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Union bank of India Fixed Deposit Plan

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Union Bank of India FD Rates

This government owned bank which has its branches spread across India is helping hundreds of thousands save efficiently for their future through its FD scheme.

Saving the Right Way

While there are many investment options available in the Finance sector, Fixed Deposits are preferred the most. This is due to the fact that Fixed Deposits have been in existence for a long time and conventional and even non-conventional Indians seek to invest in a good FD scheme. That is what the Union bank of India offers. Being one of the largest and influential banks in India, the bank services thousands of its customers, guiding them to invest in their future in the right way through their Fixed Deposit scheme.

Why invest in an FD?

The brand value of the Union Bank of India has earned them a loyal customer base. This Indian bank offers outstanding benefits to minors, women and senior citizens who invest in their fixed deposit scheme. Namely, senior citizens are given a higher rate of interest in comparison with the other investors. The tenure of the fixed deposit is fixed by the customer as well. Starting from a period of just 7 days, a customer can invest any amount for a maximum of ten years. The rate of interest for his deposit will vary accordingly. The higher the tenure, more the rate of interest.

Union Bank of India Fixed Deposit Rates

It is advisable to reconfirm the FD Rates from the bank before making any decision on basis of data provided below.

For Domestic Deposits – Less than Rs. 1 cr (As on Mar 31, 2017)

Tax Saver FD (Max Deposit – 1 LPA)

Tax Implications

  • The amount invested in Fixed Deposit with a tenure of 5 years with Union Bank of India is eligible for tax deduction under IT section 80C, whereas the interest earned on the investment is taxable.
  • The applicable tax will be deducted at source, i.e. Union Bank of India, in case the annual interest earned crosses Rs. 10,000.

    • For NRO Fixed Deposit – Less than Rs. 1 cr (As on Mar 31, 2017)

    For NRE Fixed Deposit – Above Rs. 10 cr to 100 crs (As on Jan 30, 2017)

    For NRE Fixed Deposit – Less than Rs. 1 cr (As on Jan 30, 2017)

    For NRE Fixed Deposit – Rs. 1cr to Rs. 10 cr (As on Jan 30, 2017)

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