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How to Open Union Bank of India Fixed Deposit Account

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.

How to Open an FD with Union Bank

  • If you already hold a Savings or Current Account with Union Bank, a Fixed Deposit can be opened using the below procedure.

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.

  • If you are a new customer of Union Bank and do not hold any account, you can visit the nearest Union Bank with the Original PAN & Aadhar as well as the soft copy of the same. The bank official will help you to directly open an FD without having any savings / current account.
  • Also, there is an option to create a savings/ current account with the bank and then open an FD using a Mobile application or Internet Banking Facility.

Union Bank FD Eligibility Criteria

  • Any person in his individual capacity  
  • More than one person in their joint names, 
  • Any minor jointly with a major 
  • Sole Proprietary concern
  • Members of charitable trusts
  • Educational institutions
  • HUF (Hindu Undivided Family)
  • Clubs
  • Private Traders 
  • Merchants
  • Agents
  • Professionals 
  • Partnership Firms
  • Societies & Corporates

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.

Documents required for Union Bank’s FD account

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

  1. PAN Card
  2. Driving License
  3. Passport
  4. Voter’s ID
  5. Aadhar Card
  6. Govt./Defense ID card or ID Card issued by a Reputed employer.

For Address proof

  1. Aadhar Card
  2. Electricity Bill
  3. Telephone Bill
  4. Ration Card
  5. Bank account statement
  6. Letter from a reputed employer, Letter from any recognised public authority /local body, Income tax/wealth tax Assessment order

For Date of Birth proof

  • Applicable for Senior Citizens & Minor only.
  1. For Senior Citizens ( any one of the following) : 
  2. Passport
  3. Voter ID Card
  4. Driving License
  5. PAN Card
  6. Service Discharge Certificate
  7. PPO in the case of Pensioner
  • For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
  • Two recent passport-size photographs of account holders.
     

Note- The above requirements are waived if the customer is already an account holder of the Bank.

FAQs

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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