Union Bank FD Calculator
The Union Bank FD Calculator is a valuable tool designed to help you calculate the interest and maturity amount of your Fixed Deposit with Union Bank. Whether you’re planning a short-term or long-term investment, this calculator provides a quick and accurate estimate of your returns, helping you make informed decisions about your investment.
What is a Union Bank Fixed Deposit?
An Union Bank Fixed Deposit (FD) is a secure investment option that allows you to deposit a lump sum amount for a fixed tenure at a predetermined interest rate. After the tenure, you receive the principal amount along with the interest earned. Union Bank offers a range of FD options with competitive interest rates, catering to the needs of both short-term and long-term investors.
How the Union Bank FD Calculator Works
Using the Union Bank FD Calculator is simple and intuitive. All you need to do is enter the following details:
- Deposit Amount (Minimum ₹1,000)
- Interest Rate (Union Bank offers varying rates based on the tenure)
- Tenure (ranging from 7 days to 10 years)
- Compounding Frequency (Quarterly or Monthly)
Once you enter these details, the calculator will instantly display the maturity amount and the total interest earned, providing you with an accurate prediction of your returns.
Union Bank FD Interest Rates (As of 2025)
Union Bank offers attractive interest rates on Fixed Deposits, ranging from 6.50% to 7.25% per annum for general customers. Senior citizens enjoy an additional interest rate of 0.50% per annum on their FD investments. The interest rates vary based on the tenure, with longer tenures typically offering higher returns.
Example Calculation
For example, if you invest ₹1,00,000 in a Fixed Deposit for 3 years at an interest rate of 7.00% per annum, compounded quarterly:
- Principal Amount: ₹1,00,000
- Interest Earned: ₹23,134 (approx.)
- Maturity Amount: ₹1,23,134 (approx.)
Types of Union Bank Fixed Deposits
- Union Bank Regular FD: Standard FD with a fixed interest rate and flexible tenure.
- Union Bank Tax Saving FD: A 5-year lock-in FD that offers tax benefits under Section 80C of the Income Tax Act.
- Union Bank Senior Citizen FD: Offers higher interest rates for senior citizens.
- Union Bank Monthly Income Scheme: Provides monthly income payouts to the investor while keeping the principal secure.
Benefits of Using the Union Bank FD Calculator
- Accurate calculation of FD maturity value
- Helps you plan your finances and track your investment growth
- Provides an instant view of your total interest earned
- Easy to use and saves time compared to manual calculations
- Allows you to explore different FD options based on your preferred interest rate and tenure
Taxation on Union Bank FD
Interest earned on Union Bank FDs is subject to tax. If the total interest earned exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), Tax Deducted at Source (TDS) will be applicable. However, if your total income is below the taxable threshold, you can submit Form 15G or 15H to avoid TDS deduction.
How to Open a Union Bank FD
- Visit your nearest Union Bank branch or use Union Bank’s online banking platform.
- Choose the deposit amount, tenure, and interest payout option.
- Submit the necessary KYC documents (for new customers).
- Make the payment through cheque, demand draft, or online transfer.
- Receive your FD receipt and monitor your investment via Union Bank’s online services.
Conclusion
The Union Bank FD Calculator is a valuable tool for investors looking to calculate their Fixed Deposit returns easily. By using this calculator, you can gain a clear understanding of how much your investment will grow over time. Union Bank offers attractive interest rates, multiple FD options, and a user-friendly online platform, making it a great choice for both conservative and strategic investors.
Visit Union Bank’s official website to explore FD products, check real-time interest rates, and use their FD calculator for more accurate results.