Urban Money

Union Bank FD (Fixed Deposit) Calculator

  • 5 K
  • 1 Cr
Years
  • 1
  • 25
%
  • 1
  • 15

Future Value

Investments To Returns Ratio:

Amount Invested

Wealth Gained

Future Value

Union Bank FD calculator is a self-help tool that allows the user to compute the intervals mentioned above on the fixed deposit schemes of the bank. The FD calculator helps depositors to calculate the returns from the fixed deposit scheme, which is one of the most sought-after investment instruments in the country. It provides an avenue to investors to earn substantial returns from the deposits made in the scheme.

Union Bank Fixed Deposit Features

The Union Bank Fixed deposit scheme entails the following features so investors can earn lucrative returns.

  • The investment tenure on the FD scheme ranges from 7 days to 10 years. 
  • Additional interest rates are offered to senior citizens. 
  • Depositors with the scheme can avail of loans against the deposits. 
  • The bank offers flexible tenure as one can park their investment in this scheme from anywhere between 7 Days to 10 Years.

How to Operate an FD Calculator?

This AI-powered tool entails a straightforward interface where the user can make deposits with the bank and earn interest on the same. This saving/ investment scheme allows investors to invest their savings in a platform immune to market fluctuation and volatility. One can implement the following steps to calculate the maturity amount on their Union Bank Fix Deposit:

STEP 1: Visit the calculator featured on the page.

STEP 2: The user must fill in the values in the following fields on the calculator dashboard.

  • Investment Amount: The amount an investor is willing to invest in the investment scheme.
  • Tenure: The user is required to mention the number of years they want to invest.
  • Rate of Interest: The user must also mention the rate of interest offered. They can enter the ongoing interest rate on the scheme to get a more accurate estimate of the maturity amount.

STEP 3: After successfully mentioning the values mentioned above. The user can derive the following values almost immediately.

  • Future Value: The maturity amount on the fixed deposit scheme. 
  • Wealth Gained: The interest or the profit earned throughout the scheme's tenure.

Formula to Determine Union Bank FD Returns?

The Union Bank employs the following formulae to determine the maturity amount on the fixed deposit scheme.

A = P(1 + r/n)^n*t,

Where,

  • A is the maturity amount. The corpus the investor would receive at the maturity date.
  • P is the principal amount. The amount invested in the scheme.
  • R is the rate of interest. The interest the financial institution has offered to the investor for their deposits.
  • N is the frequency at which the interest would be calculated on the investment.
  • T is the tenure on the investment. 

Benefits of using the Union Fix Deposit Calculator

The Union Bank Fixed Deposit calculator is a tool that allows users to calculate the maturity amount on their investments. It provides the following benefits to its users:

  • The calculator offers a convenient alternative for the users to compute the returns on their investment compared to the manual calculation method, which is prone to inaccuracy and inconsistencies. It is also less time-consuming.
  • The calculator provides an accurate estimate of the maturity amount and allows the investors to compare it from other investment avenues.
  • The investor can assess how each factor comes into play during the investment tenure and provides clarity on the investment process.
  • The calculator user can evaluate the profitability of this investment produced by deducting the TDS from the returns beforehand.
  • The user can input multiple values on the calculator, which allows them to compare the returns on the investment against multiple values. Investors can also examine the values that will help them reach their investment goals.  

Union Bank Fix Deposit Interest Rates

The interest rates offered by Union Bank concern the tenure of the investment. If the investor parks their corpus for longer, they’re eligible for better interest rates. Additional interest rates are offered to senior citizens so they can earn handsome returns from this investment scheme. The following table showcases the interest rates offered against different tenures.

Tenure  Interest Rate (General Citizen) Interest Rate (Senior Citizen) 
7 Days - 14 Days  3%  3.50%
15 Days - 30 Days  3% 3.50%
31 Days - 45 Days  3% 3.50%
46 Days - 90 Days  3.50%  4.00%
91 Days -120 Days  3.75 % 4.00% 
121 Days - 180 Days 4.30% 4.80%
181 Days - 364 Days 4.40 % 4.90%
One Year  5.00 % 5.50%
1 Year One Day - 2 Years 5.20 % 5.70%
2 Year One Day - 3 Years 5.40 % 5.90% 
3 Year One Day - 5 Years 5.55 % 6.05%
5 Year One Day - 10 Years 5.60 % 6.10%

Comparison of Union Bank Fixed Deposit Interest with other Banks

The following table showcases the comparison between Fixed deposit rates of Union Bank with other major financial institutions.

Bank Interest Rate 
Union Bank Fixed Deposit 3.00%  - 6.10% 
HDFC Bank FD 3.00% - 7.50% 
ICICI Bank FD 3.00% - 7.10% 
IDBI Bank FD 3.00% - 7.00% 
State Bank of India FD 3.00% - 7.25% 
Kotak Mahindra Bank FD 2.75% - 7.50% 
RBL Bank FD 3.25% -7.75% 

Frequently Asked Questions (FAQs)

What is the current FD rate of union bank?

The interest rate on Union Bank FD ranges from 3% per annum to 6.10% per annum.

What is the interest of 1 lakh in union bank?

The interest amount one can receive on a deposit of one lakh is subject to the investment tenure.

Which FD is better in union bank?

The senior citizen FD provides additional interest rates to their investors.

Can I take a loan against a fixed deposit in union bank?

Yes, one can take a loan against the fixed deposit amount. The investor can avail of a loan amount of up to 90% of the deposit made.

Can I withdraw my FD before maturity in union bank?

The depositor can withdraw the amount before the date of maturity, but it is to be noted that the investor would not earn any interest on the deposits.

How is FD maturity calculated in union bank?

The bank employs the following formulae to calculate the interest amount on the Fixed deposits.

A = P(1 + r/n)^n*t

What are the union bank FD interest rates for senior citizens?

The Union Bank FD rates for senior citizens range from 3.50% to 6.10% per annum.