Latest Union Bank of India FD Interest Rate April 2023
Union Bank of India FD interest rate ranges from 3.00% to 7.30% for general public and 3.50% to 7.80% for senior citizens for investments up to ₹2 crore. Super senior citizens who are above the age of 80 years get an additional 0.25% on top of the added 0.50% interest that senior citizens receive on investments up to ₹5 crore.
Union Bank fixed deposit tenure ranges between 7 days and 10 years. There is a wide range of fixed deposit schemes available with Union Bank of India, each offering different types of benefits. One of them is the Union Tax Saver scheme which has a lock-in period of 5 years and offers exemptions on taxes.
Keep reading to get updated Union Bank FD interest rates 2023 and details about the various schemes offered by Union Bank of India.
Union Bank of India FD Interest Rates 2023 Highlights
| Interest Rate | 3.00% to 8.05%* |
| Tenure | 7 days to 10 years |
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No Limit |
| Lock-in Period | 7 days (5 years for Tax Saver FD) |
How to Calculate Union Bank of India FD Interest Rate?
If you want to calculate Union Bank of India interest rate applicable for fixed deposit investment, you can do so in two ways – one is the simple interest method and another is the compound interest method.
1. Union Bank of India FD Interest Rate – Simple Interest Calculation
You can calculate simple interest by multiplying your principal amount with the predetermined interest rate and investment tenure. The formula for simple interest calculation is provided below:
Simple Interest = (P*R*T)/100
Here,
P = Principal Amount , R = Rate of Interest (%) and T = Tenure
Let us take an example to get a better understanding of the calculation. Let’s say you have invested ₹10 lakh at 6% per annum interest rate for a tenure of 5 years. Therefore, P = ₹10 lakh, R = 6% and T = 5 years.
Simple Interest = (10,00,000*6*5)/100 = ₹3,00,000
Maturity Value = Principal Amount + Simple Interest
Maturity Amount = ₹10,00,000 + ₹3,00,000
Therefore upon maturity, you will receive ₹13,00,000.
2. Union Bank of India FD Interest Rate – Compound Interest Calculation
Another way you can choose to calculate your fixed deposit interest is by using the compound interest formula. The compound interest method calculates the interest on the interest amount accrued during a specific tenure.
This process will be consistent all throughout the investment tenure.
Here is the formula for calculating the total amount upon maturity:
A = P (1+r/n) ^ (n * t)
In this, A = Maturity Amount, P = Principal Amount Invested, r = Rate of Interest, n = Number of Compounding in a Year and t = Number of Years
We will now take an example to get a clear understanding of how the compound interest formula works. Let’s say you have invested ₹10,00,000 at 5% per annum interest for a tenure of 5 years. Here, P = ₹10,00,000, r = 5%, n = 4 (compounded once every quarter), t = 5 years.
Therefore, Total Maturity Amount (A) = 10,00,000 (1+0.05/4) ^ (4*5) = ₹12,82,037.23
Compound Interest Amount = ₹12,82,037.23 – ₹10,00,000 = ₹2,82,037.23
However, calculating Union Bank FD rates manually can be complex and may leave room for errors. A better alternative would be using Union Bank FD calculator. The Union Bank FD calculator is extremely easy to use. Just enter the principal amount you want to invest, the rate of interest and the tenure to know the interest and maturity amount.
Factors that Can Affect Union Bank of India Fixed Deposit Rate
There are several factors that can affect Fixed Deposit (FD) interest rates, including:
1. Monetary Policy
The Reserve Bank of India (RBI) often changes its monetary policy to control inflation and regulate economic growth. Interest rates can be influenced by changes in monetary policy, with an increase in the policy rate leading to higher FD interest rates and a decrease leading to lower FD interest rates.
2. Investment Duration
The duration or tenure of the FD also affects the interest rate. Banks offer higher interest rates for longer tenors, as they have access to the deposit for a longer period and can earn a higher return on their investment.
3. Depositor’s Age
With Union Bank of India, senior citizens can earn 0.50% to 0.75% more interest than general depositors for investments up to ₹5 crore.
4. FD Amount
Total amount that you invest in a fixed deposit also affects the interest rates applicable to the instrument. For instance, deposits below ₹2 crore will have a different interest rate than deposits above ₹2 crore.
Union Bank of India FD Interest Rate for General Public
Union Bank of India offers different rates of interest on fixed deposits for different tenures of investment. By investing any amount less than ₹2 crore, you can earn as high as 7.30% interest. Here is a table that specifies the Union Bank fixed deposit rates applicable for each tenure:
| Tenure | Interest on Deposit Below ₹2 crore |
| 7 days to 14 days | 3.00% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.05% |
| 91 days to 120 days | 4.30% |
| 121 days to 180 days | 4.40% |
| 181 days to less than 1 year | 5.25% |
| 1 year | 6.30% |
| More than 1 year to 598 days | 6.30% |
| 599 days | 7.00% |
| 600 days to 699 days | 6.30% |
| 700 days | 7.25% |
| More than 700 days to 2 years | 6.30% |
| More than 2 years to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 years | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
If you are planning to invest more than ₹2 crore, you can contact your nearest Union Bank of India branch for more details.
Also Read
Union Bank of India FD Interest Rate for Senior Citizens
Union Bank of India offers an additional interest rate component to resident senior citizens and super seniors that is over and above the interest rate applicable for general people. The additional rate component applicable to resident senior citizens is 0.50% more than normal interest rate on investments up to ₹5 crore. In case of super senior citizens, the rate of interest is 0.75% more than the normal rates on investment up to ₹5 crore.
Here is the tabular representation of the Union Bank FD rates for senior citizens and super senior citizens on investments below ₹2 crore:
| Tenure | Interest on Deposit Below ₹2 crore for Senior Citizens | Interest on Deposit Below ₹2 crore for Super Senior Citizens |
| 7 days to 14 days | 3.50% | 3.75% |
| 15 days to 30 days | 3.50% | 3.75% |
| 31 days to 45 days | 3.50% | 3.75% |
| 46 days to 90 days | 4.55% | 4.80% |
| 91 days to 120 days | 4.80% | 5.05% |
| 121 days to 180 days | 4.90% | 5.15% |
| 181 days to less than 1 year | 5.75% | 6.00% |
| 1 year | 6.80% | 7.05% |
| More than 1 year to 598 days | 6.80% | 7.05% |
| 599 days | 7.50% | 7.75% |
| 600 days to 699 days | 6.80% | 7.05% |
| 700 days | 7.75% | 8.00% |
| More than 700 days to 2 years | 6.80% | 7.05% |
| More than 2 years to 799 days | 6.80% | 7.05% |
| 800 days | 7.80% | 8.05% |
| 801 days to less than 3 years | 6.80% | 7.05% |
| 3 years | 7.80% | 8.05% |
| More than 3 years to 5 years | 7.20% | 7.45% |
| More than 5 years to 10 years | 7.20% | 7.45% |
For rate of interest on fixed deposit investments above ₹2 crore, you can contact your nearest Union Bank of India branch.
Union Bank of India FD Interest Rate for NRI
Union Bank of Interest offers fixed deposit schemes for Non-resident Indians (NRI) so that they can invest what they earn in foreign countries in India. If you are an NRI you will get to choose from a wide variety of fixed deposit schemes that are offered by Union Bank. Here is a list of the types of fixed deposit schemes available for NRIs at Union Bank:
- NRO Rupee Term Deposit
- NRE Rupee Term Deposit
- FCNR(B) (Foreign Currency Non-Resident) Term Deposits
- RFC (Resident Foreign Currency) Term Deposits
1. Union Bank of India NRO FD Interest Rate
NRO or Non-Resident Ordinary accounts are for Non-resident Indians for the purpose of conducting financial transactions in India. Union Bank NRO FD rates are similar to that of normal UBI FD interest rates. You can get up to 7.30% interest on your NRO deposits.
The below table represents UBI NRO FD rates:
| Tenure | Interest on Deposit Below ₹2 crore |
| 7 days to 14 days | 3.00% |
| 15 days to 30 days | 3.00% |
| 31 days to 45 days | 3.00% |
| 46 days to 90 days | 4.05% |
| 91 days to 120 days | 4.30% |
| 121 days to 180 days | 4.40% |
| 181 days to less than 1 year | 5.25% |
| 1 year | 6.30% |
| More than 1 year to 598 days | 6.30% |
| 599 days | 7.00% |
| 600 days to 699 days | 6.30% |
| 700 days | 7.25% |
| More than 700 days to 2 years | 6.30% |
| More than 2 years to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 years | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
In case of deposits above ₹2 crore, contact the nearest Union Bank of India branch.
2. Union Bank of India NRE FD Interest Rate
Non-resident External or NRE account allows NRIs to park their foreign income in India. The account is maintained in Indian rupees. With UBI NRE deposit, you can earn up to 7.30 on your deposit amount.
The following table provides details regarding tenure and applicable interest rates for fixed deposits below ₹2 crore:
| Tenure | Interest on Deposit Below ₹2 crore |
| 1 year | 6.30% |
| More than 1 year to 443 days | 6.30% |
| 444 days | 6.30% |
| 445 days to 598 days | 6.30% |
| 599 days | 7.00% |
| 600 days to 699 days | 6.30% |
| 700 days | 7.25% |
| 701 days to 2 years | 6.30% |
| More than 2 years to 799 days | 6.30% |
| 800 days | 7.30% |
| 801 days to less than 3 years | 6.30% |
| 3 years | 7.30% |
| More than 3 years to 5 years | 6.70% |
| More than 5 years to 10 years | 6.70% |
In case of deposits above ₹2 crore, contact the nearest Union Bank of India branch.
3. Union Bank of India FCNR Interest Rate
FCNR stands for Foreign Currency Non-resident Account and is a type of fixed deposit scheme for Non-resident Indians. As money is held in foreign currency, it is protected from any risk of foreign exchange fluctuation.
With Union Bank of India’s FCNR deposit account, you can invest in fixed deposits in US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar, and Australian Dollar. Below is a table that provides information regarding tenures and Union Bank of India fixed deposit rates applicable to each type of foreign currency:
| Currency | USD | GBP | EUR | JPY | CAD | AUD | |
| Tenure | Interest Rate on Deposit Below 500,000 | Interest Rate on Deposit More Than Equal to 500,000 | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate |
| More than 1 year and less than 2 years | 5.00% | 5.30% | 3.96% | 1.25% | 0.06% | 4.09% | 3.25% |
| More than 2 years and less than 3 years | 4.30% | 4.30% | 3.50% | 1.25% | 0.10% | 3.61% | 3.20% |
| More than 3 years and less than 4 years | 4.05% | 4.05% | 3.25% | 1.25% | 0.10% | 3.31% | 3.30% |
| More than 4 years and less than 5 years | 3.80% | 3.80% | 3.00% | 1.25% | 0.11% | 3.26% | 3.40% |
| 5 years only | 3.80% | 3.80% | 3.00% | 1.25% | 0.12% | 3.26% | 3.50% |
4. Union Bank of India RFC Interest Rate
RFC account or Resident Foreign Currency account allows individuals to maintain foreign currency in India and carry out transactions in that currency. With Union Bank of India, you can invest in US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar and Australian Dollar. The table below provides details regarding tenure and Union Bank deposit rates applicable to each type of currency:
| Currency | USD | GBP | EUR | JPY | CAD | AUD | |
| Tenure | Interest Rate on Deposit Below 500,000 | Interest Rate on Deposit More Than Equal to 500,000 | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate |
| 6 months to less than 1 year | 5.00% | 5.30% | 3.96% | 1.25% | 0.06% | 4.09% | 3.25% |
| 1 year to less than 2 years | 5.00% | 5.30% | 3.96% | 1.25% | 0.06% | 4.09% | 3.25% |
| 2 years to less than 3 years | 4.30% | 4.30% | 3.50% | 1,25% | 0.10% | 3.61% | 3.20% |
| 3 years | 4.05% | 4.05% | 3.25% | 1.25% | 0.10% | 3.31% | 3.30% |
Union Bank of India Vs Other Banks’ FD Interest Rates
The below table compares FD rates offered by Union bank compared to other banks.
| Bank Name | Tenure | Interest Rate |
| Union Bank of India | 7 days to 10 years | 3.00% to 8.05% |
| State Bank of India | 7 days to 10 years | 3.00% to 7.50% |
| Central Bank of India | 7 days to 10 years | 4.00% to 7.25% |
| Canara Bank | 7 days to 10 years | 4.00% to 7.75% |
| Sundaram Finance | 12 months to 36 months | 7.45%-8.25% |
| Bank of Baroda | 7 days to 10 years | 3.00% to 7.55% |
| Indian Overseas Bank | 7 days to 10 years | 4.30% to 7.75% |
| Punjab National Bank | 7 days to 10 years | 3.50% to 7.80% |
| Indian Bank | 7 days to 5 years | 2.80% to 7.90% |
| Federal Bank | 7 days to 2223+ days | 3.00% to 7.75% |
| Bank of India | 7 days to 10 years | 3.00% to 7.15% (additional 0.90% for Super Seniors) |
| Bandhan Bank | 7 days to 10 years | 3.00% to 8.50% |
| Axis Bank | 7 days to 10 years | 3.50% to 8.01% |
| HDFC Bank | 7 days to 10 years | 3.00% to 7.75% |
| Yes Bank | 7 days to 10 years | 3.25% to 8.00% |
| Punjab and Sind Bank | 7 days to 10 years | 2.80% – 7.60% |
| ICICI Bank | 7 days to 10 years | 3.00% to 7.60% |
| DBS Bank | 7 days to 5 years and above | 2.5% to 8% |
| Paytm Payments Bank | 7 days to 1 year | 2.75% to 5.5% |
| IndusInd Bank | 7 days to 10 years | 3.50% to 8.25% |
| Kotak Mahindra Bank | 7 days to 10 years | 2.75% to 7.70% |
| IDFC First Bank | 7 days to 10 years | 3.50% to 8.25% |
| HSBC | 7 days to 5 years | 2.85% to 8.00% |
| UCO Bank | 7 days to 5+ years | 2.90% to 7.20% |
| RBL Bank | 7 days to 20 years | 3.50% to 8.30% |
| IDBI Bank | 7 days to 20 years | 3.00% to 7.25% |
Features and Benefits of Union Bank of India Fixed Deposit
Let us take a look at some of the features and benefits of investing in Union Bank of India FD:
- You can start investing with ₹1000 and can invest as much as you want
- Interest will be paid either on a quarterly or half-yearly basis as per your preference.
- Nomination facility available
- You can take a loan against your fixed deposit
- Premature closure is permitted and interest will be paid for the run period of the account.
- Two or more individuals can open a joint account
- You do not have to give any specific instructions for renewal as the bank offers an auto-renewal facility.
Different Types of Union Bank of India FD Schemes
Union Bank of India offers a wide variety of fixed deposit schemes for Indian residents as well as Non-resident Indians. Each scheme serves a different purpose. Following is the list of the different Union Bank of India FD schemes:
- Short Deposit Receipt (SDR)
- Fixed Deposit Receipt (FDR)
- Month Income Scheme (MIS)
- Deposit Reinvestment Certificate (DRIC)
- Cumulative Deposit Scheme
- Money Flex Term Deposit (MFTD)
- Union Tax Saver
- Easy Tax Saver Deposit Scheme
- Capital Gain Scheme
- Motor Accident Claims Annuity Deposit (MACAD)
- Union Non Callable Term Deposits Scheme
- NRE Rupee Term Deposits
- NRO Rupee Term Deposit
- FCNR (B) Term Deposit
- RFC Term Deposit
1. Union Bank of India Short Deposit Receipt (SDR)
- Minimum Deposit: ₹1000
- Maximum Deposit: No Limit
- Tenure: 7 days to 179 days
- Interest Rate: 3.00% to 4.40%
- Eligibility Criteria: Indian residents
2. Union Bank of India Fixed Deposit Receipt (FDR)
- Minimum Deposit: ₹1000
- Maximum Deposit: No Limit
- Tenure: 6 months to 120 months
- Interest Rate: 4.40% to 7.30%
- Eligibility Criteria: Indian residents
3. Union Bank of India Monthly Income Scheme (MIS)
- Minimum Deposit: ₹1000 (in multiples of 100 thereof)
- Maximum Deposit: No Limit
- Tenure: 12 months to 120 months
- Interest Rate: 6.30% to 7.30%
- Eligibility Criteria: Indian residents
4. Union Bank of India Deposit Reinvestment Certificate (DRIC)
- Minimum Deposit: ₹1000
- Maximum Deposit: No Limit
- Tenure: 6 months to 120 months
- Interest Rate: 4.40% to 7.30%
- Eligibility Criteria: Indian residents
5. Union Bank of India Cumulative Deposit Scheme
- Minimum Monthly Instalment: ₹50
- Maximum Monthly Instalment: No Limit
- Tenure: 6 months to 120 months
- Interest Rate: 4.40% to 7.30%
- Eligibility Criteria: Indian residents
6. Union Bank of India Money Flex Term Deposit (MFTD)
- Minimum Deposit: ₹25,000
- Maximum Deposit: Less than ₹2 crore
- Tenure: 6 months to 10 years
- Interest Rate: 4.40% to 7.30%
- Eligibility Criteria: Indian residents
7. Union Tax Saver
- Minimum Deposit: ₹5000 (in multiples of 1000 thereof)
- Maximum Deposit: ₹1,50,000 in a financial year
- Tenure: 5 years to 10 years
- Lock-in Period: 5 years
- Interest Rate: 6.70%
- Eligibility Criteria: Indian residents
8. Union Bank of India Easy Tax Saver Deposit Scheme
- Minimum Deposit: ₹1000 (in multiples of 1000 thereof)
- Maximum Deposit: ₹1,50,000 in a financial year
- Tenure: 5 years
- Lock-in Period: 5 years
- Interest Rate: 6.70%
- Eligibility Criteria: Indian residents
9. Union Bank of India Capital Gain Scheme
- Minimum Deposit: ₹1000
- Maximum Deposit: No Upper Ceiling
- Tenure: Not exceeding 2 to 3 years from date of transfer of original asset
- Interest Rate: 3.00% to 7.30%
- Eligibility Criteria: Indian residents
10. Union Bank of India Motor Accident Claims Annuity Deposit (MACAD)
- Minimum Deposit: ₹1000 for relevant period
- Maximum Deposit: No Limit
- Tenure: 36 months to 120 months
- Interest Rate: 6.70% to 7.30%
- Eligibility Criteria: Indian residents
11. Union Non Callable Term Deposits Scheme
- Minimum Deposit: ₹2 crore
- Maximum Deposit: No Limit
- Tenure: 61 days to 3 years
- Interest Rate: 4.05% to 7.30%
- Eligibility Criteria: Indian residents
12. Union Bank of India NRO Rupee Term Deposit
- Minimum Deposit: ₹1000
- Maximum Deposit: No Limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.00% to 7.30%
- Eligibility Criteria: Non-resident Indians
13. Union Bank of India NRE Rupee Term Deposit
- Minimum Deposit: ₹1000
- Maximum Deposit: No Limit
- Tenure: 1 year to 10 years
- Interest Rate: 6.30% to 7.30%
- Eligibility Criteria: Non-resident Indians
14. Union Bank of India FCNR (B) Term Deposit
- Minimum Deposit: USD 1000 or equivalent
- Maximum Deposit: No Limit
- Tenure: 1 year to 5 years
- Interest Rate: 0.06% to 5.30%
- Eligibility Criteria: Non-resident Indians
15. Union Bank of India RFC Term Deposit
- Minimum Deposit: USD 1000 or equivalent
- Maximum Deposit: No Limit
- Tenure: 6 months to 3 years
- Interest Rate: 0.06% to 5.30%
- Eligibility Criteria: Non-resident Indians
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How to Invest in Union Bank of India Fixed Deposit?
You can open an FD account in Union Bank using either the mobile app or internet banking or by physically visiting any Union Bank branch. Here are the steps that you can follow to open a Union Bank of India fixed deposit:
1. Using Mobile App
- Step 1: Download the Union Bank of India app and sign in
- Step 2: Select the ‘Fixed Deposit’ option under the main menu and provide all the relevant information, maturity instructions and nominee details
- Step 3: Click on ‘Submit’ to complete the fixed deposit opening procedure. On successful booking, a confirmation message will be displayed on the screen
2. Internet Banking
- Step 1: Log in to your Union Bank of India NetBanking account with your credentials
- Step 2: Select the ‘Fixed Deposit’ option in the main menu
- Step 3: Provide all the relevant information, nomination details and maturity instructions
- Step 4: Click on ‘Submit’ to complete your fixed deposit opening process. In case the process is successful, a confirmation message will be displayed on your screen
3. Offline Union Bank of India Fixed Deposit Opening
- Step 1: Visit your nearest Union Bank of India branch
- Step 2: Fill up the FD application form
- Step 3: Along with the form, submit all the requisite documents as well as the deposit amount
- Step 4: After successful processing of your application, you will receive an FD receipt from the bank
Documents Required to Open Union Bank of India FD
Here is a list of the following documents you will need to open a fixed deposit account in Union Bank of India:
- Proof of Address: Aadhaar card, electricity bill, telephone bill, bank statement with cheque and any other proof as per KYC norms.
- Proof of Identity: PAN card, Aadhaar card, voter card, driving licence, passport or any other documents as per KYC norms.
- FD application form
- 2 photographs of depositor.
- Form No. 60 or 61 (if you do not have a PAN card) of Income Tax Act.
- Senior Citizen ID card in case the depositor is above the age of 60.
- Any other documents in relation to the company, HUF, partnership, proprietorship, trusts, association or institution etc.
Eligibility to Open Union Bank of India FD
Let us take a look at the list of the people who are eligible to open a Union Bank of India fixed deposit:
- An individual (Indian resident or Non-resident Indian)
- Joint investors (two or more)
- Blind persons
- Illiterate persons
- Minors
- Purdanasheen ladies
- Associations
- Societies
- Clubs
- Trust, agencies or institutions that are specifically permitted by RBI.
Taxation on Union Bank of India FD
- The interest earned on FDs is considered as “income from other sources” and is subject to taxation as per the individual’s income tax slab
- Banks are required to deduct TDS every year on the interest earned on FDs if the interest amount exceeds ₹40,000 per financial year (₹50,000 for senior citizens)
- If an individual withdraws their FD before the maturity date, the interest earned on such premature withdrawal is also subject to taxation as per their income tax slab
- Form 15G/15H can be submitted by the depositor for exemption from tax deduction as per IT Rules
However, if you have a tax-saving FD account with Union Bank, you can claim tax deduction benefits of up to Rs.1.5 lakh under Section 80C of the Income Tax Act. Note that Union Bank of India tax saving FD comes with a lock-in period of 5 years.
Loan Against Union Bank of India FD Scheme
Union Bank of India offers loans against fixed deposit. Contact the bank to know the quantum of loan, interest rate, etc.
Final Word
Union Bank FD rates vary based on investment tenure and scheme. Your Union Bnak fixed deposit maturity account would vary on the scheme or tenure you choose. To make an informed investment decision, use an FD returns calculator to calculate the maturity amount in advance.
Looking for other-tax saving instruments? You can consider investing in Nifty 50 tax-saver fund with Navi Mutual Fund and claim tax deduction benefits of up to Rs.1.5 lakh today. Download the Navi app, explore funds and start investing
FAQs
Union Bank of India levies a penalty if you decide to close an FD before its maturity. Interest will be paid at 1% less than applicable rate for the actual running period of the FD as a penalty.
You can choose only one nominee for your single or jointly held Union Bank FD. A person who is legally operating a minor’s account can also file a nominee for the minor. You can also choose an NRI as your nominee; however, they will get the amount in your absence only after getting permission from RBI.
In case two people jointly own an FD, the survivor will receive the amount along with the interest after maturity. If three or more people own it, then any of the survivors will receive the amount and the interest after maturity.
While opening an FD account, a senior or super senior citizen can use any one of the documents in the list below as proof of age:
-Voter ID
-Passport
-Pension Payment Order
-LIC Policy
-Birth certificate issued by a competent authority
-Senior school leaving certificate with date of birth
Money Flex Deposit Account can be opened by any of the people mentioned in the list below:
-An individual
-Joint investors
-A person on behalf of a minor
-Any club, association, institution, society, trust, firm, HUF, government department, partnership, co-operative, joint stock company, administrator, executor, etc.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
