Another public sector financial institution, Union Bank of India is providing Indian citizens with retail banking solutions for some time now. Union Bank of India is providing its customers fixed deposit schemes that come with attractive returns with different tenures. The fixed deposit schemes offered by the bank are availed to suit the banking needs of its customers.
The shortest holding period of one month is offered by the bank for which the depositor can avail interest rate of 5.5% per annum. Moreover, the rates are increased by 1% to 6.5% per annum for the tenures of 2-3 months. Furthermore, for the holding period of four months, the returns can be pegged at 6.75% per annum, and it is certainly enhanced by 0.5% to 7.25% per annum for the holding period of 6-9 months.
For the holding period of one year, the rate of interest is calculated at 7.55% per annum, and when the maturity period increases to 4-5 years, the returns are pegged at 7.5% per annum. Moreover, for the holding period exceeding five years and up to ten years, the returns are calculated at 7.25% per annum. These are the highest rates offered by the bank under the mid and long-term deposits, and the rates remain same at 7.55% per annum for the deposit period between 2-3 years.
The senior citizens are benefitted with an additional 0.5% per annum on the given rates. Therefore, for the deposit period of one year, the senior citizens can avail 8% per annum, and it eventually gets increased to 8.05% per annum for the holding period of 2-3 years. Moreover, it remains same at 8% per annum for the tenure of 4-5 years, and it becomes 7.75% per annum for the tenures above five years.
Kindly Note: The rates compounded quarterly are on a per year basis.