Union Bank RD Calculator

Union Bank RD Calculator helps people to know the matured amount of a Recurring Deposit before starting investing in it. Union Bank of India offers various types of RD schemes and with the help of Union Bank RD Calculator you can calculate the returns of the deposit schemes.  

How does the RD Calculator at Union Bank Operate? 

The Union Bank RD calculator works using a basic idea. Users may enter specific data into the calculator, including the interest rate, tenure, and regular investment amount. When the necessary data is provided, the RD Calculator computes the estimated maturity amount and interest earnings based on a preset formula. 

RD Calculator Formula for Union Bank of India

The Union Bank RD calculator uses the compound interest method to get the end amount. 

M=P×(1+nr)^nt is the formula. 

Where: 

• M: Amount of growth. 
• P: The amount of the monthly payment. 
• t = term (years). 
• n = number of added interest periods annually. 
• r = yearly interest rate (in decimal). 

For Example, if you deposit Rs 5,000 a month at a 7% interest rate for five years, the figure would be: 
5,000 x {[(1+7/100)^(5*12)]-1}/(7/100) = Rs 3,59,663 = Maturity Amount

Calculating Interest on Union Bank RD

The interest component is calculated by subtracting the whole deposit amount from the maturity value, whereas the method gets the full maturity amount. 

 For the Example above, 5,000 x 60 months = Rs 3,00,000 is the total deposit. 

3,59,663 - 3,00,000 = Rs 59,663 is the interest. 

How is the Interest and Maturity amount on an RD calculated? 

Union Bank uses the multiplying effect of monthly payments and a fixed interest rate to determine interest on RD. The total maturity amount is the sum of all monthly payments plus the interest gained collectively during the time.  

How to Use the Union Bank RD Calculator?

The Union Bank RD calculator is simple and easy to use. Follow these actions: 

 1. Go to the main page of Union Bank. 

 2. Visit the area using the RD calculator. 

 3. Type in your weekly payment's time, amount, and interest rate. 

 4. Press the button for calculation. 

Benefits of Using a RD Calculator from Union Bank 

 • The maturity amount and interest earnings are accurately determined using the calculator. 

 • Convenience: Time and effort are saved by making calculations. 

 • Planning: Predicting future earnings strengthens savings. 

  • Comparison: Users can compare deposit amounts and tenures to study different scenarios. 

Factors Influencing Recurring Deposit Earnings

The following things affect a Union Bank RD's profits: 

 1. Amount of Deposit: Larger amounts provide more rewards. 

 2. Tenure: Longer times often result in higher interest earnings. 

 3. Interest Rate: Profits are raised by higher interest rates. 

 4. Compared to other rates, quarterly compounding could provide more profits. 

How can I Open a Union Bank RD Account? 

It's simple to start an RD account with Union Bank: 

 1. Go to the Union Bank office in your area. 

 2. Fill out the form to create an RD account. 

 3. Present required papers, such as proof of name and place of living, along with passport-sized pictures. 

 4. Make the first payment as stated by the bank. 

 5. The bank will provide you with the passbook and information for your RD account. 

How do you close the RD Account at Union Bank Online?

Union Bank offers online choices for closing RD accounts. Follow these actions: 

 1. Log into your online banking account at Union Bank. 

 2. Proceed to the place for RD Accounts. 

 3. Select the RD account that you want to cancel. 

 4. To begin the closing process, stick to the directions. 

 5. After handling your request, the bank will pay the close money to the appropriate bank account.  

Required Documents to Open a Union Bank RD Account. 

 Union Bank often needs the following information to start an RD account: 

 1. Identity papers such as a passport, PAN card, voter ID, or Aadhar card. 

 2. Documentation proving residency, such as a passport, electricity or water bills, driver's license, or Aadhar card. 

 3. A recent passport-size picture of the application or candidates. 

 4. Know Your Customer (KYC) documentation: Comply with RBI rules regarding KYC papers.  

Union Bank's Recurring Deposit Plan Features 

 1. Union Bank allows customers to choose a term that best fits their financial goals, with choices running from six months to ten years. 

 2. Nomination Facility: Customers may choose a recipient for their RD account to ensure smooth moves in unforeseen situations. 

 3. To provide cash without risking RD savings, Union Bank makes loans guaranteed by the deposits. 

 4. Union Bank offers affordable interest rates, which allow RD assets to return large gains. 

 5. internet Management: Union Bank offers user-friendly mobile and Internet banking calculators to handle RD funds.