Union Bank FD Rates Calculator
Quarterly (Standard)
Monthly
Half-Yearly
Yearly
Years
Months
Days
General Citizen
Senior Citizen (+0.50%)
Super Senior Citizen (+0.75%)
*Selecting Senior/Super Senior will auto-adjust the rate input if not manually set.
Principal Amount:
₹0
Total Interest Earned:
₹0
Maturity Amount:
₹0
Effective Yield:
0%
About Union Bank FD Interest Rates
Fixed Deposits (FDs) are one of the most secure investment options offered by Union Bank of India. Whether you are saving for a short-term goal or long-term financial security, understanding your potential returns is crucial. The Union Bank FD Rates Calculator helps you estimate the maturity amount and total interest earned on your deposit based on current interest rates.
How Union Bank Calculates FD Interest
Like most Indian public sector banks, Union Bank of India calculates interest on Fixed Deposits using the compound interest formula for cumulative deposits. The standard compounding frequency is quarterly.
The mathematical formula used in this calculator is:
A = P × (1 + r/n)^(n×t)
- A: Maturity Amount
- P: Principal Investment Amount
- r: Rate of Interest (in decimal)
- n: Number of times interest compounds per year (Quarterly = 4)
- t: Tenure in years
Key Features of Union Bank FDs
- Flexible Tenure: You can invest for periods ranging from 7 days up to 10 years.
- Senior Citizen Benefits: Union Bank typically offers an additional interest rate of 0.50% over the standard card rate for Senior Citizens.
- Super Senior Citizens: Individuals above 80 years often receive an additional benefit, usually 0.75% over the standard rate.
- Special Schemes: Keep an eye out for special tenure schemes (e.g., 399 days or 444 days) which often carry higher interest rates than standard 1-year deposits.
Current Interest Rate Trends (Estimates)
While rates fluctuate based on RBI policy, here is a general guideline for Union Bank FD rates (always check the official website for the latest data):
| Tenure | General Public | Senior Citizens |
|---|---|---|
| 7 – 45 Days | 3.00% – 3.50% | 3.50% – 4.00% |
| 1 Year – 398 Days | 6.75% | 7.25% |
| 399 Days (Special) | 7.25% | 7.75% |
| Above 3 Years | 6.50% | 7.00% |
Taxation on FD Interest (TDS)
It is important to remember that interest earned on Union Bank Fixed Deposits is fully taxable under the head "Income from Other Sources." If your interest income exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year, the bank deducts Tax Deducted at Source (TDS), typically at 10% if PAN is provided, or 20% if not.