union bank fd calculator
FD Calculator
union bank fd calculator
Explanation
- Principal (P): The initial sum of money deposited.
- Rate of Interest (r): The annual interest rate, converted from a percentage to a decimal.
- Time Period (t): The duration for which the money is deposited, in years.
- Compounding Frequency (n): The number of times interest is compounded per year (e.g., annually, semi-annually, quarterly, monthly).
union bank fd calculator Compound Interest Formula
The formula to calculate the maturity amount with compound interest is: 𝐴=𝑃(1+𝑟𝑛)𝑛𝑡A=P(1+nr)nt where:
- 𝐴A is the maturity amount.
- 𝑃P is the principal amount.
- 𝑟r is the annual interest rate (in decimal).
- 𝑛n is the number of times interest is compounded per year.
- 𝑡t is the time the money is invested for in years.
Example Calculation
In the example provided:
- The principal is 10,000 units.
- The annual interest rate is 5%.
- The time period is 3 years.
- The interest is compounded quarterly (4 times a year).
The script calculates the maturity amount based on these inputs and prints the result. You can modify the principal, rate_of_interest, time_period, and compounding_frequency variables to suit your needs.
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Union Bank of India fixed deposit (FD) interest rates
1: Short-term Deposits (7 days to 1 year):
- 7-14 days: 3.50%
- 15-30 days: 3.50%
- 31-45 days: 3.50%
- 46-90 days: 4.50%
- 91-120 days: 4.80%
- 121-180 days: 4.90%
- 181 days to less than 1 year: 5.75%
2: Medium-term Deposits (1 year to less than 5 years):
- 1 year: 6.75%
- More than 1 year to 398 days: 6.75%
- 399 days: 7.25%
- 400 days to 2 years: 6.50%
- More than 2 years to 998 days: 6.50%
- 999 days: 6.40%
- 1000 days to less than 3 years: 6.50%
- 3 years: 6.50%
- More than 3 years to 5 years: 6.50%
3: Long-term Deposits (5 years to 10 years):
- 6.50%
For senior citizens, Union Bank offers an additional interest rate of 0.50% above the standard rates for deposits up to ₹5 crores. Super senior citizens (above 80 years) get an extra 0.25% over the senior citizen rates
To open an FD account with Union Bank, you can use internet banking, the mobile app, or visit a branch in person. You will need valid identity and address proofs, such as a PAN card or Aadhaar card