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### Union Bank FD Calculator

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MONTHS
%
Total interest
Deposit amount
Maturiity amount

Thе Union Bank of India has a tool called the Fixеd Dеposit (FD) calculator, which you can find online. It's rеally helpful for planning your invеstmеnts and prеdicting thе rеturns from FDs with Union Bank—many pеoplе likе fixеd savings bеcausе thеy offеr safе rеturns with littlе risk. This is a valuable tool for investors who would like some clarity and certainty about their returns. This makes investors plan their funds and pursue informed choices according to financial objectives.

## How Does a Union Bank FD Calculator Work?

An FD calculator works by taking some basic information from you. This includеs how much monеy you want to invеst and how long you'll invеst it for (in days and months and or yеars) and thе intеrеst ratе. With thеsе dеtails, thе calculator doеs it's magic to tеll you how much monеy you'll havе at thе еnd of your invеstmеnt tеrm.

## How to Use Union Bank Fixed Deposit Calculator?

Using the Union Bank FD calculation is a breeze. Just follow these easy steps:

• Go to the official Union Bank website and find the FD estimator.
• Enter the amount you want to spend (in Rs).
• Select the deposit period in days, months, or years.
• The tool automatically retrieves and displays the most recent effective interest rate for your chosen term.
• Click the 'Calculate' button to see the estimated maturity amount and interest earnings at maturity.

Apart from this, you can also use the ClearTax FD calculator. You can keep changing the spending amount and term to explore different situations until you find a choice that best matches your financial goals.

## Formula to Determine Union Bank FD Returns

The formula used by the Union Bank FD calculator for compound interest:

Maturity Amount = Principal * (1 + Rate/100)^Tenor

Where:

Principal = Initial investment amount

Rate = Annual interest rate

Tenor = Deposit tenure in years

For Example:

Let's say you want to invest Rs. 8,00,000 in a Union Bank Fixed Deposit for 4 years at an interest rate of 6.9% per annum.

Using the formula:

Maturity Amount = Principal * (1 + Rate/100)^Tenor

Substituting the values:

Maturity Amount = 8,00,000 * (1 + 6.9/100)^4

= 8,00,000 * (1.069)^4

= 8,00,000 * 1.3018

= Rs. 10,41,440

Therefore, if you invest Rs. 8,00,000 in a 4-year Union Bank FD at 6.9% interest rate, the maturity amount you will receive at the end of the tenure is Rs. 10,41,440.

The interest earned can be calculated as:

Interest Earned = Maturity Amount - Principal

= Rs. 10,41,440 - Rs. 8,00,000

= Rs. 2,41,440

So, by investing Rs. 8 lakh for 4 years in a Union Bank FD at 6.9% per annum, you will earn Rs. 2,41,440 as interest, and the total maturity proceeds will be Rs. 10,41,440.

## Benefits of the FD Calculator

The key perks of using the Union Bank FD calculator include:

• Clear Investment Understanding: This helps you understand how much your money will grow.
• Simplified Decision Making: Makes it easy to pick where to put your funds.
• Visualise Investment Impact: This tool shows how different factors impact your investment.
• Time-saving Calculations: Saves time by doing complicated calculations for you.
• Easy Comparison: Allows you to analyse different investing choices quickly.

## Union Bank Fixed Deposit Interest Rates

Union Bank of India offers FD rates of 3.00-7.25% p.a. to the general public and 3.50-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. To Know more about Union Bank of India FD rates, Click here

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