Union Bank Fixed Deposit Account is offered by Union Bank in India for Non-Resident Indians (NRIs) to hold term deposits in Indian rupees. NRIs and OCIs can open these fixed deposits to invest their foreign and Indian earnings and earn attractive rates. Latest Union Bank NRO FD rates 2023 range from 3.00% – 7.00% per annum for flexible tenure ranging from 7 days to 10 years and fixed deposit amount less than Rs. 2 cr. Apart from that, Union Bank of India also offers NRE FD and FCNR FD for NRIs.
Union Bank NRO FD Rates 2023
Listed below are the Union Bank NRO FD rates 2023 effective from 23.05.2023:
| Tenure | Below Rs. 2 crore |
| 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 less than 1 year | 5.25% |
| 1 year | 6.30% |
| More than 1 year to 398 days | 6.30% |
| 399 days | 7.00% |
| 400 days to 2 years | 6.30% |
| More than 2 years to less than 3 years | 6.30% |
| 3 years | 6.50% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
Note: All the interest rates mentioned above are subject to change without prior notice.
Also read: Union Bank of India NRE FD Rates: Tax Free NRI Fixed Deposits
Features and Benefits of Union Bank NRO Fixed Deposits
- The scheme is open for all NRIs looking to invest in fixed deposit and earn attractive interest.
- The minimum deposit for Union Bank NRO fixed deposit is Rs 10,000 in Metro cities & Urban Branches and Rs 5,000 for Rural & Semi-Urban branches. Similarly, for Senior Citizens, the minimum deposit amount is Rs 5,000.
- The tenure for Union Bank NRO fixed deposit ranges from 7 days to 10 years.
- Union Bank pays interest on NRO FD every quarterly.
- You have the option to break your deposit before the maturity period subject to the premature withdrawal clause of the Union Bank Term Deposit.
Also read: Union Bank of India NRE Account: Features and Benefits
Taxation on Union Bank NRO Fixed Deposit Earned Interest
Interest earned on your NRO Fixed Deposits will be subject to Tax Deduction at Source. Also, the repatriation of funds from an NRO account is subject to certain conditions, such as proof of tax compliance and a certificate from a chartered accountant.
Also read: Repatriation of Funds from India to Abroad
How to Open NRI account in Union Bank of India?
Opening an NRI account online with the Union Bank of India is a simple process. Here are the steps that NRIs need to follow in order to apply for a Union Bank of India NRI savings account:
- Access the official website of Union Bank of India.
- Download the Union Bank of India NRI account opening form from the form center.
- Complete the form by providing your personal details and necessary signatures.
- Choose the type of NRI account you want to open with the Union Bank of India.
- Once you have filled out the form and collected the documents, send the Account Opening Form and supporting documents to the address of the chosen branch.
- After the account is activated, you can proceed with remitting funds to your NRE/NRO Savings Bank Account.
- Your account will be opened upon receiving and verifying all the necessary documents by the respective branch where you intend to open the account.
Open NRO account online using SBNRI App
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
Union Bank NRO Fixed Deposit Interest Rate
Union Bank NRO fixed deposit interest rate ranges from 3.00% – 7.00% per annum for tenures ranging from 7 days to 10 years.
Also read: HSBC FCNR Rates: NRI Tax-Free Foreign Currency Investment
Wrapping Up
Due to lots of information and documentation required to apply for NRO accounts, the NRO account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRO account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Also, visit our blog and YouTube channel for more details.
FAQs
Can I open NRI account online?
- You can apply for an NRI account opening online through a bank’s website. Fill out the account opening form online and upload the scanned documents. The NRI account opening process varies from bank to bank. Alternatively, you can download SBNRI app to apply for NRI account opening online.
What is the minimum initial deposit amount required to open a Union Bank NRO fixed deposit?
- The minimum deposit for Union Bank NRO fixed deposit is Rs 10,000 in Metro cities & Urban Branches and Rs 5,000 for Rural & Semi-Urban branches. Similarly, for Senior Citizens, the minimum deposit amount is Rs 5,000.
In what currency can I conduct transactions using the Union Bank NRO savings account?
- You can carry out all transactions in Indian rupees only. However, you can deposit funds in different foreign currencies which will be converted into Indian rupees.
Can I repatriate funds from my Union Bank NRO Fixed deposit account?
- Interest earned on your NRO Fixed Deposits will be subject to Tax Deduction at Source. Also, the repatriation of funds from an NRO account is subject to certain conditions, such as proof of tax compliance and a certificate from a chartered accountant.
What is the Union Bank NRO fixed deposit interest rate?
- Union Bank NRO fixed deposit interest rate ranges from 3.00% – 7.00% per annum for tenures ranging from 7 days to 10 years.
Can I add a nominee to Union Bank NRO fixed deposit?
- Yes, Union Bank of India allows NRIs to add a nominee to an NRO fixed deposit.
