Union Bank of India increases interest rate on fixed deposits under Rs 2 crore; details here

Public sector lender Union Bank of India has revised the interest rates on fixed deposits under Rs 2 crore. The new interest rates came into effect from 17 October this year, according to the bank’s official website. After the revision, the bank currently offers 3.00 per cent to 7.00 per cent interest rate on fixed deposits with maturities ranging from 7 days to 10 years. The interest on the fixed deposit, as stated by the bank, is calculated daily and credited four times a year in the months of April, July, October, and January.

The bank will now offer an interest rate of 3.00 per cent on fixed deposits maturing in 7 to 45 days and a rate of 4.05 per cent on term deposits with tenor of 46 to 90 days. Fixed deposits maturing between 91 and 120 days will now accrue interest at a rate of 4.30 per cent, while term deposits ranging from 121-180 days will give 4.40 per cent interest. FDs with tenor between 181 days and less than one year will earn 5.25 per cent interest.

On fixed deposits maturing in one year, Union Bank of India will now pay an interest rate of 6.30 per cent. On deposits maturing in one year to 443 days, account holders will get 6.60 per cent interest.

Furthermore, the bank offers 6.70 per cent interest on fixed deposits that mature in 444 days and 6.60 per cent on deposits with a tenor of 445 to 598 days. The interest rate on fixed deposits that end in 599 days has climbed to 7.00 per cent, while the interest on term deposits maturing between 600 days and 2 years has increased to 6.70 per cent. Union Bank of India will now offer an interest rate of 6.70 per cent for fixed deposits maturing in 5 years 1 day to 10 years.

Seniors who participate in Union Bank of India fixed deposits will receive an additional rate component that is 0.5 per cent above and beyond the standard rate. This component is applicable only to domestic term deposits.

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