Union Bank of India offers 3 types of fixed deposits for Non-Resident Indians – NRE, NRO and FCNR fixed deposits. NRIs and OCIs can open these fixed deposits to invest their foreign and Indian earnings and earn attractive rates. For example, Union Bank of India NRE FD rates range from 6.30% to 7.00% per annum. The tenure of Union Bank of India NRE, NRO and FCNR fixed deposits ranges from 1 to 10 years, 7 days to 10 years and 1 to 5 years, respectively.
Union Bank of India NRE FD Rates 2023
Union Bank of India NRE FD rates for a FD below Rs. 2 cr are given below:
| Tenure | Interest Rates Per Annum |
|---|---|
| 1 year | 6.30% |
| Greater than 1 year to 398 days | 6.30% |
| 399 days | 7.00% |
| 400 days to 2 years | 6.30% |
| Greater than 2 years to less than 3 years | 6.30% |
| 3 years | 6.50% |
| Greater than 3 years to 5 years | 6.70% |
| Above 5 years to 10 years | 6.70% |
Note:
- These rates are effective from 23 May 2023.
- NRE FD rates are subject to periodic changes from time to time.
- For interest rates for deposits above Rs. 2cr, contact a Union Bank of Branch.
Union Bank of India NRO FD Rates 2023
Union Bank of India NRO FD rates for an FD below Rs. 2 cr are given below:
| Tenure | Interest Rates Per Annum |
|---|---|
| 7 to 14 days | 3.00% |
| 15 to 30 days | 3.00% |
| 31 to 45 days | 3.00% |
| 46 to 90 days | 4.05% |
| 91 to 120 days | 4.30% |
| 121 to 180 days | 4.40% |
| 181 days to < 1 year | 5.25% |
| 1 year | 6.30% |
| Greater than 1 year to 398 days | 6.30% |
| 399 days | 7.00% |
| 400 days to 2 years | 6.30% |
| Greater than 2 years to less than 3 years | 6.30% |
| 3 years | 6.50% |
| Greater than 3 years to 5 years | 6.70% |
| Above 5 years to 10 years | 6.70% |
Note:
- These rates are effective from 23 May 2023.
- NRO FD rates are subject to periodic changes from time to time.
- For interest rates for deposits above Rs. 2cr, contact a Union Bank of Branch.
Union Bank of India FCNR Rates 2023
Union Bank of India FCNR rates in different currencies w.e.f. 31 May 2023 are given below:
| Tenure | USD | GBP | EUR | CAD | AUD |
|---|---|---|---|---|---|
| 1 year to less than 2 years | 4.50% | 3.96% | 2.05% | 3.61% | 3.25% |
| 2 years to less than 3 years | 4.30% | 3.50% | 2.05% | 3.61% | 3.20% |
| 3 years to less than 4 years | 4.05% | 3.25% | 1.55% | 3.31% | 3.30% |
| 4 years to less than 5 years | 3.80% | 3.00% | 1.55% | 3.26% | 3.40% |
| 5 years only | 3.80% | 3.00% | 1.55% | 3.26% | 3.50% |
Note:
- FCNR interest rates are subject to periodic changes.
- Income tax is not applicable on FCNR interest rates.
Key Features of Union Bank of India NRE Fixed Deposit
- Minimum deposit amount: Rs. 10,000/- for FDR in metro and urban branches and Rs. 5,000/- in Rural and Semi urban branches.
- Interest payment: Interest on Union Bank of India NRE FD is paid on quarterly basis.
- Premature withdrawal: If an FD is closed before the completion of the original term of deposit, interest will be paid at the rate applicable on the date of the deposit, for the period for which the deposit remained with the bank. No interest shall be paid if the deposit is withdrawn before one year.
- Nomination: Available.
Union Bank of India NRI Fixed Deposit Calculator
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FAQs
Union Bank of India NRE FD is offered for a flexible tenure, ranging from 1 year to 10 years.
Yes, Union Bank of India allows NRIs to add a nominee in an NRE fixed deposit.
NRE fixed deposits are completely tax-free in India. Hence, TDS is not applicable on NRE FD offered by Union Bank of India.
