Union Bank FD interest rates 2022 hiked, Senior Citizens to get 7.8 percent return; Check fixed deposit calculator

If a senior citizen invests Rs 2 lakhs for a tenure of 800 days, she will earn an interest of Rs 34,191 at the rate of 7.8 per cent.

Union Bank of India has revised its fixed deposit interest rates with effect from today. The bank now offers a return of 7.3 per cent for the general public while an additional interest rate is payable to senior citizens. The fixed deposit interest rates by the Union Bank of India now start from 3 per cent and go up to 7.3 per cent depending on the tenure. 

Union Bank now offers a return of 3 per cent for fixed deposits with a maturity tenure of seven days to 45 days, 4.05 per cent for FDs with 46-90 days tenure, 4.3 per cent for 91-120 days tenure, 4.4 per cent for 121-180 days tenure and 5.25 per cent for 181 days to less than one year tenure. Fixed deposits for the tenure of one year to 799 days (except for 599 days and 700 days) will get a return of 6.3 per cent while that for 599 days will earn an interest of 7 per cent and that for 700 days will earn a return of 7.25 per cent.

Union Bank fixed deposits for 800 days will get a return of 7.3 per cent and FDs for 801 days to less than three years will get an interest of 7.3 per cent. Fixed deposits for 3 years to 10 years will earn a return of 6.7 per cent.

The bank is offering an additional rate of 0.5 per cent for senior citizens. "Union Bank offers an additional rate component (over and above the normal interest rate applicable) to Resident Senior Citizen on term deposit up to Rs 5 crores in all of its domestic term deposit schemes. For the rate of interest of term deposits for Rs 2 crores and above, please contact the nearest branch of our Bank. This additional rate component is applicable to domestic term deposits and is above 0.50% over the normal rate," the bank said on its website. This takes the highest rate offered to a senior citizen to 7.8 per cent.

Union Bank FD Calculator

If a senior citizen invests Rs 2 lakhs for a tenure of 800 days, she will earn an interest of Rs 34,191 at the rate of 7.8 per cent while the maturity amount will be Rs 2,34,191. If a non-senior citizen invests the same amount for the same tenure, he will get Rs 32,000 at the rate of 7.3 per cent and the maturity amount would be Rs 2,32,000.