Public sector lender Union Bank of India is offering attractive interest rates on its fixed deposit (FD) schemes, making it a good option for people looking for safe and stable returns.
The bank currently offers interest rates ranging from 2.75% to 7.35%, depending on the deposit tenure and the customer category.
Customers can open an FD with the bank for a minimum period of 7 days and a maximum tenure of up to 10 years.
One of the most talked-about offers is the bank’s special 444-day FD scheme, which provides some of the highest returns among its deposit options.
444-Day FD Scheme Offers Higher Interest
The bank’s 444-day special FD scheme offers higher interest rates compared to many other tenures.
Under this scheme:
General citizens receive 6.60% interest
Senior citizens receive 7.10% interest
Very senior citizens (above 80 years) receive 7.35% interest
Apart from this special scheme, the bank also offers competitive returns on long-term deposits.
For FD tenures ranging from 3 years to 10 years, the interest rates are:
6.00% for general citizens
6.50% for senior citizens
6.75% for very senior citizens
How Much You Can Earn on a ₹1 Lakh FD
If you deposit ₹1 lakh in a 5-year FD with Union Bank of India, the maturity amount depends on your age category.
General citizens:
A ₹1 lakh deposit will grow to ₹1,34,686, earning ₹34,686 as interest.
Senior citizens:
The same deposit will grow to ₹1,38,042, earning ₹38,042 as interest.
Very senior citizens (above 80 years):
The maturity amount becomes ₹1,39,750, giving a total interest of ₹39,750.
Why FDs Remain a Popular Choice
Fixed deposits continue to be a preferred investment option for many people because they offer stable and guaranteed returns.
Government-owned banks like Union Bank of India are also considered relatively safe for conservative investors.
For people who want to invest a small amount and still earn predictable returns, schemes like the 444-day FD or 5-year FD can be a practical option.