Who can open Fixed Rate Deposit Account:
- Individual aged 18 years & above
- Joint Individuals aged 18 years & above
For online mode, you can open online fixed term deposit account (Union Premier Bond) with us by applying through the online portal available in our website homepage. Please note the scheme of deposit is restricted to personal accounts only.
Please follow the link for Union Premier Bond (UPB):
Welcome to Union Bank of India - Union Premier Bond (unionbankofindiauk.co.uk)
- These accounts are available in two currencies; GBP (£) & USD ($).
- Minimum Amount required for opening account is £ 1000.00 for GBP deposit and $ 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 (Available only through offline channel)
- 24 months
- 36 months
- 48 months
- 60 months
- Deposit for tenors other than above are not accepted presently.
- 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 applicant will have a choice of mandate for reinvestment/withdrawal/partial withdrawal at the time of maturity.
- The applicant 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 or more applicants can be joined.
Renewal Loyalty Bonus Scheme
Existing GBP Fixed Rate Deposit customer who renews the deposit would receive a loyalty bonus interest rate of 0.10% (gross P.A) above the applicable Interest Rate. The scheme will not be applicable for the additional amount added to the existing account or to a new account opened for the additional amount.
Interest Pay out Schemes
Interest is 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 we pay you 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.
£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
85 Queen Victoria street
For any assistance for opening of account, please contact us on +44(0)2073324250 or email us on email@example.com