Union Bank Fixed Deposit Rates

Scheme Code

TD002

Eligibility

Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a 'Fixed Deposit Receipt' Account' in single/joint names.

Minimum Period

6 Months

Maximum Period

120 months

Minimum Deposit Amount

Rs.1000/- .
Minimum Amount Criteria will not be applicable to Subsidy kept under Govt. sponsored schemes, Margin money, earnest money and court attached/ordered deposits.

Maximum Deposit

No Limit

Rate of Interest

The rate of interest is payable on fixed deposit receipt as per interest table available on the Bank’s website.

Interest payment Frequency

Interest will be paid on quarterly or half yearly basis as per the instruction of the customer. In case date of interest payment falls on a holiday the same will be paid on the next working day.

TDS

TDS will be deducted as per guidelines.

Loan Facility

Available

Nomination Facility

Available as per guidelines

Automatic Renewal

Deposit will be auto renewed for the same period at the applicable rate of interest on maturity in the absence of specific instruction.

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate and penalty if any.

Penalty on Premature Closure

In case of Pre-closure of retail term deposits (less than Rs.2.00 crores), which have run for 7 days or above, interest to be paid at 1.00% less than the applicable rate (as on the date of opening of deposit) for the period for which it has actually remained with the Bank or contracted rate, whichever is lower.