Union Bank RD Calculator
The Union Bank RD Calculator is a smart financial planning tool that helps you estimate your maturity amount and total interest earnings from a Recurring Deposit. Whether you’re a salaried employee, student, or small investor, Union Bank’s RD scheme offers a secure and disciplined way to build your savings.
What is a Union Bank Recurring Deposit?
A Recurring Deposit (RD) with Union Bank of India enables you to invest a fixed sum monthly over a chosen period, typically ranging from 6 months to 10 years. Your monthly deposits earn quarterly compounded interest, making RDs an excellent option for long-term and goal-based savings.
How Union Bank RD Calculator Works
To use the Union Bank RD Calculator, you need to input:
- Monthly Deposit Amount
- Tenure (in months)
- Applicable Interest Rate
The calculator displays the following results:
- Total Investment
- Total Interest Earned
- Maturity Amount
Union Bank RD Interest Rates
Union Bank offers competitive RD interest rates ranging from 6.00% to 7.25% per annum, based on the deposit tenure. Senior citizens get an additional interest rate benefit of 0.50% on applicable rates.
Example Calculation
If you invest ₹5,000 per month for 3 years at an interest rate of 7.0%:
- Total Investment: ₹1,80,000
- Interest Earned: ₹20,200 (approx.)
- Maturity Amount: ₹2,00,200 (approx.)
Key Features of Union Bank RD
- Minimum deposit: ₹50 and in multiples thereof
- Tenure: 6 months to 10 years
- Quarterly compounding of interest
- Premature withdrawal allowed with nominal penalty
- Loan facility against RD
Taxation on RD Interest
Interest earned on RD is taxable as per your income slab. TDS is applicable if the total interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
How to Open an RD Account in Union Bank
- Visit the nearest Union Bank branch or log in to internet banking.
- Choose the ‘Recurring Deposit’ option.
- Enter the deposit amount, tenure, and start date.
- Submit your request and start investing.
Benefits of Using Union Bank RD Calculator
- Accurate and instant maturity calculation
- Helps with budget and savings planning
- Easy comparison across tenures and deposit amounts
- No manual calculations needed
Conclusion
The Union Bank RD Calculator is a handy tool for every investor who wants to grow savings in a planned and consistent manner. Whether you’re saving for education, marriage, or future security, Union Bank RDs are a reliable option offering stable returns. Use this calculator today to plan your financial future wisely.
Visit Union Bank of India to open an RD account or learn more about their deposit schemes.