United Bank Fixed Deposit Interest Rates

United Bank Fixed Deposit Interest Rates

United Bank of India (UBI) is one of the 14 major banks which were nationalized on July 19, 1969. Its predecessor the United Bank of India Ltd., was formed in 1950 with the amalgamation of four banks viz. Comilla Banking Corporation Ltd. (1914), Bengal Central Bank Ltd. (1918), Comilla Union Bank Ltd. (1922) and Hooghly Bank Ltd. (1932) (which were established in the years indicated in brackets after the names). The origin of the Bank thus goes as far back as to 1914. As against 174 branches, Rs. 147 crores of deposits and Rs. 112 crores of advances at the time of nationalisation in July, 1969, today the Bank is 100% CBS enabled with more than 1700 branches and offices and is having a Total business of more than Rs 1.5 lac crore. Presently the Bank is having a Three-tier organisational set-up consisting of the Head Office, 33 Regional Offices and the Branches.

After nationalisation, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. In recognition of the role played by the Bank, it was designated as Lead Bank in several districts and at present it is the Lead Bank in 30 districts in the States of West Bengal, Assam, Manipur and Tripura. The Bank is also the Convener of the State Level Bankers’ Committees (SLBC) for the States of West Bengal and Tripura.

UBI played a significant role in the spread of banking services in different parts of the country, more particularly in Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB) one each in West Bengal, Assam, Manipur and Tripura. These four RRBs together have over 1000 branches. United Bank of India has contributed 35% of the share capital/ additional capital to all the four RRBs in four different states. In its efforts to provide banking services to the people living in the not easily accessible areas of the Sunderbans in West Bengal, UBI had established two floating mobile branches on motor launches which moved from island to island on different days of the week. The floating mobile branches were discontinued with the opening of full-fledged branches at the centers which were being served by the floating mobile branches. UBI is also known as the ‘Tea Bank’ because of its age-old association with the financing of tea gardens. It has been the largest lender to the tea industry.

The Bank has three full fledged Overseas Branches one each at Kolkata, New Delhi and Mumbai with fully equipped dealing room and SWIFT terminal . Operations of all the branches have since been computerized and Electronic Fund Transfer System came to be implemented in the Bank’s branches across the country. The Bank has ATMs all over the country and customers can use United International Debit Card at all VISA ATMs across the globe.

Interest Rates on Deposits and Service Charges 
Rates at a quick glance  Deposit Accounts

NATURE

RATE OF INTEREST

MINIMUM BALANCE

 

NORMAL

SENIOR CITIZEN

RURAL

SEMI URBAN

URBAN

ACCOUNT
1. Savings Bank Account
A. Domestic
a. with cheque book facility

4%

4%

Rs 500

Rs 500

Rs 500

b. without cheque book facility

4%

4%

Rs 50

Rs 100

Rs 100

c. No Frills Account

4%

4%

0

0

0

B. Non Resident
a. NRO

 4%

  4%

b. NRE

 4%

  4%

Retail Term Deposit.   Interest Rates Domestic Retail Term Deposit  below 5 Crore

Sl. No.

Period of Deposit

Revised Rates w.e.f
16.08.2013

Other than Sr. Citizen

Rate for Sr. Citizen

1.

7 Days to 14 Days

5.00

5.00

2.

15 Days to 29 Days

5.00

5.00

3.

30 Days to 45 Days

5.50

5.50

4.

46 Days to 60 days

8.00

8.00

5.

61 Days to 90 Days

8.00

8.00

6.

91 Days to 180 Days

8.50

8.50

7.

181 days to 269 Days.

8.75

8.75

8.

270 Days to less than 1 Year

8.75

8.75

9.

1 Year to less than 2 Year

9.00

9.50

11.

2 years to less than 3 years

8.75

9.25

12.

3 years to less than 5 years

8.75

9.25

13.

5 years and above

8.75

9.25

For Accepting Single Deposit above Rs 5 CroreConcerned Branch should obtian prior permission from GM Treasury on its acceptance and rate of interest.

Time Bucket

Rates of Tax Savings Deposit Scheme  (Growth & Income Plan)w.e.f 04.04.2013

Other than Sr. Citizen

Addl. Rate for Sr. Citizen

5yrs Lockin Period

8.75

0.50

The following are rate of interest for deposit of Rs 5.00 crore and above for today

Valid Only On    Period InterestAmount
26 Aug 2013For 39 Days9.95 %100 Crores
26 Aug 2013For 91-365 Days10.25 %375  Crores


Penalty for Premature withdrawal For Retail Deposits (below Rs 100 lac):

Particular

Penalty

If Term Dposit is closed  prematurely withdrawn within 7 days from the date of deposit.No interest will be paid
If closed prematurely beyond 7 days and withdrawn the deposit.1% penalty will be levied on the rate of interest applicable for the period the depost remained with the Bank.
If prematurely withdrawn for reinvesting the deposit for a period longer than the residual period of the original deposit.Interest will be paid at the rate applicable on the date of original deposit for the period for which the deposit remained with the Bank without applying any penaly of 1 %.
If the term deposit is renewed by premature  withdrawal  for a period shorter than the remaining period of the deposit.Penaly will be charged @ 1 %.

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