Union Bank of India, founded in Mumbai in 1919 .

It is a leading public sector banks in India.

UBI FDs offer the Following Features:

Various schemes to suit a varied client base
Flexibility with premature withdrawal and loan facility
Tax savings


Eligibility

Any Resident Individual - Single Accounts, Minors (with co-signing adults), Hindu Undivided Families, Two or more individuals in Joint Accounts, Illiterate Persons, Purdanasheen Ladies, Blind persons, Societies, Associations, Clubs, etc. Trusts, Institutions/Agencies specifically permitted by the RBI are eligible to open a fixed deposit account in the bank in single/joint name/s can open FDs in UBI.


The Deposit Re-investment Certificate (DRIC) allows deposits as low as ₹ 100/- in rural/semi-urban centers and ₹ 500/- in urban/metro centers.
This minimum amount may differ for other types of FDs.
the maximum deposit amount allowed under FD is ₹ 10 crores.

Fixed deposits can be held for as short as 7 days under SDR to as long as 10 years.

Union Bank of India offers Interest at different rate slabs for deposits below ₹ 1 crore and for deposits over Rs 1 crore.

Currently the Interest Rate on FDs below Rs 1 crore is 4- 8.75 % P.A with varying tenures from 7 days to 10 years. For amounts over ₹ 1 crore, this rate varies between 4-8.5 percent p.a.

The minimum amount accepted under Union Tax Saver is ₹ 5,000/- and in multiples of ₹ 1,000/- thereof. A maximum limit of ₹ 1,50,000/- can be deposited in a financial year.