India’s 105 Years Old PSU Bank Revises Fixed Deposit (FD) Rates Effective 1st November

One of the top public sector banks in the nation is Union Bank of India. The bank was incorporated as a limited company on November 11, 1919, and is headquartered in Mumbai, India. Interest rates on fixed deposits under Rs 3 Cr have been revised by the bank. The bank is now providing a maximum interest rate of 7.30% on a 456-day period as a result of the modification. Union Bank of India now offers interest rates ranging from 3.50% to 6.50% on term deposits that mature in 7 days to 10 years. According to Union Bank of India's official website, the latest and most recent FD rates go into effect on November 1, 2024.

Union Bank of India FD Rates

After the interest rate was revised on November 1, 2024, the bank is currently offering an interest rate of 3.50% on domestic term deposits that mature in 7 to 45 days and 4.50% on those that mature in 46 to 90 days. Union Bank of India offers a 4.80% interest rate for deposits made between 91 and 120 days and a 5.00% interest rate for deposits made between 121 and 180 days. Now, fixed deposits with maturities ranging from 181 to 332 days will yield an interest rate of 6.35%, while those with maturities of 333 days will provide an interest rate of 7.00%.

The bank is giving 6.35% interest on domestic term deposits that mature between 334 and 1 year, and 6.80% interest on those that mature between 1 year and 398 days, according to Union Bank of India. Union Bank of India offers 7.00% interest on deposits with a 399-day term and 6.60% interest on deposits with a 400- to 455-day term. Interest rates for term deposits that mature in 456 days will now be 7.30%, while those that mature in 457 days to 996 days will now be 6.60%.

The bank is giving an interest rate of 6.40% on domestic term deposits that mature in 997 days, and Union Bank of India is paying an interest rate of 6.60% on those that mature in 998 days to less than three years. Union Bank of India offers 6.70% interest on deposits with a 3-year term and 6.50% on term deposits with a 3- to 10-year maturity.

Period	Rates in % per annum for deposits below Rs. 3 Cr (Effective as of 1st Nov 2024)
7-14 Days	3.5
15-30 Days	3.5
31-45 Days	3.5
46-90 Days	4.5
91-120 Days	4.8
121-180 Days	5
181 Days to 332 days	6.35
333 days	7
334 days to 1 year	6.35
1 year	6.8
1 year to 398 Days	6.8
399 Days	7
400 days to 455 days	6.6
456 days	7.3
457 days to 2 years	6.6
2 year to 996 days	6.6
997 days	6.4
998 days to less than 3 Years	6.6
3 years	6.7
3 Year to 5 years	6.5
5 Years to 10 Years	6.5
Source: Bank Website

Union Bank of India Financials

The financial results for the quarter that ended on September 30, 2024, have been released by Union Bank of India. In Q2 of FY25, the bank's net profit grew 34.43% year on year. In Q2FY25, the bank's non-interest income increased 44.19% year on year. Domestic deposits are up 8.12% year on year. As of September 30, 2024, the bank had a total deposit base of Rs. 12,41,947 crores. The bank's overall business rose 9.37% year on year, with gross advances rising 9.63% and total deposits growing 9.17%. As of September 30, 2024, the bank has a total business of Rs. 21,70,779 crores. As of September 30, 2024, Union Bank of India reported that its net non-performing assets (NPA) was down 32 basis points year-on-year to 0.98% and its gross non-performing assets (NPA) was down 202 basis points year-on-year to 4.36%. During Q2FY25, the bank's return on equity and return on assets were 19.10% and 1.35%, respectively.