Union Bank Senior Citizen FD Rates 2023

Union Bank of India is India’s one of the leading public sector banks in India. Headquartered in Mumbai, this bank has three overseas branches in Hong Kong, Sydney and Dubai International Financial Centre in UAE. This bank also offers financial products under personal finances, corporate loans and international finances segments. The bank offers an additional interest rate of 0.50% to resident senior citizen applicants on the existing Union Bank fixed deposit interest rates. Union Bank calculates this interest rate every quarter in a financial year for April, July, October and January.

Keep scrolling to learn more about Union Bank FD rates for senior citizens and other relevant information.

Union Bank Senior Citizen FD Rates 2023

PeriodInterest Rates for Deposits less than Rs. 2 crores
7 days to 14 days3.50%
15 days to 30 days3.50%
31 days to 45 days3.50%
46 days to 90 days4.55%
91 days to 120 days4.80%
121 days to 180 days4.90%
181 days < 1 year5.75%
1 year6.80%
More than 1 year to 398 days6.80%
399 days7.50%
400 days to 2 years6.80%
More than 2 years to less than 3 years6.80%
3 years6.80%
More than 3 years to 5 years7.20%
More than 5 years to 10 years7.20%

Features & Benefits of Union Bank Senior Citizen FD Rates

The points below will take you through the features and benefits of Union Bank FD rates for senior citizens.

  1. The minimum period to invest in FD with Union Bank is 7 days for senior citizens, super senior citizens and regular customers.
  2. The minimum fixed deposit amount for Union Bank is ₹1,000. Furthermore, there is no cap on the maximum deposit for this scheme.
  3. Union Bank of India will deduct TDS as per the bank’s guidelines upon making such FD investments. 
  4. If there is no specific information, matured deposits for Union Bank fixed deposit interest rates for Senior Citizens will get renewed automatically for the same period at the applicable interest rate.
  5. Resident super senior citizens will receive an additional interest rate of 0.75% over the normal interest rate.
  6. Union Bank of India allows premature withdrawal of fixed deposits. However, the bank will pay interest rates only for the run period and can charge a penalty rate if applicable.

How to Book Senior Citizen FD from the Union Bank?

The following steps below will guide you on how to apply for a senior citizen fixed deposit account using online and offline modes.   


To open a senior citizen fixed deposit account online, you can either download the bank’s mobile app or visit their official website.

1. Through Internet Banking

Now, let’s take a look at the steps to open a Union Bank of India FD with internet banking.

  • Step 1: Open the official website of Union Bank of India and log in to your net banking account with your credentials.
  • Step 2: Click on the ‘Fixed Deposit’ option from the main menu.
  • Step 3: An online form will open where you must enter necessary details like your personal information, maturity instructions and nominee details.

Step 4: Click ‘Submit’ to proceed to the amount deposition process. You will also receive a confirmation message on successful account opening.

2. Through Mobile Application

Follow the steps below to open a Union Bank FD account using the mobile application.

  • Step 1: Download the Union Bank of India App from the Google Play Store.
  • Step 2: Enter your credentials to log in and access your account.
  • Step 3: Select the ‘Fixed Deposit’ option from the menu. An application form will open wherein you must enter all necessary information. These include nominee details and maturity instructions.
  • Step 4: Click ‘Submit’ to move ahead with the deposition process to activate your FD. Upon successful booking, you will receive a confirmation message.

2. Offline

Besides the above steps for online booking, you can also book a senior citizen fixed deposit from Union Bank by visiting its nearest branch. Follow the steps below to open a senior citizen FD account offline.

  • Step 1: Visit your area’s nearest Union Bank of India branch.
  • Step 2: An officer will provide you with a Union Bank of India application form. Fill in the necessary details and submit the form with the required documents.
  • Step 3: The bank will provide you with an FD receipt after Union Bank of India successfully processes your request.

Documents Required to Book ICICI Senior Citizen FD

Here are the documents that a person must submit to start earning long-term returns from Union Bank Senior Citizen FD rates.

  1. Senior Citizen FD account opening application form 
  2. Identity proof of an applicant – Passport, Voter ID Card, Driving Licence
  3. Address proof of an applicant – Utility bills, Aadhaar Card, Bank Statement
  4. Birth Certificate or Senior School Leaving Certificate for date of birth proof
  5. Pension Payment Order
  6. Other bank-related documents – account number, IFSC code, and branch name

Eligibility to Open Senior Citizen FD

Let’s look at the eligibility criteria you must fulfil to open a senior citizen fixed deposit account with Union Bank and make the most of Union Bank Senior Citizen FD rates.

  • Applicant type: Any resident individual for a single account, two or more individuals to open a joint account. Physically challenged individuals, illiterate, and Purdanasheen women can open an FD account here.
  • Age of Applicant: A person must be between 60 years to 80 years old to be eligible to open a senior citizen fixed deposit account with Union Bank.


Now, you have a detailed idea of how to invest and reap benefits from Union Bank FD rates for senior citizens. However, it is important to note that interest rates are subject to frequent changes. Therefore, as a depositor, you must consider looking up the current interest rate on Union Bank’s official website before starting a fixed deposit.


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