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Exchange Rate
GBP/INR 103.60 less than £250 104.95 £250 to £1999 105.05 £2000 to £4999 105.10 £5000 to £9999
USD/INR 82.86 Up to $2000
21-06-2024Exchange Rate
GBP/INR 103.60 less than £250
104.95 £250 to £1999 105.05 £2000 to £4999 105.10 £5000 to £9999
USD/INR 82.86 Up to $2000
We are making changes to our schedule of service charges and tariffs for Business and Individual accounts effective 01 April 2024. The new tariff will contain updates to account maintenance fees, transaction charges for deposits, withdrawals, and transfers, as well as changes to fees for other services. Please click on this link for more details : Union Bank of India (UK) LTD > Service Charges
Home>Business Banking>Business Fixed Rate Deposit

Business Fixed Rate Deposit

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


Tenor of Deposit
Interest Pay out Scheme
Tenor of Deposit
One year
Interest Pay out Scheme
At maturity
Tenor of Deposit
Over one year
Interest Pay out Scheme
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


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.


Certificate of confirmation of Deposit (if issued in Duplicate)
Certificate of confirmation of Deposit (if issued in Duplicate)
£10.00/$10.00 per request
Issue of Interest Certificate (if issued in Duplicate)
Issue of Interest Certificate (if issued in Duplicate)
£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, click here to download this form and submit it to below address:


Attn: AOF

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

Documentation Required:

Identity & Address Documents for Companies

  • Certificate of Incorporation
  • Memorandum of Association & Articles of Association
  • List of directors, shareholders, owners/ beneficiaries on Company’s Letter Head signed by Company’s Director if company is in UK and by Third Party Professionals (CA/ACA/CPA/Solicitor) if company is not registered in UK
  • ID (Copy of Passport/DVLA) for all Executive Directors, shareholders, authorised signatories, owners/ beneficiaries (significant shareholding but necessary in cases of 25%)
  • Proof of address (Bank Account Statement/Council Tax Bill/Utility Bill not older than 90 days) for directors, shareholders, authorised signatories, owners/ beneficiaries (significant shareholding but necessary in cases of 25%)
  • 3 months Bank statement for Directors/Signatories
  • Proof of Business address
    • Bank account statement showing at least one transaction not older than 90 days
    • Latest Utility Bill
    • Business current account or Business credit card statement addressed to the business at the trading address (less than three months old)
  • Business plan / activities (for new companies)
  • Audited Financial Statement for last 3 years
  • Complex ownership/company structures – (a company structure chart must be provided if complex) certified by Third Party Professionals (CA/ACA/CPA/Solicitor)
  • 6 months Bank statement of the company
  • Confirmation of the company’s listing on a regulated market (if company is listed company)

If the corporate company is 100% Subsidiary of a listed Company or a Company under the Control of a listed Company, you must receive the above as well as:

  • Audited Financial Statement of Parent company
  • Evidence of subsidiary status of Parent company (e.g. Organisation legal structure)
  • Certificate of incumbency/ Good standing of Parent company
  • Certificate of incorporation of Parent company
  • Entry on a local register/official government website (e.g. company house) of Parent company
  • A listing of the officers (this should be available on the official register/government website entry)

If international:

  • All documentation must be notarised