Union Bank of India Announces Additional Premium On Fixed Deposits (FDs) For Senior & Super Senior Citizens

On August 27, the public sector lender Union Bank of India announced higher senior citizens rates on term deposits up to Rs 5 crore in all term deposit schemes of 0.5 per cent for senior citizens and 0.75 per cent for super senior citizens, respectively. In all of its domestic term deposit schemes up to Rs. 5.00 Crores, Union Bank of India provides resident senior and super senior individuals with an additional rate premium. For resident senior citizen deposits, an additional rate component equal to 0.50% over standard rates is applied.

"The aggregate value deposited by a depositor for a similar period of time shall be taken into account for determining the applicable rate of interest," the bank said in a statement.

While resident senior citizens are subject to a 0.25% additional rate over the standard rate, resident super senior citizens are subject to an additional rate component of 0.75% over and above the standard rates. Term deposits made or renewed on or after December 1, 2022, will be subject to the super senior term deposit additional rate.

"The interest is calculated on a daily basis and is credited on a quarterly basis every year in the months of April, July, October and January," mentioned Union Bank of India in a statement.

Union Bank of India FD Rates

Effective from 02nd August 2024, the latest FD rates of Union Bank of India are in force for deposits of up to Rs 3 Cr. Union Bank of India's new FD rates are as follows.

Period	Rates in % per annum
7-14 Days	3.5
15-30 Days	3.5
31-45 Days	3.5
46-90 Days	4.5
91-120 Days	4.8
121-180 Days	5
181 Days to 332 days	6.35
333 days	7.4
334 days to 1 year	6.35
1 year	6.8
1 year to 398 Days	6.8
399 Days	7.25
400 Days to 2 year	6.6
2 year to 996 days	6.6
997 days	6.4
998 days to less than 3 Years (except for 999 days @ 6.40)	6.6
3 years	6.7
3 Year to 5 years	6.5
5 Years to 10 Years	6.5

Recently, Shri Sanjay Narayan, General Manager of the bank has been elevated to the post of Chief General Manager w.e.f. 10.08.2024 as approved by the Board in its meeting held on 14.08.2024. In addition to having a postgraduate degree in management, Shri Sanjay Narayan is an experienced banker with over 27 years of expertise in agriculture and arts. He has served as the bank's Zonal Head for New Delhi. Before that, he had an array of positions in the bank's Branch Banking, MSME, Digitisation, and Retail Assets Verticals as well as in Regional Offices, Zonal Offices, and Corporate Offices.