United Bank of India NRI FD Rates: Tax-Free Deposits for NRIs

United Bank of India NRI FD Rates: United Bank of India (UBI) provides multiple types of fixed deposit schemes to its NRI customers, such as NRE deposits, NRO deposits, FCNR (B) deposits, and RFC deposits. The deposit accounts allow Non-Resident Indians to save and grow their income in foreign currency and INR. 

In this article:

United Bank of India NRI FD Rates
United Bank of India NRI FD Rates

United Bank of India NRI FD Rates 2020-21

Refer to the following tables to find out the current United Bank of India NRI FD Rates

UBI NRE & NRO Term Deposit Interest Rates

United Bank of India offers attractive NRE/NRO FD rates for flexible maturity terms. The following table shows the United Bank of India NRE FD rates and NRO FD Rates for 2020-21.  

TenureNRE/NRO FD Rates (Per annum)
7 days – 14 days4.00%
15 days – 29 days4.00%
30 days – 45 days4.00%
46 days – 60 days4.00%
61 days – 90 days4.50%
91 days – 180 days5.00%
181 days – 269 days5.75%
270 days – less than 1 year6.00%
1 year6.50%
Above 1 year – less than 2 years6.25%
2 years6.25%
Above 2 years – less than 3 years6.25%
3 years6.25%
Above 3 years – less than 5 years6.00%
5 years and above6.00%
United Bank of India NRI FD Rates: NRE and NRO FD

Note: The above-mentioned NRE/ NRO interest rates are subject to periodic changes. The minimum tenure for UBI NRE deposits is 1 year. 

UBI FCNR (B) & RFC Deposit Interest Rates

Tenure/currencyUSDGBPEURJPYCHFSGD
1 year to less than 2 years1.76%0.75%0.00%0.00%0.00%0.00%
2 years to less than 3 years1.66%0.82%0.00%0.00%0.00%0.00%
3 years to less than 4 years1.65%0.85%0.00%0.00%0.00%0.00%
4 years to less than 5 years1.66%0.88%0.00%0.00%0.00%0.00%
5 years only1.68%0.92%0.00%0.00%0.00%0.00%
United Bank of India NRI FD Rates: FCNR and RFC FD

Note: The above-mentioned UBI FCNR & RFC rates are effective from 1st January 2020 and subject to periodic changes. 

Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 07/02/2021)

Types of NRI FD Schemes by United Bank of India

NRI customers can open 4 types of fixed deposit accounts with United Bank of India as under:

  • NRE (Rupee) Fixed Deposit Account
  • NRO Fixed Deposit Account
  • FCNR (B) Term Deposit Account
  • RFC Fixed Deposit Account
  1. UBI Non-Resident External Fixed Deposit Account
ParticularsDetails
Period1 to 10 years
EligibilityNRIs/PIOs
Currency denominationINR
TaxabilityFully exempt from Indian Income Tax
Premature withdrawalAllowed after 12 months with penalty
Benefits– Nomination facility available
– Joint account can be opened with 2 or more NRIs
– Freely repatriable
UBI NRE FD Overview
  1. UBI Non-Resident Ordinary Fixed Deposit Account
ParticularsDetails
Period7 days to 10 years
EligibilityNRIs/PIOs
TaxabilityInterest earned on deposit is taxed 
Premature withdrawalAllowed with up to 1% penalty 
Benefits– Nomination facility available
– Joint account can be opened with eligible NRIs/PIOs
– Balance in NRO account can be repatriated up to $1 million per annum for bonafide purposes
– Internet banking services available 
UBI NRO FD Overview 
  1. UBI FCNR (B) Fixed Deposit Account
ParticularsDetails
Period1 to 5 years
EligibilityNRIs/ PIO
Currency denomination USD, GBP, EUR, JPY, CHF
TaxabilityNo TDS on interest earned
Premature withdrawalAllowed
Benefits– Nomination allowed
– Joint account can be opened with close relative residents
– Both balance and interest fully repatriable
UBI FCNR (B) FD Overview
  1. UBI RFC Fixed Deposit Account
ParticularsDetails
Period6 months/ 12 months/ 2 years/ 3 years
EligibilityIndividuals planning to return to India
Designated currenciesUSD, EURO, Pound Sterling
TaxabilityNot taxable in India 
Premature withdrawalNot allowed
Features– Nomination available
– Not permitted with resident Indians
– Both balance and interest freely repatriable
– On becoming NRI, local payments and foreign transfers are allowed
UBI RFC FD Overview

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Loan against United Bank of India NRI FD

  1. Loan against NRE FD:
  • NRI customers can get a loan against the money in their NRE fixed deposit account.
  • Loan in India granted in INR only. 
  • The loan can be availed for personal expenses, purchase of immovable property, business and direct investment, etc. on a non-repatriation basis.
  • Loan is offered to third parties only if the depositor submits security documents with the bank. 
  1. Loan against NRO FD:
  • Offered to both the depositor and third party. 
  • Loan is available in INR only. 
  1. Loan against FCNR (B) FD:
  • Offered to both the depositor and third party. 
  • Submission of security documents is compulsory. 

Premature withdrawal of United Bank of India NRI FDs

While United Bank of India allows premature withdrawal of NRE, NRO and FCNR (B) fixed deposits, customers may be liable for certain penalties charged on withdrawing money from the FD before the maturity date. The penalty may go up to 1%. 

Documents required to apply for United Bank of India NRI FD Account

Here is the list of documents that customers will have to share while opening UBI NRI FD accounts:

  • Filled account opening application form
  • Latest passport-size photographs of depositor(s)
  • Proof of residence in the current country
  • Photocopy of valid visa (work permit, student visa, residence visa, etc.)
  • Photocopy of passport
  • PAN card

How to apply for United Bank of India NRI Fixed Deposit Accounts

SBNRI is an online one-stop destination for expert services and advisory on all major NRI specific aspects including NRI FD schemes.

To get full assistance with NRE Account Opening and booking other Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.

UBI NRI Fixed Deposit Calculator

Calculate your returns on FD and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and Youtube Channel for more details.

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FAQs

Is deposit held under NRE accounts taxable under wealth tax?

No, NRE fixed deposit accounts are not taxable under wealth tax.

Who is eligible to open NRI Fixed Deposits with United Bank of India?

All Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can open an NRI FD account. However, residents of Pakistan and Bangladesh can not contribute to an NRO fixed deposit scheme. 

What is the best NRI FD rate offered by United Bank of India?

NRI FD rates offered by United Bank of India can go up to 6.50% per annum on NRE FD for a maturity period of 1 year. 

Can a depositor take a loan against United Bank of India NRI fixed deposit for a third- party applicant?

Yes, however, the depositor will need to submit his/her security documents with the United Bank of India. 

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