How to find the best rates for Union Bank Of India Fixed Deposit
Union Bank is a public-sector banking institution providing retail banking solutions to its customers. Fixed deposits form a part of its retail product suite. These schemes come at attractive interest rates and varying holding periods to suit the savings and investment needs of its customers.
The above table is an accurate representation of the interest rates on Union Banks fixed deposit schemes. These rates are constantly monitored and modified to reflect updates made by the bank.
Union Bank Short-Term FD Rates
The shortest period of holding on offer is 30 days and features a 4.75% rate of return. Their 60 and 90 days deposit schemes provide 1.25% higher returns at 6.5%. This is followed by the rate on the 120-day scheme, which stands at 7.25%. The banks short-term schemes are rounded off at 8.25% for holdings of 6 and 9 months.
Union Bank Medium and Long-Term FD Rates
The interest rate remains constant at 8.6% for holdings between 2 and 3 years, while the rate is 8.55% for deposits that mature in 1 year. These are the highest rates offered by Union Bank on its fixed deposits. Further up, 4 and 5 year maturities account for 8.5%, while tenures above 5 years to 10 years fetch a reasonable 8.4%.
Union Bank Senior Citizens FD Rates
Senior citizen customers at Union Bank are offered a considerable increase in returns on their savings with a 0.5% hike on the existing medium and long-term FD rates. This brings returns to 9.05% on holdings that mature in 1 year, while those 2 and 3 years account for 9.1%. The next tenure slab of 4-5 years is marked at 9.0%, while all tenures above 5 years amount to 8.9%.
The rates mentioned above are compounded on a bi-annual basis. With longer deposit terms on offer, account holders stand to earn higher returns on a long-term basis.
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