The interest rates on Fixed deposits offered by union Bank of India are a bit disappointing if we compare them with what other banks have with them to offer us. Fortunately, the threshold in case of this bank is 5 crore (rather than 1 crore in most of the banks) from where the interest rates take a huge drop (interest rates are lower than the normal investment up to five years).
For senior citizens the rate of interest varies because of an additional 0.75 percent which is fairly good in comparison with most of the banks which give 0.50 percent only. The highest of high rate of interest offered is 7.55% for an investment more than a year up to 10 years.
For more than 5 crore it drops down to 7.00 percent flat as discussed for the same period (1-10 years). There seems absolutely no point in investing money for less than 3 months because you get decent 6.75 percent for 3 months and more. If you go for 91 days precisely, you get an extra 0.50 percent. Below interest rates are effective from 23 March, 2016.
Don’t Miss: Federal Bank Fixed deposit interest Rates
Table for Union Bank of India FD Rates (domestic):
|Time Period||Interest Rate For Amount Below 1 Crore||Interest Rate For Amount 1-10 Crore|
|7 – 14 Days||4.00||4.00|
|15 – 30 Days||4.75||4.50|
|31 – 45 Days||5.25||5.00|
|46 – 60 Days||6.50||6.00|
|61 – 90 Days||6.50||6.00|
|120 Days – 180 Days||6.75||6.50|
|181 Days – 270 days||7.50||7.25|
|271 Days – 1 year||7.50||7.25|
|1 Year – 2 Years||7.55||7.00|
|2 Years – 3 Years||7.55||7.00|
|3 Years – 5 Years||7.50||7.00|
|5 Years – 10 Years||7.25||6.75|
|Above 10 Years||7.25||6.75|
NRE fixed deposit interest rates:
|Maturity Period||Below 1 crore||1-10 crore||Above 10 crore|
Table Updated: 3 April, 2016
From Table, you can observe for the period above one years union bank provides constant fixed deposit interest rates.
- To deposit above 10 crore, you have visit nearest branch.
- No interest will paid for closing deposits before 1 year in case of NRE deposits.
To get more details about union bank fixed deposit rates, please visit official website. check out more @ http://www.unionbankofindia.co.in/interest_rate.aspx