Union bank fd interest rates

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...

In a fixed deposit, the sum you invest is compounded with interest over the predetermined time frame. Your fixed deposits will earn interest from the bank at a set rate known as the fixed deposit interest rate. The bank will pay interest on any booked fixed deposits for a specific time frame. The fixed deposit's interest rate differs from bank to bank. Additionally, the interest rate can vary depending on the deposit and tenure. Therefore, before investing in them, you should first compare the list of bank FD Interest Rates. The following is a list of the top PSU bank FD interest rates as on June 7, 2023. PSU Bank General citizen Interest Rate Senior citizen Interest Rate SBI 3% to 7.10% 3.50% to 7.60% PNB 3.50% to 7.25% 4% to 7.75% Canara Bank 4% to 7.25% 4% to 7.75% Bank of Baroda 3% to 7.25% 3.5% to 7.75% Union Bank of India 3% to 7% 3.50% to 7.50% Bank of India 3% to 7% 3% to 7.50% Indian Bank 2.80% to7.25% 3.30% to 7.75% Punjab & Sindh Bank 2.80% to 7.10% 3.30% to 7.60% Central Bank of India 3.50% to 6.75% 4% to 7.25% Senior citizens have the opportunity to earn an interest rate that is greater than that of regular citizens. Additional interest rate on their fixed deposit differ and ranges from 0.25 percent to 1 percent. The length of a FD is one of the most significant criteria used to determine the interest rate among others. What is the exemption limit for TDS deduction on FD? SUBMITAccording to the Bank of Baroda webiste, "The exemption limit for TDS deduction on ...

About Union Bank Union Bank of India is one of the country’s largest public sector banks. The Union Bank of India is involved in the following sectors of business. Personal banking, NRI banking, corporate banking, and other services are available. To their corporate clients, the bank provides CMS, E-Tax, trade finance, insurance products, and loans. The Bank is a publicly traded company, with the Government of India owning a portion of the bank’s total share capital. The Bank was established as a limited company on November 11, 1919, with its headquarters in Mumbai, India. As of March 31, 2020, the bank’s balance sheet was at Rs. 5.5 lakh crores. In FY20, the bank made a loss of Rs 2897 crores. Today it has more than 9,500 domestic branches and more than 13,300 ATMs. It employs more than 75,000 workers who serve more than 120 million users around the country. Features of Union Bank FD Rates • With a minimum deposit of Rs 1,000, you can start an FD account with Union Bank. This may differ depending on the FD plan you choose. The low minimum deposit amount encourages people of all income levels to put money down for the future. • For its fixed deposits, Union Bank offers an auto-renewal option. This means that, unless otherwise specified, the deposit will be automatically renewed for the same time at the applicable Union Bank FD interest rate at maturity. • Union Bank has a variety of term deposit options from which you can pick. The following are some of them: 1. Short Depo...

Senior citizens in the age group of 60 years to less than 80 years can avail additional interest of 0.50% p.a. Super Senior Citizens in the age group of 80 years and above are eligible for a preferential interest rate of 0.75% p.a. for all tenures. As of now, the bank offers 8.3% to super senior citizens. These rates are effective from November 25, 2022. Senior citizens between the ages of 60 and 80 will receive an additional interest rate of 0.50% per year. Super Senior Citizens aged 80 and up are entitled for a preferential interest rate of 0.75% per annum for all tenures. According to the Union Bank website, “The additional rate applicable to resident super senior citizen term deposits is 0.75% over the rate applicable to normal rates for the term deposits opened/renewed on or after 01.12.2022.” Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80 bps over applicable card rate across all maturity buckets According to the Indian Bank website, “IB – Golden Ager– A Special Term Deposit Account for Super Senior Citizen” (Age 80 years and above) is offering additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit for all deposit buckets.’ Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.

Recently the Reserve Bank of India announced a raise in the repo rate by 40 basis points in an unscheduled meeting on May 4 in its bid to check the surging inflation. Soon after the Central Bank's announcement of hike in repo rate, the banking sector immediately hiked interest rates on the fixed deposits. 1. PNB Bank PNB decided to revise and update its FD rates for its customers soon after RBI's 40 basis points rise in repo rate. The bank has revised rate of interest on NRE deposit, single deposit, NRE Term Deposits (TD) up to Rs 10 crore (callable). For Single Domestic Term Deposit of less than Rs 2 crore (callable), the revised rate of interest for FDs maturing from 7-14 days, the new interest rate is 3% while senior citizen will get 3.50%. In the category, if you choose above 5 years and upto 10 years, you can fetch an interest rate of 5.25% while senior citizen can get the interest rate of 5.75%. Check the table below for detailed interest rates offered by PNB. Rate Of Interest On Single Domestic / NRO / NRE Term Deposits (TD) Up To Rs.10 Cr. (Callable) Domestic/NRO $ TD Less Than Rs.2 Cr. Domestic/NRO $ TD Rs. 2 Cr To Rs. 10 Cr.# NRE TD $ Less Than Rs.2 Cr. NRE TD $ Rs.2 Cr. To Rs. 10 Cr. PNB Tax Saver FD W.E.F. 07.05.2022 W.E.F. 07.05.2022 W.E.F. 07.05.2022 W.E.F. 07.05.2022 Sl. No Period ROI (% p.a.) A.Y.* For Senior Citizen ROI (% p.a.)** ROI (% p.a.) A.Y.* ROI (% p.a.) ROI (% p.a.) ROI (% p.a.) 1 7 to 14 days 3 3 3.5 3.5 3.5 NA NA NA 2 15 to 29days 3 3 3.5 3.5 3....

Fixed deposit rates: In a surprising turn of events, the Reserve Bank's decision to increase interest rates has caused a ripple effect on various financial fronts. Notably, the interest rates for bank schemes, including fixed deposits, have witnessed significant fluctuations. While the rates soared for a considerable period, certain banks have recently implemented cuts to their fixed deposit interest rates. Let's take a look into the specifics of these rate cuts, starting with Punjab National Bank, Axis Bank, and Union Bank of India. Punjab National Bank has initiated a reduction in interest rates for single tenures as of June 1. This adjustment primarily affects deposits under 2 crores. For instance, the interest rate on one-year tenure fixed deposits has decreased from 6.75% to 6.5% for regular citizens. Similarly, the interest rate for the 666-day tenure has declined from 7.25% to 7.05%. Moving on to Axis Bank, they have recently decreased the interest rate on single tenures of fixed deposits by 20 basis points. Following this update, fixed deposits with tenures ranging from 7 days to 10 years offer interest rates ranging from 3.5% to 7.10%. Additionally, the bank has reduced interest rates from 7.10% to 6.80% for tenures of fewer than five days to 13 months. Similarly, for tenures between 13 months and less than 3 years, the interest rate has been lowered from 7.15% to 7.10%. These revised rates became effective on May 18, 2023. Lastly, the Union Bank of India. In Nove...

Recently the Reserve Bank of India announced a raise in the repo rate by 40 basis points in an unscheduled meeting on May 4 in its bid to check the surging inflation. Soon after the Central Bank's announcement of hike in repo rate, the banking sector immediately hiked interest rates on the fixed deposits. 1. PNB Bank PNB decided to revise and update its FD rates for its customers soon after RBI's 40 basis points rise in repo rate. The bank has revised rate of interest on NRE deposit, single deposit, NRE Term Deposits (TD) up to Rs 10 crore (callable). For Single Domestic Term Deposit of less than Rs 2 crore (callable), the revised rate of interest for FDs maturing from 7-14 days, the new interest rate is 3% while senior citizen will get 3.50%. In the category, if you choose above 5 years and upto 10 years, you can fetch an interest rate of 5.25% while senior citizen can get the interest rate of 5.75%. Check the table below for detailed interest rates offered by PNB. Rate Of Interest On Single Domestic / NRO / NRE Term Deposits (TD) Up To Rs.10 Cr. (Callable) Domestic/NRO $ TD Less Than Rs.2 Cr. Domestic/NRO $ TD Rs. 2 Cr To Rs. 10 Cr.# NRE TD $ Less Than Rs.2 Cr. NRE TD $ Rs.2 Cr. To Rs. 10 Cr. PNB Tax Saver FD W.E.F. 07.05.2022 W.E.F. 07.05.2022 W.E.F. 07.05.2022 W.E.F. 07.05.2022 Sl. No Period ROI (% p.a.) A.Y.* For Senior Citizen ROI (% p.a.)** ROI (% p.a.) A.Y.* ROI (% p.a.) ROI (% p.a.) ROI (% p.a.) 1 7 to 14 days 3 3 3.5 3.5 3.5 NA NA NA 2 15 to 29days 3 3 3.5 3.5 3....

About Union Bank Union Bank of India is one of the country’s largest public sector banks. The Union Bank of India is involved in the following sectors of business. Personal banking, NRI banking, corporate banking, and other services are available. To their corporate clients, the bank provides CMS, E-Tax, trade finance, insurance products, and loans. The Bank is a publicly traded company, with the Government of India owning a portion of the bank’s total share capital. The Bank was established as a limited company on November 11, 1919, with its headquarters in Mumbai, India. As of March 31, 2020, the bank’s balance sheet was at Rs. 5.5 lakh crores. In FY20, the bank made a loss of Rs 2897 crores. Today it has more than 9,500 domestic branches and more than 13,300 ATMs. It employs more than 75,000 workers who serve more than 120 million users around the country. Features of Union Bank FD Rates • With a minimum deposit of Rs 1,000, you can start an FD account with Union Bank. This may differ depending on the FD plan you choose. The low minimum deposit amount encourages people of all income levels to put money down for the future. • For its fixed deposits, Union Bank offers an auto-renewal option. This means that, unless otherwise specified, the deposit will be automatically renewed for the same time at the applicable Union Bank FD interest rate at maturity. • Union Bank has a variety of term deposit options from which you can pick. The following are some of them: 1. Short Depo...

Senior citizens in the age group of 60 years to less than 80 years can avail additional interest of 0.50% p.a. Super Senior Citizens in the age group of 80 years and above are eligible for a preferential interest rate of 0.75% p.a. for all tenures. As of now, the bank offers 8.3% to super senior citizens. These rates are effective from November 25, 2022. Senior citizens between the ages of 60 and 80 will receive an additional interest rate of 0.50% per year. Super Senior Citizens aged 80 and up are entitled for a preferential interest rate of 0.75% per annum for all tenures. According to the Union Bank website, “The additional rate applicable to resident super senior citizen term deposits is 0.75% over the rate applicable to normal rates for the term deposits opened/renewed on or after 01.12.2022.” Further, Super Senior Citizens of age above 80 years shall get additional rate of interest of 80 bps over applicable card rate across all maturity buckets According to the Indian Bank website, “IB – Golden Ager– A Special Term Deposit Account for Super Senior Citizen” (Age 80 years and above) is offering additional 0.25% higher rate of interest over & above the additional rate that is presently being offered for normal Senior Citizen on Term Deposit for all deposit buckets.’ Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.