Fixed deposit schemes are a preferred investment avenue among risk-averse individuals looking for assured returns. With India’s emergence as a leading economy, several NRIs are increasingly investing in FD offered by Indian banks and financial institutions.
Union Bank of India is one such reputed financial institution that offers high-yielding interest rates to Non-resident Indians. If you’re an NRI and wish to invest in an FD, you should take into account the attractive Union Bank of India NRE Fixed Deposit Rates.
What is the Union Bank of India NRI Fixed Deposit?
Union Bank of India offers different types of NRI fixed deposit schemes at interest rates ranging from 3.00% to 7.00% per annum. The bank accepts investments in multiple currencies, such as British Pound Sterling (GBP), Japanese Yen (JPY), Euro (EUR), Australian Dollar (AUD) and Canadian Dollar (CAD). Upon making such investments, the NRI schemes provide maximum returns throughout the tenure, predetermined by the depositor.
Union Bank of India NRI FD Rates
Take a look at the varying interest rates provided by different Union Bank NRI FD schemes.
Union Bank of India NRE Fixed Deposit Rates under ₹2 Crores
Check the Union Bank of India NRE FD rates for deposits made under ₹2 crores:
| Tenure | NRE FD Rates |
| 1 Year | 6.30% |
| >1 Year to 398 days | 6.30% |
| 399 Days | 7.00% |
| 400 Days to 2 Years | 6.30% |
| >2 years to less than 3 years | 6.30% |
| 3 Years | 6.50% |
| >3 Years to 5 Years | 6.70% |
| >5 Years to 10 Years | 6.70% |
Union Bank of India NRO Fixed Deposit Rates under ₹2 Crores
Check the NRO FD rates at Union Bank of India for deposits amounting less than ₹2 crores:
| Tenure | FD Interest Rates |
| 7 Days to 14 Days | 3.00% |
| 15 Days to 30 Days | 3.00% |
| 31 Days to 45 Days | 3.00% |
| 46 Days to 90 Days | 4.05% |
| 91 Days to 120 Days | 4.30% |
| 121 Days to 180 Days | 4.40% |
| 181 Days to less than 1 Year | 5.25% |
| 1 Year | 6.30% |
| >1 year to 398 Days | 6.30% |
| 399 Days | 7.00% |
| 400 Days to 2 Years | 6.30% |
| > 2 Years to less than 3 years | 6.30% |
| 3 Years | 6.50% |
| > 3 Year to 5 years | 6.70% |
| >5 Years to 10 Years | 6.70% |
Union Bank of India FCNR Fixed Deposit Rates
Check out the latest Union Bank FCNR rates:
| Tenure | USD | GBP | EUR | JPY | CAD | AUD |
| 1 Year to less than 2 Years | 5.00 | 4.50 | 2.15 | 0.01 | 4.00 | 3.50 |
| 2 Years to less than 3 Years | 4.30 | 3.50 | 2.05 | 0.01 | 3.61 | 3.20 |
| 3 Years to less than 4 Years | 4.05 | 3.25 | 1.55 | 0.01 | 3.31 | 3.30 |
| 4 Years to less than 5 Years | 3.80 | 3.00 | 1.55 | 0.01 | 3.26 | 3.40 |
| 5 Years | 3.80 | 3.00 | 1.55 | 0.01 | 3.26 | 3.50 |
Union Bank of India RFC Fixed Deposit Rates
The following table provides the RFC FD rates below:
| Tenure | USD < 500,000 | USD >= 500,000 | GBP | EUR | JPY | CAD | AUD |
| 6 Months to less than 1 Year | 5.00 | 5.25 | 4.50 | 2.15 | 0.01 | 4.00 | 3.50 |
| 1 Year to less than 2 Years | 5.00 | 5.25 | 4.50 | 2.15 | 0.01 | 4.00 | 3.50 |
| 2 Years to less than 3 Years | 4.30 | 4.30 | 3.50 | 2.05 | 0.01 | 3.61 | 3.20 |
| 3 Years | 4.05 | 4.05 | 3.25 | 1.55 | 0.01 | 3.31 | 3.30 |
Features and Benefits of Union Bank of India NRI Fixed Deposit
Check the features and benefits of NRI fixed deposits at Union Bank of India:
- Under the Union Bank NRI FD, NRE accounts can be opened with a minimum amount of ₹10,000 in metro and urban areas. However, people residing in rural and semi-urban areas can open an account with ₹5,000.
- The interest earned from NRE and NRO FD schemes is payable quarterly.
- If NRIs wish to open FCNR accounts, they can do so for a tenure of 1 year to 5 years.
- Depositors can fully and freely repatriate their entire FCNR deposit and interest income.
- NRIs can hold FCNR accounts jointly with either other NRIs or resident Indians. However, the joint account holder has to be a close relative of the primary depositor.
- Resident Foreign Currency (RFC) accounts are only applicable to NRIs who return home permanently after staying in a foreign land continuously for a minimum of 1 year.
- The interest on the RFC deposits will be tax-exempt but only as long as the depositor maintains the ‘Resident but not Ordinarily Resident’ status.
Conclusion
This guide on Union Bank of India NRE fixed deposit rates aims to help you make a more informed decision when it comes to investing foreign income/savings and earning assured returns. If you’re a non-resident Indian (NRI) and are thinking of investing in fixed deposit schemes, you should check out the terms and conditions associated with Union Bank FDs.
FAQs
Yes, an NRI can open and maintain multiple accounts with different banks simultaneously in India. There’s no such restriction on opening more than one FD account.
No, it is not mandatory for an NRI to live in India to open an NRI FD account with Union Bank. They can live abroad as well.
No, NRIs cannot deposit local funds in their NRE FD accounts. An NRE FD account only accepts the credits coming from foreign countries in the form of demand drafts, telegraphic or mail transfers.
No, an NRI will not be liable to pay any additional charge or commission upon remitting FCNR proceedings abroad.
Yes, the tenure of NRI FDs can be prematurely extended to earn higher returns. However, account holders have to hold their FD for a minimum maturity period before applying for such a facility.
