fincash logo SOLUTIONS
EXPLORE FUNDS
CALCULATORS
LOG IN
SIGN UP

Fincash » RD Interest Rates » UBI RD Rates

Union Bank of India RD (Recurring Deposit) Rates 2024

Updated on June 12, 2024 , 21984 views

The Recurring deposit (RD) scheme offered by the Union Bank of India is a convenient way of saving money while also earning interest on it.

Union-Bank-of-India

A recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open an recurring deposit account with the Union Bank of India can choose any amount and term according to your convenience.

Union Bank of India RD Rates 2024

Here's the list of RD Interest Rates of Union Bank of India:

Period Rates for Regular Deposit Rates for Senior Citizen
181 days to less than a year 4.40% 4.40%
1 year 5.00% 5.00%
1 year 1 day to 2 years 5.10% 5.10%
2 years 1 day to 3 years 5.30% 5.80%
3 years 1 day to 5 years 5.40% 5.40%
5 years 1 day to 10 years 5.50% 5.50%

RD Calculator

Monthly Deposit:
Tenure:
Months
Rate of Interest (ROI):
%

Investment Amount:₹180,000

Interest Earned:₹21,474

Maturity Amount: ₹201,474

RD Schemes of Union Bank of India

Here are the two schemes of Union Bank of India.

Cumulative Deposit Scheme

This is the traditional RD scheme of UBI with attractive features. The monthly deposit amount of this scheme is as low as INR 50 with a deposit Range of six months to 120 months. Additionally, the interim discontinuation of monthly investment can be converted to a fixed deposit with a valid reason. So, you can use it as a FD account for the rest of the term.

RD Scheme of Union Monthly Plus

The 'Union Monthly Plus' scheme is flexible in Investing amount as per the convenience of the user. An account holder of a recurring deposit in the Union Bank of India can increase the monthly deposit in the multiples of core amount. There is no penalty either on premature withdrawals nor on late payments.

Features of UBI Recurring Deposits

Some of interesting features of the recurring deposit offered by Union Bank of India are:

  • The scheme offered options of depositing a small amount of money on regular Basis instead of one-time payment. This Facility is an encouragement for small investors to earn interest Income
  • The bank offers flexible tenure periods ranging from few months to several years
  • Quick access and liquidity of funds when needed

Ready to Invest?
Talk to our investment specialist
Disclaimer:
By submitting this form I authorize Fincash.com to call/SMS/email me about its products and I accept the terms of Privacy Policy and Terms & Conditions.

Union Bank of India RD Calculator

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

Illustration-

RD Calculator INR
Monthly Deposit Amount 500
RD in month 60
Rate of Interest 7%
RD Maturity Amount INR 35,966
Interest Earned INR 5,966

Why Investing in SIP is Beneficial?

  • Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic basis - daily, weekly, monthly or quarterly

  • You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500

  • SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors

  • SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc

  • Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns

  • To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges

Best Performing SIPs to Invest 2024

Here's a list of best performing equity SIPs for an investment horizon of five years and above

FundNAVNet Assets (Cr)Min SIP Investment3 MO (%)6 MO (%)1 YR (%)3 YR (%)5 YR (%)2023 (%)
IDFC Infrastructure Fund Growth ₹53.246
↑ 0.85
₹1,171 100 3145.384.535.727.850.3
Franklin Build India Fund Growth ₹142.402
↑ 0.59
₹2,406 500 23.333.679.235.726.951.1
L&T India Value Fund Growth ₹106.136
↑ 0.79
₹12,067 500 19.425.361.228.224.139.4
DSP BlackRock Natural Resources and New Energy Fund Growth ₹92.742
↑ 0.20
₹1,094 500 1932.157.621.423.131.2
L&T Emerging Businesses Fund Growth ₹83.399
↑ 0.62
₹14,619 500 25.421.755.431.628.546.1
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 14 Jun 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
How helpful was this page ?
Rated 4.9, based on 7 reviews.
POST A COMMENT