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Senior Citizens Fixed Deposit Interest Rates in Union Bank of India

Updated 12 Jan 2024

Established in 1919 in Mumbai, the Union Bank of India has a majority shareholding of the Government of India. This is one of the oldest banks in India and hence holds a sense of security amongst the citizens. 

Fixed deposits are the most secure investment option and are best for senior citizens because of their low-risk features. Let’s learn how senior citizens are offered attractive interest rates in Union Bank FDs.

Senior Citizen FD Interest Rates

Like most other banks, Union Bank also offers attractive interest rates to senior citizens. The rates are as follows:


Fixed Deposit interest rate- For Domestic/NRO/NRE

TenureSenior Citizens
7-14 Days3.5%
15-30 Days3.5%
31-45 Days3.5%
46-90 Days4.55%
91-120 Days4.8%
121-180 Days4.9%
181 Days to above  1 year5.75%
1 year7.25%
Above 1 year to 398 Days7.25%
399 Days7.75%
400 Days to 2 year7%
Above 2 year to 3 Years7%
Above 3 Year to 5 years7%
Above 5 Years to 10 Years7%



  • These rates are valid from  from 27.12.2023.
  • Senior Citizen Rates do not apply to NRIs. 
  • The minimum tenure for NRE Deposit is 1 Year.


To open a senior citizen FD account, you must:

  • Be 60 years or above on the day of application.
  • Be 80 years or above for opening a super senior citizen FD account.

Documents Required

At the time of opening a new fixed deposit account, the Senior/super senior citizen is required to submit any of the following documents as proof of age.

  • Senior School Leaving Certificate indicating date of birth
  • LIC Policy
  • Voters identity card
  • Pension Payment Order
  • Birth Certificate issued by the competent authority
  • Passport
  • Any other document acceptable to the bank


Can a senior/super senior citizen open a joint bank account?

Yes, you can open a joint bank account to avail the additional interest rate benefits. The only condition is the first holder should be a senior/super senior citizen.

Are there any additional benefits for super senior citizens?

Yes, the additional interest rate applicable to resident super senior citizen term deposits is 0.75% over the rate applicable to normal rates.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, a 10% TDS is applicable if the total interest earned exceeds the limit of ₹  50,000 for resident senior citizens. However, if your total income is below the taxable limit, you can submit Form 15G or Form 15H (For senior citizens) to the bank.


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