(PDF) Union Bank of India Fixed Deposit Form: How to Fill Up

Do you have any excess money that you’d like to keep safe and stable? Fixed deposits, also known as certificates of deposit (CDs), are a great way to do this!

They offer high interest rates on your savings and make it easy to invest while knowing exactly how much you’ll receive when you want to take your money out.

Fill out the Union Bank of India fixed deposit form today and start earning the money you deserve! In order to fill out the form correctly, it’s helpful to know what everything means.

What is a Fixed deposit?

A fixed deposit is an investment vehicle where money can be saved for a certain period of time, and at maturity, you are given back your principal amount along with interest earned on it.

Banks usually offer high interest rates on fixed deposits which are higher than normal savings account rates, but lower than market-linked instruments like stocks or bonds.

Union Bank of India Fixed Deposit Form

By investing in fixed deposits, one can earn higher returns on his/her investment without too much risk involved. In order to open a fixed deposit account, one needs to fill out a form and submit it to their bank branch.

Documents Required

For Proof of Identification

  1. Aadhaar Card
  2. PAN
  3. Voter ID
  4. Driving License
  5. Passport
  6. Recent passport-sized photographs

For Proof of Address (if Aadhaar card does not contain an updated address)

  1. Utility bill – Less than 2 months old
  2. Property or Municipal tax receipt
  3. Pension payment orders

How can I open a Fixed Deposit Account in Union Bank?

In order to open a fixed deposit account, visit any branch of Union Bank of India (UBI) and fill out a Fixed Deposit Account Opening Form.

You will need to provide some basic information such as name, address, contact number etc., bank details (if already have), the purpose for opening an FD account etc. Once all formalities are completed, you can start depositing money into your new fixed deposit account.

The most common modes of payment are cash, cheque and Account Draw. However, if you want to invest more than Rs 50 lakhs then pay orders may also be accepted by UBI.

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Remember that only Indian rupees can be deposited into a fixed deposit account – no foreign currency transactions are allowed!

Benifits of Union Bank Fixed Deposit

Union Bank Fixed Deposit is a safe investment option for your money. The bank offers a wide range of FDs with various tenures. The customer can choose the tenure of their deposit based on the requirement and the amount.

The interest rate offered by the bank is high and competitive with other banks in India.

The Union Bank Fixed Deposit offers a wide range of options to its customers. One can choose any of these FDs depending on their requirement and their budget. The bank also allows its customers to withdraw their deposits any time before maturity, but they will have to pay penalties for doing so.

You can open an account for any amount from Rs 1,000 to unlimited and enjoy its benefits

What are the types of fixed deposit schemes offered by Union Bank of India?

There are various types of fixed deposits they are

  1. Fixed Deposit Scheme
  2. Monthly Income Scheme
  3. Union Tax Saver Deposit
  4. Easy Tax Saver Deposit Scheme
  5. Short Deposit Receipt
  6. Deposit Reinvestment Certificate

What is Deposit Re Investment Scheme

The Union Bank Deposit Re-Investment Scheme is a scheme for customers to earn interest on their deposits. Under this scheme, customers can deposit money in their accounts and earn interest on those balances.

The customer can then choose to have the interest paid out on a monthly basis or reinvested into the account as fresh deposits.

What is the Monthly Income Scheme?

The Monthly Income Scheme provides you with a monthly income at regular intervals during the tenure of your deposit. You can choose between two types of monthly income options – Fixed Term Deposits (FTS) and Flexi Term Deposits (FTS).

FTS gives you a fixed interest rate for every month during the term of your deposit, while FTS allows you the flexibility to make withdrawals from your account before maturity without any penalty or loss of interest.

Both FTS options offer attractive interest rates that are higher than those offered by other banks’ regular FDs

What is a Tax saver Deposit?

Tax Saver Deposit (TSD) is a fixed deposit that allows you to save tax. If you are an income tax payer and make a deposit in this scheme, your interest will be exempt from income tax.

This scheme gives you an opportunity to save tax under Section 80C of the Income Tax Act, 1961.

Tax Saver Deposit can be opened in both single and joint names. Interest rates are higher for senior citizens than for general customers, with the maximum per annum being 8%. Tax Saver Deposits can be renewed at maturity or closed without any penalty.

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What is a Short Deposit Scheme?

If you want to park your money for a short period of time, the best option would be to invest in short term deposits. Short term deposits can be opened for a period ranging from 7 days to 179 days.

These deposits have attractive interest rates and there is no lock-in period attached to them. You can withdraw your money at any point in time without any penalty (except in case of premature withdrawal).

Short term deposits also provide flexibility in terms of withdrawals, which is not available in other types of FDs.

What is Easy Tax Saver Deposit Scheme

Interest income is taxable under the head “Income from Other Sources”. This income is subject to a deduction of Rs 1.5 lakhs per annum in the case of individuals and HUFs and Rs 2 lakhs per annum in the case of companies which are eligible to receive such interest income.

The above deduction is available only if the amount of such income does not exceed these limits during the financial year. However, if the amount exceeds these limits then no deduction will be allowed under Section 24(b).

The fund can also be invested on a monthly basis in monthly payments.

The total deposit in a fiscal year should not exceed Rs. 1.5 lakh.

What is Fixed Deposit Scheme

The duration of your FD is usually expressed as years (1 or 2 years), months (3 months or 6 months) or even weeks (7 days). The longer the term, the higher the interest rate will be on offer by the bank.

But keep in mind that longer term deposits also mean that your funds are locked up for longer and you may have difficulty accessing them when required.

Interest Rates

PeriodInterest Rate (Rates in % per annum) ( <2Cr)
7–14 Days3
15 –30 Days3
31-45 Days3
46 -90 Days3.5
91–120 Days3.75
121-180 Days4.3
181 Days to < 1 Year4.4
1 Year5
>1 Year to 2 Years5.1
>2 Years to 3 Years5.3
>3 Years to 3 Years 14 Days5.4
1111 Days5.5
> 3 Years 15 Days to 5 Years5.4
>5 Years to 10 Years5.5

Things to Remember while Filling Union Bank of India Fixed Deposit Form

The form is to be filled out and submitted to the bank along with the required documents.

The following are steps that you should follow while filling out the form:

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1. Fill in all necessary details in the columns provided on the form.

2. Sign and date your name at the bottom of the page.

3. Attach a photograph, PAN card copy and any other relevant document with your application. 4. Submit all documents to a nearby branch of your bank.

5. The bank will review your documents and decide whether or not to accept you as an investor in their fixed deposit scheme. If accepted, they will send you an acceptance letter along with details about how much money has been deposited in your name and how much interest you can expect to earn on it every year for five years.

How do I fill out a Union Bank of India Fixed Deposit Form?

The Union Bank of India Fixed Deposit (FD) form is a simple document that can be filled out and submitted online.

The Union Bank of India offers a range of fixed deposit options, and the FD form is available on the bank’s website. You can also print a copy of the form if you prefer to fill it out by hand.

The following information is required when filling out a Union Bank of India Fixed Deposit Form:

Step 1: Enter Your Account Number & Name of the Branch

Step 2: Application Details – Enter your Full Name & Customer ID in the first section of the Union Bank of India Fixed Deposit Form.

Step 3: Additional Account Details – In this section, you want to choose how much money you want to invest in this FD and indicate your preference for maturity periods ranging from 7 days to 5 years. The longer the maturity period, the higher the interest rate offered by the bank on FDs with that particular periodicity.

Step 4: Mandate for Account Operations – Choose joint or Single or any other options. (If not known leave it empty bank staff will fill it)

Step 5: Payment Details for opening Account – In this section, you will be required to provide the details of your payment method. weather cash, Cheque, Account number (only Union Bank).

Step 6: Payment & Renewal Instruction – Choose 1st cheque box (I Authorize…) next select any one payment frequency, Intrest Payment Instruction (Mode of interest Payment), Payment Instruction on Maturity (Mode of Payment for maturity amount)

Step 7: Agreement – Put your Signature (sign 1st box only if you are an individual, 2nd & 3rd box for Joint Account)

Step 8: Nomination – Enter Your Address & Name in the 1st section. In the 2nd section Enter your Nominee Details such as Address, Relation,

Final words

Fixed Deposit, in an actual sense, is a commercial banking term. It is an investment product which involves the deposit of money for a specified period of time.

During this stipulated period, the money earns interest at a predetermined rate. Fixed deposits have become quite popular in India because it offers higher returns as compared to other investments.

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