Updated 03 Sep 2023
Fixed Deposits are one of the most sought investment choices amongst Indians due to their good returns and risk-free nature. Union Bank of India, one of India's leading public sector banks, has been at the forefront of providing impressive FD schemes.
The bank offers excellent interest rates with an extra benefit to senior citizens. If you want to open an FD account with Union Bank Of India, you’ve come to the right place. Let’s look at how you can open an FD account using multiple modes, online and offline.
Using Union Bank Mobile Application (App)
Step 1: Log in to the Union ‘vyom’ mobile application
Step 2: Click on ‘Open FD’ in the Quick Task section. By this, you will get an online form in which you will be required to
Step 3: Select the FD tenure and insert the deposit amount. After filling out the form, you can submit the details and create an FD.
Using Union Internet banking website
Step 1: Log in to the Union Internet Banking website
Step 2: Navigate to the “Online Deposit” tab.
Step 3: From the menu, select “Fixed Deposits opening”. This will generate an online form in which you will be required to select the FD tenure and insert the deposit amount.
Step 4: After filling out the form, you can submit the details and create an FD.
Offline by visiting the nearest Branch
Step 1: Visit the nearest Union Bank branch.
Step 2: Obtain and fill up the form to create a Fixed Deposit indicating the period, amount and other preferences
Step 3: Submit the form along with a copy of your Aadhar and Pan card; the bank officials will process the form and create an FD.
Are eligible to open their fixed deposit accounts with Union Bank.
One can start a fixed deposit with a minimum investment of Rs. 1000/-, in a cumulative deposit scheme, it is as low as Rs 50 also.
Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer
For Identification Proof
For Address proof
For Date of Birth proof
Note- The above requirements are waived if the customer is already an account holder of the Bank.
Is Pan Card mandatory to open a Union Bank FD?
Yes, it is a must to hold a Pan Card to open a Union Bank Fixed Deposit Account.
Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?
Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 lakhs (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.
Does Union Bank offer Sweep Facility for FDs?
Yes, Union Bank has a sweep facility. Any balance in excess of the minimum specified balance (in multiples of ₹ 10,000) in the ‘Savings Flexi Deposit Scheme’ will be swept out to form an FD with no premature-penalty clause.
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