Union Bank Of India has one of the best-fixed deposit interest rates in the market. The bank offers an interest rate of 7.25% for a tenure of 5 years. This is higher than the average interest rate of 6.75% for a tenure of 5 years. The interest rate offered by Union Bank Of India is also higher than the interest rates offered by other banks such as HDFC Bank, ICICI Bank, and Axis Bank. The high-interest rate offered by Union Bank Of India makes it a good choice for investors looking to park their money in a fixed deposit account.
Union Bank Of India Fixed Deposit Rate
India is a land of opportunity with a young and burgeoning population. The country’s economy is growing at a rapid pace, making it an attractive proposition for foreign investors. Union Bank of India is one of the leading banks in the country and offers a wide range of products and services to its customers. The bank has a strong presence in both urban and rural areas and offers a variety of deposit products to suit the needs of its customers.
The Union Bank of India’s Fixed Deposit Rate is highly competitive when compared to other banks in the country. The interest rate offered by the bank on fixed deposits is very attractive, making it a popular choice for investors looking to park their money in safe and secure instruments. The minimum deposit amount required to open a Fixed Deposit account with Union Bank of India is Rs.1,000 and there is no maximum limit on the deposit amount. The tenure of the deposit can be anywhere between 1 year and 5 years.
The interest rate offered by Union Bank of India on fixed deposits varies depending on the tenure of the deposit. For instance, if you are looking to park your money for 1 year, then you will earn an interest rate of 7%. However, if you are looking to invest your money for a longer period of time, then you can earn an interest rate as high as 9%.
Union Bank of India also offers various schemes under which you can avail of higher interest rates on your fixed deposits. For instance, under the Senior Citizen Scheme, senior citizens get
Union Bank of India Deposit Rates
Union Bank of India offers a variety of deposit products to meet the needs of its customers. The interest rates on these deposits vary depending on the type of account, the balance in the account, and the length of time the money is deposited.
The interest rate on a Union Bank of India savings account is 0.5% per annum for balances up to Rs. 1 lakh, and 2.5% per annum for balances above Rs. 1 lakh. For term deposits with maturities of 7 days to 14 days, the interest rate is 3.5% per annum. For term deposits with maturities of 15 days to 45 days, the interest rate is 4% per annum. For term deposits with maturities of 46 days to 179 days, the interest rate is 5% per annum. And for term deposits with maturities of 180 days to 269 days, the interest rate is 6% per annum.
For senior citizens, Union Bank of India offers a special savings account that pays an additional 0.5% per annum on balances up to Rs. 1 lakh, and an additional 1% per annum on balances above Rs. 1 lakhs
Union Bank of India FD Interest Rates for Senior Citizens
Union Bank of India offers senior citizens a higher interest rate on their FDs as compared to the general public. The interest rate for senior citizens is 0.50% higher than the regular FD interest rates. The current interest rate for regular FDs is 6.00% p.a. while the interest rate for senior citizens is 6.50% p.a.
The Union Bank of India FD Interest Rates for Senior Citizens are very attractive and are one of the best in the market right now. You can get a return of 7.00% p.a. if you invest your money for a tenure of 5 years with Union Bank of IndiaFDs. This is one of the highest returns on investment that you can get currently from any bank in India on an FD investment
How to Calculate Union Bank of India Fixed Deposit Interest
To calculate Union Bank Fixed Deposit Interest, firstly, locate the account statements for the period in question. The interest earned on a Union Bank of India Fixed Deposit account is calculated daily and credited to the account monthly. To calculate the interest earned for the period in question, simply take the average balance of the account during that time and multiply it by the prevailing rate of interest. For example, if the average balance in your account was Rs. 1 lakh and the interest rate was 5%, then your interest earnings for that period would be Rs. 5,000.
