Union Bank of India Fixed Deposit (FD) Calculator is for calculating the maturity amount of Fixed Deposit invested in UBI for a specified period.
(Calculate your Union Bank of India Fixed Deposit (FD) maturity amount by using this Fixed Deposit Calculator)
This FD calculator requires some data like – Your Principal Deposit Amount, Rate of Interest, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
Union Bank of India FD Interest Rates:
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| UBI | 7 – 14 Days | 3.5 | 4 | 2024-09-09 |
| UBI | 15 – 30 Days | 3.5 | 4 | 2024-09-09 |
| UBI | 31 – 45 Days | 3.5 | 4 | 2024-09-09 |
| UBI | 46 – 90 Days | 4.5 | 5 | 2024-09-09 |
| UBI | 91 - 120 Days | 4.8 | 5.3 | 2024-09-09 |
| UBI | 121 to 180 Days | 5 | 5.5 | 2024-09-09 |
| UBI | 181 Days to <1 Year | 6.35 | 6.85 | 2024-09-09 |
| UBI | 1 Year | 6.8 | 7.3 | 2024-09-09 |
| UBI | >1 Year to 2 Years | 6.6 | 7.1 | 2024-09-09 |
| UBI | >2 Year to 3 Years | 6.7 | 7.2 | 2024-09-09 |
| UBI | >3 Years to 5 Years | 6.5 | 7 | 2024-09-09 |
| UBI | >5 Years to 10 Years | 6.5 | 7 | 2024-09-09 |
Union Bank of India FD Calculator Variables:
This fixed deposit calculator uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Principal Amount: This is a fixed amount that is invested in a FD scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the FD calculator that appears as a percentage and is different for different types of FD options.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the saving calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the FD calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How Union Bank of India FD Calculator Works?
Anyone can calculate his saving returns from the Union Bank of India account through an online FD calculator available on this page with high accuracy.
Following are the steps to calculate the FD returns through this calculator:
- Step 1: Enter the fixed principal amount that he wants to deposit.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by an FD calculator, one will get the final maturity amount for investment query with effective yield.
Union Bank of India Fixed Deposit
A Union Bank of India fixed deposit (FD) is an account that allows you to deposit your money for a fixed period of time, earning you interest at a fixed rate. It gives you a higher rate of interest than a savings bank account.
FDs are fixed-income debt securities issued by Union Bank of India. Putting money into an FD is like giving a loan to the bank, in return for which the bank pays you interest.
The most popular form of Term deposits are Fixed Deposits, while other forms of term Deposits are Recurring Deposit and Flexi Fixed Deposits (the latter is actually a combination of Demand deposit and Fixed deposit).
The longest permissible term offered by Union Bank of India for FDs is 10 years. Generally, the longer the term of deposit, the higher is the rate of interest.
Features of Union Bank of India FD:
| Minimum amount:- 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 will be Rs. 5000/- Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits |
| Payment of Interest: (Subject to applicable TDS) Interest will be paid on a quarterly basis and in case the date of interest payment falls on holidays then on the next working day |
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Payment and Renewal of Deposits Before Maturity |
| Provision for nomination.:- Nomination facilities are available |
| Rate of Interest:- Rate of interest differs from depending upon the tenure of the deposits and as and when the Bank changes the Rate. |
| Senior citizens are offered an additional interest of 0.50 % for deposits placed for 1 year and above period. |
FAQs about Union Bank of India Fixed Deposit (FD):
| What is the range of tenure for which I can open an FDR account? You can deposit money for as short a period as 7 days and up to 10 years. The minimum amount that can be deposited for 7 to 14 days is Rs. 5 lacs. |
| At what frequency will I receive interest on my FDR? For the Traditional scheme, the interest on the Fixed Deposit Receipts (FDR) account is credited to the Savings account specified by you on a monthly basis or on a quarterly basis. For the Reinvestment scheme, called DRIC, the interest is compounded to the principal amount on a quarterly basis. |
| Is TDS applicable on FDRs? Tax is deducted at source, from the interest on Fixed Deposits, as applicable, as per the Income Tax Act, 1961. |
How do I approach Union Bank to open an FDR?
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| Will I get an FD receipt? Yes, if you request your FDR receipt, we will dispatch it to you by courier at the address given by you at the time of opening the Fixed Deposit Account. |
| Do Senior citizens get any extra benefit on the FDRs? Yes, they do get extra benefits in the form of higher interest rates. |
| Can I redeem my FDR before the original term? Yes, FD can be closed before the original term of the FDR. In the event of the Fixed Deposit 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 or the contractual rate, whichever is lower without charging any penalty for premature withdrawal. |
| Can I obtain a loan from Union Bank on the security of my FDR? Yes, the Loan facility is available up -to 90% of principal and accrued interest. |
| How do I redeem my FDR? After the maturity of your FDR, you can walk into any Union Bank branch across the country and claim your deposit by furnishing your Fixed Deposit receipt |
| What are nomination facilities available on FDRs? The facility of Nomination is available for relationships in the names of individuals. |
You are here to calculate the maturity value of your money in Union Bank of India’s fixed deposit account. Calculate the maturity value with this online Union Bank of India FD calculator.
