Who can open Fixed Rate Deposit Account:
- A Registered Company
- A Registered Financial Institution
- A Corporate
- Any other Register Legal Entity
- These accounts are available in two currencies; GBP (£) & USD ($)
- Minimum Amount of Deposit: £1000.00 for GBP deposit/$1000.00 for USD deposit
- Maximum Amount of Deposit: £1.00 Million for GBP deposit/$1.00 Million for USD deposit
- For deposit amount above 1.00 Million/$1.00 Million, please contact the Branch.
- Deposits are presently accepted for following tenors only
- 12 months
- 18 months
- 24 months
- 36 months
- 48 months
- 60 months
- Deposit for tenors other than above are not presently accepted
- The period of deposit can be chosen while opening the account
- The rate of interest is fixed for the entire period of the deposit
- Prematurity closures of deposit accounts are not allowed, and are payable on maturity only
- At the time of opening of the account, the company will have a choice of mandate for reinvestment/withdrawal/partial withdrawal at the time of maturity
- The company can amend the maturity instruction at any time during the tenor of the deposit
- In the absence of any mandate on the date of maturity the maturity proceeds would be reinvested for the original deposit period at the rate of interest applicable on the date of maturity for that period.
- No premature withdrawals would be allowed once deposit is reinvested
- If the fixed deposit account is maturing on a public holiday or weekends holiday, depositor’s nominated account shall be credited on the subsequent working day with total interest payable including the holiday period at original contracted rate
- Additional amount can’t be added to the fixed deposit account during the tenor of the deposit. However, at the time of renewal additional amount can be added as per the choice of the depositor
Interest Pay out Schemes
Interest would be paid depending upon tenor of the deposit as given below
Over one year
Annually at each Anniversary date or at the date of maturity as you choose at the time of opening of the account
* The interest paid on the fixed term deposit, on or after 6 April 2016 will be without any tax deducted at our source. It will be your responsibility to declare the interest to HM Revenue and Customs (HMRC). Further information can be found on HMRC website at www.hmrc.gov.uk.
For interest rates offered on various maturities please refer the latest rates available on the website under the interest rate segment.
There are no such service charges for opening term deposit account. However, following charges are applicable on issuance of Certificate of deposit.
£10.00/$10.00 per request
£10.00/$10.00 per request
Charges will be applicable as per currency of the account.
You may open current account with us either by visiting our branch in person or by sending completely filled and signed application forms with supporting documents to us.
Note: Online copies, mobile phone bills & credit card statement are not accepted.
To proceed for account opening, to download this form and submit it to below address:
Union Bank of India UK ltd
12 Arthur Street
London EC4R 9AB
For any assistance for opening of account, please contact us on +44(0)2073324250 or email us on