# Union Bank FD Calculator 2023

The Union Bank FD Calculator is an alternative to manually calculating your Union Bank fixed deposit maturity amount and interest. It enables you to avoid errors in calculation by automatically computing the investment returns with just a few inputs, such as the tenure of investment, the applicable interest rate and the amount you wish to invest. The quick and convenient calculator is a popular tool that can calculate returns using both simple interest and compound interest calculation methods.

Total Investment

Rate of Interest (P.a)

%

Time Period (Years)

Invested Amount

0

Est. Returns

Total Value

## How to Use Union Bank Fixed Deposit Calculator?

Investment planning becomes easier with the Union Bank FD calculator, which is developed specifically to calculate the maturity amount and expected returns on your investment. The hassle-free tool generates results in just 3 steps, as stated below.
The calculator will generate the expected interest and final amount based on the information entered.

## Union Bank Interest and Maturity Amount Calculation Formula

Simple and compound interest calculations are the two methods for calculating Union Bank FD returns.

The following formula is used to calculate the maturity amount and interest using the simple interest method:

Simple Interest = (P * R * T)/100

Here, P is the principal, i.e. the total amount invested, R is the interest rate applicable to investment, and T is the time for which the amount is invested.

For instance, assume your investment amount is ₹10,000, and you have invested it at 5% per annum for 5 years.

P= ₹10,000

R= 5% per annum

T= 5 years

Simple Interest = (10,000 * 5 * 5) /100 = ₹2,500

Maturity Amount = Amount invested + Simple Interest = ₹10,000 + ₹2,500

Thus, your investment will grow to ₹12,500 upon maturity.

Alternatively, the compound method formula below is used for calculation.

A = P (1+r/n) ^ (n * t)

Here, A is the maturity amount, P is the principal invested, R is the interest rate applicable, t is the investment duration, and n is the number of times compounding is done.

Suppose the amount invested is ₹25,000 for 5 years, and the applicable interest rate is 6% per annum, compounded semi-annually.

Here,

P = Rs. 25,000

R = 6%

N = 2

T = 5 years

A = 25,000 (1+0.06/2) ^ (2*5)

Maturity Amount = ₹33,597

Interest earned = ₹33,597 – ₹25,000 = ₹8,597

## Benefits of Using Union Bank Fixed Deposit Interest Calculator

The Union Bank of India FD calculator is an alternative to manual calculations because it offers the following advantages:

### Instant and reliable results

You just need to enter the investment value, applicable interest rate, and investment duration, and the Union Bank FD calculator will generate an estimate of the maturity amount and expected return instantly. The calculation is error-free and, thus, a reliable way to plan investments.

### Easy comparisons for better planning

You can enter various rates and durations in the Union Bank FD calculator to compare results and know what works best for your investment goals. This can help you to plan your finances better.

### Free and accessible to all

The UBI FD calculator is a free-to-use online tool requiring investors just to enter the values to generate estimated returns.

The Union Bank FD calculator is an easy-to-use online tool that helps to calculate interest and the final amount you get upon investing your money in a Union Bank fixed deposit.
The tool allows you to enter various principal, interest rate and tenure values to understand which combination aligns best with your financial goals. This can help to make effective investment decisions.

The calculator requires only 3 inputs to calculate the resultant amount and interest earned upon maturity – investment amount, applicable interest rate, and investment duration.

The online UBI FD interest calculator is error-free, quick and convenient, whereas manual calculations are complex and prone to errors.
Yes, you can withdraw the amount invested in Union Bank FD before maturity, but a penalty will be deducted from the maturity amount.
Disclaimer : Navi does not guarantee accuracy, completeness, or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained/data generated herein or on its completeness/accuracy. The use of any information set out is entirely at the User’s own risk.

## Blogs

Jan 1

### Income Tax On Interest Earned From Fixed Deposits

Fixed deposits are popular saving instruments that allow you to earn interest for depositing an amount for a fixed period.

## Explore our videos

4 Tips to Improve Loan Eligibility
Personal Loan vs Gold Loan vs Credit Card Loan: Which can work best for you?
4 Mistakes to Avoid While Taking a Personal Loan

### What is Union Bank Fixed Deposit Interest Rate in 2023?

Union Bank FD interest rates currently lie between 3% to 8.05% when including the senior citizen and super senior citizen schemes. Apart from the investor category, the investment duration also affects the interest rate and, thus, the maturity amount. Below are some details about the Union Bank FD interest rate:

• Interest Rate: 3% – 05% p.a.
• Tenure: 7 days- 10 years
• Minimum Deposit: ₹1,000
• Maximum Deposit: No limit
• Lock-in Period: 7 days (5 years for tax-saver deposit scheme)

### Ways to Calculate Union Bank Fixed Deposit Interest and Maturity Amount

The following two methods are used for the calculation of Union Bank fixed deposit maturity amount and interest:

1. Simple Interest calculation method
2. Compound interest calculation method

Calculation using the simple interest method used the following formula:

Simple Interest = (P * R * T)/100

Here, P denotes the principle, R denotes the interest rate applicable, and T denotes the investment tenure.

The example below illustrates the calculation using the simple interest method.

Suppose the invested sum is ₹80,000, the interest rate is 4% per annum, and the investment tenure is 5 years.

P= ₹80,000

R= 4%

T= 5 years

Simple Interest = (80,000 * 4 * 5) /100 = ₹16,000

Total amount upon maturity = Amount invested + Simple Interest = ₹80,000 + ₹16,000 = ₹96,000

Thus, the FD will yield ₹96,000 upon maturity.

Calculation using the compound interest method uses the following formula:

A = P (1+r/n) ^ (n * t)

Here,

A is the total amount received upon maturity, P is the principal invested, R is the applicable interest rate, T is the investment tenure, and n is the number of times compounding happens.

The example below illustrates the calculation using the compound interest method:

Suppose ₹25,000 is invested for 5 years at an interest rate of 4% per annum compounded semi-annually.

P = ₹25,000

R = 4%

T = 5 years

N = 2

A = 25,000 (1+0.04/2) ^ (2*5)

Maturity Amount = ₹30,474

Interest earned = ₹30,474 – ₹25,000 = ₹5,474

The Union Bank of India fixed deposit calculator can help to calculate maturity amounts and interest easily. Below are some advantages it offers:
• Ease of access : The easy-to-use interface allows investors to calculate returns on their term deposit investment by just entering principal, investment duration, and applicable interest.
• Quick and accurate return calculation : Using the fixed deposit interest calculator in Union Bank of India, you can obtain error-free and quick return estimates.
• Easy investment planning : The Union Bank FD calculator allows you to input varying combinations of investment duration, principal, and rate of interest to know what works best to achieve your financial objectives.

### Factors that Can Affect Union Bank Fixed Deposit Maturity Amount Calculation

The factors below determine the interest and maturity amount:
• Rate of interest applicable to the investment : The scheme and investment duration affect the interest rate applicable to the Union Bank FD investment. Senior and super senior citizens enjoy preferential interest rates (0.5% and 0.75%, respectively) compared to others.
• Investment duration : The tenure of investment affects the interest rate and, hence, the maturity amount.
• Principal Amount: The maturity amount will be higher if the amount invested is high and vice-versa. You must plan your investment based on your goal.
Use the Union Bank FD interest calculator to generate accurate return estimations on your fixed deposit investment. The user-friendly calculator can help you plan your investments effectively.