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Founded on 11th November, 1919, Union Bank of India is headquarters in Mumbai. Throughout its 96 years of operations, it has expanded in leaps and bounds in India. Currently, it makes its presence felt via 4,200+ branches across the country. With a robust product range of Savings and Term Deposits, as well as refinance and borrowings from abroad, it boasts of a customer base of over 5.7 crores. Similarly, Fixed Deposits by the Union Bank of India are designed to cater to an extensive range of investment objectives of interested depositors.
Note: All following information has been sourced from the official website of Union Bank of India
Interest rates w.e.f. 27/02/2019 (percentage p.a.)
|Tenures||< Rs. 2 cr|
|7 days – 14 days||5.00|
|15 days – 30 days||5.00|
|31 days – 45 days||5.00|
|46 days – 90 days||5.50|
|91 days - 120 days||6.25|
|121 days to 179 days||6.25|
|181 days to <10 months||6.50|
|10 months to 14 months||6.75|
|>14 months to 3 years||6.60|
|>3 years - 5 years||6.70|
|>5 years - 10 years||6.70|
|Scheme Features||Particulars / Details|
|Scheme||Scheme Code: MACAD Scheme Name: Motor Accident Claims-Ann.|
|Purpose||One time lump sum amount, as decided by the Court/Tribunal, deposited to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest.|
|Eligibility||Individuals including minors through guardian in single name.|
|Mode of Holding||Singly|
|Type of account||Motor Accident Claims Annuity (Term) Deposit Account (MACAD)|
|Deposit Amount||Maximum: No Limit Minimum – Based on minimum monthly annuity Rs. 1,000 for the relevant period.|
|Tenure||36 months to 120 months In case the period is less than 36 months, normal FD will be opened. MACAD for longer period (more than 120 months) will be booked as per direction of the Court.|
|Rate of interest||Prevailing rate of interest as per tenure|
|Annuity Payment||Branches have to compulsorily open MACT Saving Bank account before opening of MACAD annuity deposit account. Annuity payment should be credited in MACT Saving Bank account only.|
|Receipts/ Advices||No Receipts will be issued to depositors. Passbook will be issued for MACAD.|
|Loan Facility||No loan or advance shall be allowed.|
|Nomination facility||Available. MACAD shall be duly nominated as directed by the court.|
|Premature Payment||Premature closure or part lump sum payment of MACAD during the life of the claimant will be made with permission of the court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount. If balance tenure will remain less than 36 months then MIS (Fixed deposit) account to be opened.|
|Tax deduction at source||Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from tax deductions. The annuity amount on monthly basis net of TDS, will be credited to the MACT Savings Bank account.|
The features that are applicable to most FD schemes of Union Bank of India are as below:
Rs. 10,000 for FDR in metro and urban branches and Rs. 5,000 in rural and semi-urban branches, and for senior citizens the minimum amount is Rs. 5,000.
Minimum amount criteria is not applicable to subsidy kept under government-sponsored schemes, margin money, earnest money and court attached/ordered deposits.
Interest will be paid on quarterly basis. In case the date of interest payment falls on holidays, the due date for payment is the next working day.
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible. In the event of the FDR being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the bank, the contracted rate whichever is lower without charging any penalty for premature closure. No interest will be paid on term deposit which remains with the bank for less than 7 days. In case the depositor desires to renew the deposit by seeking premature renewal, the deposit is renewed for a period longer than the balance period of the original deposit.
Nomination facilities are available
Rate of interest differs from time to time, depending upon tenure of the deposits and as and when the bank changes the rate.
The applicable deposit amount for this scheme is Rs. 1 crore and above for single deposits only. This scheme fetches higher rate of interest as compared to other regular deposits of Rs. 1 crore and above.
|Name of the Product||Union Non-callable Term Deposit (Domestic)|
|Amount of Deposits||Rs. 1 crore & above|
|Type of Deposits||a. Deposit Reinvestment Certificate b. Fixed Deposit Receipt c. Short Term Deposit Receipt|
|Tenor of Deposits||61 days to 3 years|
|ROI||Decided by bank|
|Premature Closure||Not allowed|
|Availability of Loan/Overdraft||Permitted as per existing rules of bank The deposits may be accepted as security for fund based & non fund based loans as per prevailing guidelines of the bank.|
Recurring Deposit Scheme , with flexibility of Step Up and Step Down options, with monthly instalment.
Example : Core amount Rs.1,000
Customer can deposit maximum up to Rs. 10,000 per month
As per the latest changes in the Income Tax Act, 1961, TDS will be applicable on the interest on Union Monthly Plus Deposit Account.
Nomination facilities are available
What is the interest rate that Union Bank of India Fixed Deposit offers on senior citizens FDs?
Senior citizens are offered an additional interest of 0.50 % over and above the interest rates for Union Bank of India FDs for a tenure of 1 year and above.
Can I make alterations to the tenure of my ongoing Union Bank of India Fixed Deposit?
Once you have chosen your tenure at the time of starting a FD at the Union Bank of India, you cannot alter it.
How to open a Union Bank of India Fixed Deposit account without a PAN card?
Yes, you can open a FD with the Union Bank of India by submitting a filled up Form 16 as a substitute for a PAN card.
What is the highest interest rate that is offered by the Union Bank of India Fixed Deposit?
The highest FD rate offered by the Union Bank of India is 6.75% for a tenure between 10 months to 14 months.
FD tenure options with Union Bank of India Fixed Deposit?
The tenure options for Union Bank of India Fixed Deposits are:
What is the minimum amount required to start a Union Bank of India Fixed Deposit account?
The minimum amount required to start a Fixed Deposit at the Union Bank of India is Rs. 50, as applicable for the Cumulative Deposit Scheme offered by the Union Bank of India.
What is the eligibility criteria to open a Union Bank of India Fixed Deposit account?
A resident of India belonging to the following categories is eligible for opening a Fixed Deposit at the Union Bank of India, as per RBI guidelines:
Can I open my Union Bank of India Fixed Deposit without a PAN card?
Instead of submitting a PAN card, you can submit a filled up Form 16 while starting a Fixed Deposit account with the Union Bank of India.