Fixed deposits between 46 days to 120 days would now fetch 0.25 per cent higher interest rate of 7.50 per cent against existing 7.25 per cent, Union Bank of India said in a statement. Similarly in the slab of 31 to 45 days, interest rate is increased by 1.25 per cent to 6 per cent, it said.
The move is intended to increase the retail term deposit base of the bank, it said. Bank has reduced the interest rate on deposit for 5 to 7 years maturity by 0.25 per cent. The new rates would be effective from November 11, it said.
The rate revision by various lenders comes after the Reserve Bank of India increased interest rates by 0.25 per cent in its monetary policy on October 29.
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