bank of India ?
A. Following are essential documents to open FDR:
For Identity proof:
· Passport
· Aadhaar card
· PAN card
· Voter ID card
· Driving licence
· Government ID card
· Photo ration card
· Senior citizen ID card
For Address proof:
· Passport
· Telephone bill
· Electricity bill
· Bank Statement with Cheque
· Certificate/ ID card issued by Post office
Q. Is there any fee or additional charges which is to be paid for opening an FD account in Union Bank of India ?
A. No fee or additional charges is payable for opening an FD account in Union Bank of India.
Q. What is the minimum investment amount and tenure for FDRs ?
A. Following are the minimum and maximum limits of investment amount and period:
| Minimum Investment Period | 6 Months |
| Maximum Investment Period | 120 months |
| Minimum Deposit Amount | Rs.1000 |
| Maximum Deposit Amount | No Limit |
Also Read :
AU Small Finance Bank FD Rates
Kotak Bank Fixed Deposit Interest Rates