Many investors prefer FD schemes because they provide guaranteed returns and eliminate the risks associated with market-linked instruments. Union Bank’s 456-day FD scheme is one such option that allows customers to grow their savings securely while earning a handsome interest. Let’s explore the key highlights of this scheme and calculate how much you will receive on maturity if you invest up to ₹5,00,000.
Key Features of Union Bank 456 Days FD Scheme
- Tenure of 456 days : Investors can lock in their money for a specific period of 456 days, which is slightly more than 15 months.
- Higher interest rates compared to regular FDs : Union Bank is offering this special FD with rates that are more attractive than its standard deposit schemes.
- Special benefits for senior citizens : Senior citizens enjoy a higher interest rate of 7.80% per annum, while super senior citizens (above 80 years) can earn 8.15% interest.
- Attractive rate for general customers : Regular depositors will earn 7.30% per annum on this FD scheme.
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Safe and guaranteed investment : Being a government-owned bank, Union Bank ensures safety and security of your deposits along with guaranteed maturity returns.
Interest Rates Offered Under 456 Days FD Scheme
- General Customers: 7.30%
- Senior Citizens (60 years and above): 7.80%
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Super Senior Citizens (80 years and above): 8.15%
These interest rates are significantly higher than many other short-term deposit options available in the market, making it an appealing choice for risk-averse investors.
How Much Will You Get on Maturity with ₹5,00,000 Investment?
Now, let’s understand the maturity value of an investment of ₹5,00,000 under this scheme.
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For General Customers (7.30% interest rate)
- Investment Amount: ₹5,00,000
- Tenure: 456 day
- Interest Earned: ₹47,293
- Maturity Value: ₹5,47,293
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For Senior Citizens (7.80% interest rate)
- Investment Amount: ₹5,00,000
- Tenure: 456 days
- Interest Earned: ₹50,659
- Maturity Value: ₹5,50,659
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For Super Senior Citizens (8.15% interest rate)
- Investment Amount: ₹5,00,000
- Tenure: 456 days
- Interest Earned: Even higher than senior citizens (approx. ₹52,000+)
- Maturity Value: Over ₹5,52,000 (exact amount depends on compounding frequency)
Why Choose Union Bank FD Scheme?
- Government-owned bank: Ensures complete trust and reliability.
- Guaranteed returns: Unlike equities or mutual funds, the returns are fixed and not linked to market performance.
- Flexible tenure: Union Bank offers multiple FD schemes, but the 456-day scheme stands out due to its competitive rates.
- Special benefits for elderly investors: Senior and super senior citizens receive higher interest, helping them maximize their retirement savings.
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Ease of investment: You can open an FD easily through Union Bank’s branches, internet banking, or mobile app.
Final Thoughts
Union Bank’s 456 Days FD Scheme is an excellent short-term investment option for individuals who want to earn better returns without taking any financial risks. With interest rates up to 8.15%, this FD stands out among other fixed deposit offerings in the current market.
If you invest ₹5,00,000, you can expect a maturity amount ranging between ₹5.47 lakh to ₹5.52 lakh, depending on your age category. Whether you are a regular depositor, a senior citizen, or a super senior citizen, this scheme ensures that your savings are safe and growing steadily.
For investors looking for security, stability, and guaranteed income, Union Bank’s 456 Days FD Scheme is definitely worth considering.
