Union Bank of India Bank FD Calculator
FD Rates of Domestic/NRO deposits of less than Rs 2 crore - General Citizens
| Tenure | Regular Citizens |
| 7 days to 14 days | 3 |
| 15 days to 30 days | 3 |
| 31 days to 45 days | 3 |
| 46 days to 90 days | 4.05 |
| 91 days to 120 days | 4.1 |
| 121 days to 180 days | 4.1 |
| 181 days to less than 1 year | 4.6 |
| 1 year | 5.35 |
| Above 1 year to 2 years | 5.45 |
| Above 2 years to 3 years | 5.5 |
| Above 3 years to 3 years 14 days | 5.75 |
| 1111 days | 5.75 |
| Above 3 years 15 days to 5 years | 5.75 |
| Above 5 years to 10 years | 5.8 |
Note: The FD interest rates are effective as of 16 June 2022
FD Rates of Domestic/NRO deposits of less than Rs 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 7 days to 14 days | 3.5 |
| 15 days to 30 days | 3.5 |
| 31 days to 45 days | 3.5 |
| 46 days to 90 days | 4.55 |
| 91 days to 120 days | 4.6 |
| 121 days to 180 days | 4.6 |
| 181 days to less than 1 year | 5.1 |
| 1 year | 5.85 |
| Above 1 year to 2 years | 5.95 |
| Above 2 years to 3 years | 6 |
| Above 3 years to 3 years 14 days | 6.25 |
| 1111 days | 6.25 |
| Above 3 years 15 days to 5 years | 6.25 |
| Above 5 years to 10 years | 6.3 |
Note: The FD interest rates are effective as of 16 June 2022
Union Bank Of India Tax Saver Deposit - General Public
| Tenure | Regular Citizens |
| 5 years | 5.75% |
| Greater than 5 years to 10 years | 5.80% |
Union Bank Of India Tax Saver Deposit - Senior Citizens
| Tenure | Senior Citizens |
| 5 years | 6.25% |
| Greater than 5 years to 10 years | 6.30% |
Interest Rates of NRE Fixed Deposits of less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) |
| 1 year | 5.75 |
| Above 1 year to 2 years | 5.85 |
| Above 2 years to 3 years | 5.9 |
| Above 3 years to 3 years 14 days | 6.05 |
| 1111 days | 5.75 |
| Above 3 years 15 days to 5 years | 5.75 |
| Above 5 years to 10 years | 6.1 |
Note: The FD interest rates are effective as of 22 July 2022
Interest Rates of FCNR (B) deposits
| Tenure | USD | GBP | EUR | JPY | CAD | AUD | ||
| less than US$ 3 lakh | US$ 3 lakh to less than 5 lakh | US$ 5 lakh and above | ||||||
| 1 year to less than 2 years | 3.5 | 3.5 | 3.5 | 2.23 | 0.5 | 0.1 | 2.8 | 1.75 |
| 2 years to less than 3 years | 3 | 3.1 | 3.1 | 2.61 | 0.53 | 0.14 | 3.91 | 2.23 |
| 3 years to less than 4 years | 3.1 | 3.2 | 3.2 | 2.73 | 0.68 | 0.14 | 4.13 | 2.61 |
| 4 years to less than 5 years | 3.15 | 3.25 | 3.25 | 2.74 | 0.78 | 0.15 | 4.19 | 2.84 |
| 5 years only | 3.25 | 3.35 | 3.35 | 2.7 | 0.83 | 0.16 | 4.25 | 2.94 |
Note: The FD interest rates are effective as of 25 August 2022
Interest Rates of RFC deposits
| Tenure | less than US$ 3 lakh | US$ 3 lakh and above | GBP | EUR | JPY | CAD | AUD |
| 6 months to less than 1 year | 3.5 | 3.5 | 2.23 | 0.5 | 0.1 | 2.8 | 1.75 |
| 1 year to less than 2 years | 3.5 | 3.5 | 2.23 | 0.5 | 0.1 | 2.8 | 1.75 |
| 2 years to less than 3 years | 3 | 3.1 | 2.61 | 0.53 | 0.14 | 3.91 | 2.23 |
| 3 years | 3.1 | 3.2 | 2.73 | 0.68 | 0.14 | 4.13 | 2.61 |
Note: The FD interest rates are effective as of 25 August 2022
Union Bank of India Credit Cards Against FD
| Particulars | Credit Cards | |||||
| UNI CARBON | RuPay Platinum | RuPay Select | VISA Gold | VISA Platinum | VISA Signature | |
| Card Limit | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD | Up to 75% of FD |
| Joining Fee | Rs 499 | – | Rs 499 | – | – | – |
| Annual Fee | Rs 499 (Main Card)Rs 199 (Add on Card) | Rs 299 (Main Card)Rs 199 (Add on Card) | Rs 499 (Main Card)Rs 399 (Add on Card) | Rs 299 (Main Card)Rs 199 (Add on Card) | Rs 399 (Main Card)Rs 299 (Add on Card) | Rs 1,999 (Main Card)Rs 999 (Add on Card) |
| Add on Card Fee | Rs 300 | Rs 300 | Rs 300 | Rs 300 | Rs 300 | Rs 300 |
| Finance Charges | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. | Up to 41.75% p.a. |
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Union Bank FD Calculator
Fixed deposits are one of the safest ways of growing your money. Several banks and financial institutions offer added facilities on their fixed deposit schemes to attract potential investors.
Union Bank fixed deposit comes with high interest rates and various useful features. You can get stable returns on your invested sum without any risks involved. It offers interest rates starting from a minimum of 3.00% for general citizens. However, senior citizens can avail of an additional 0.50% interest rate above the base rate.
Keep reading to learn more about the Union Bank FD and its interest calculation procedure!
Union Bank Fixed Deposit (FD)
With Union Bank FDs, you can start investing with a minimum of ₹1,000 for a minimum tenure of 7 days to a maximum of 120 months. However, the Union Bank fixed deposit interest rate differs for multiple investment tenures. Besides, the interest compounding frequency can also vary with the chosen FD scheme.
For instance, Union Bank Fixed Deposit Receipt calculates interest quarterly, but Tax Saver Deposit offers a flexible interval. You can choose between monthly, yearly, and quarterly intervals for compounding interest. So, the interest calculation procedure can be quite hectic if attempted manually.
In such cases, you can use the Union Bank FD calculator for a hassle-free calculation procedure. Using this online tool, you can calculate the estimated returns from your FD investment in a few seconds.
How Does the Union Bank FD Calculator Work?
Union Bank FD calculator is a convenient tool to assess your FD maturity amount in easy steps. Check below to know the usage of this online tool:
1. Fill in the “Total Investment” space with the amount you want to invest in your FD account
2. Enter the investment tenure in the “Number of years” tab
3. Drag the purple line under “Interest Rate” to select the exact Union Bank fixed deposit rates for the chosen term
4. Get the maturity amount, and interest earned displayed instantly on the same page
You can get multiple results with this calculator by simply altering the interest rate, investment term and deposit amount.
Though this FD calculator is designed to produce instant results, it works using the same mathematical formula required for a manual calculation. There are two different ways to calculate FD interest amounts. They are:
Simple interest: M= P+ (PXRXT/100)
Compound interest: A = P (1 + r/n) ^ n*t
In the above formulas, “M” and “P” denotes the amount received at FD maturity
“P” refers to the amount you have invested in your Union Bank fixed deposits
“R” and “r” represents the annual rate of interest
“T” and “t” stands for the investment term or tenure
“n” denotes the frequency of interest compounding (it will be 1 for yearly compounding, 12 for monthly compounding and so on.)
Let’s take an example to understand the calculation process better:
Riya invests a sum of ₹2,00,000 for an investment tenure of 2 years, and the accrued interest rate is 5.8% compounded annually.
So, as per the compound interest formula, the maturity amount will be:
A = 2,00,000 (1 + 5.8%/1) ^ 1*2
= ₹2,65,129.67
So, the interest earned from this FD amount will be A – P (2,65,129.67 – 2,00,000), i.e., ₹65,129.67.
Benefits of An Online Union Bank FD Calculator
Union Bank fixed deposit calculator is beneficial in many ways. Here are some of the notable benefits:
- The online FD calculator is designed to produce accurate results without any risk of miscalculation. Besides, it features a user-friendly interface, and you can use the tool on your mobile, laptop and desktop with same ease and comfort.
- It saves you time as you don’t need to go through the lengthy calculation process. This calculator displays the result instantly once you enter the correct inputs in the required fields.
- With Union Bank FD calculator, you can invest your funds for a suitable tenure at a profitable interest rate. This is because FD calculator allows you to compare the interest amount you can earn against multiple tenures at different rates.
- You can predetermine the maturity amount with this online tool without paying a single penny. This tool is entirely free and can be used at any time.
Upstox Union Bank fixed deposit calculator is an excellent online tool that can help you plan your investment goals conveniently. If you wish to invest in Union Bank FDs, consider using this tool to estimate your FD returns accurately.
Frequently Asked Questions
What is the highest interest rate on Union Bank FD?
The highest interest rate for Union Bank FD is 7.30% for a tenure for general citizens investing less than ₹2 crore.
What is the minimum investment for FDs under Union Bank?
The minimum investment for Union Bank FD is ₹1,000. However, it may differ according to the variation in FD schemes.
In how many years has FD doubled in the Union Bank?
As per the rule of 72, you need to divide 72 by the interest rate to calculate the time it will take to double the FD amount. For instance, a senior citizen can earn an interest rate of 6.1% for a tenure of 5-10years. Hence, applying rule 72/6.1, it will take 11.80 years to double the FD amount.
Can I deposit an additional amount into my already existing FD?
No, it is not possible to add any additional amount to an already existing fixed deposit.
Does Union Bank provide an auto-renewal facility for fixed deposits?
Yes, Union Bank offers an auto-renewal facility for fixed deposits unless the customer instructs against it.
Who are eligible to open a Union Bank Fixed Deposit Account?
Any Indian resident with citizenship of this country can open a single FD account. However, two or more individuals can also open a joint FD account.
What is the lock-in period for tax saving scheme?
For tax saving scheme, the minimum lock-in period is 5 years.
Are there any special rates for senior citizens?
Senior citizens are eligible for an additional 0.50% rate on the basic rate offered for general citizens.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.