Union Bank of India pays interest rates to the tune of 5-6.45 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in 15 maturity options ranging from seven days to 10 years at the country's largest bank. For example, on a fixed deposit up to Rs 2 crore of one year, the state-run bank pays interest at the rate of 6.3 per cent to customers, according to its website - unionbankofindia.co.in. (Also Read: Compare Bank FD Rates Paid By Peers Here)
Union Bank of India pays the following interest rates on fixed deposits up to Rs 2 crore:
Union Bank Of India Fixed Deposit Rates
| Maturity Period | Interest Rate (With Effect From December 17) |
|---|---|
| Seven to 14 days | 5% |
| 15 to 30 days | 5% |
| 31 to 45 days | 5% |
| 46 to 90 days | 5.5% |
| 91 to 120 days | 6% |
| 121 to 180 days | 6.1% |
| 181 days to less than one year | 6.15% |
| One year | 6.3% |
| More than one year to 443 days | 6.3% |
| 444 days | 6.4% |
| 445 to 554 days | 6.3% |
| 555 days | 6.45% |
| 556 days to three years | 6.3% |
| More than three years to five years | 6.3% |
| More than five years to 10 years | 6.3% |
| (Source: unionbankofindia.co.in) | |
(Union Bank Of India FD Interest Rate: On fixed deposits of two years as well, Union Bank of India pays a 6.3 per cent return to its customers, according to its website)
Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
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