Union Bank Of India Hikes FD Interest Rates; These Tenors Offering Maximum Interest

Union Bank of India has revised its Fixed Deposit Interest Rates and the new rates are now visible on the official website of the bank. The bank has revised interest rates for different maturities for Domestic /NRO Term Deposits, which will be effective from 16th June, 2022, according to the bank's website.

The revision in interest rates have been made for deposits below Rs 2 crore. The bank has also revised interest rates for saving bank deposits and the new rates have become effective from June 16, 2022.

Now investors will get highest interest rates for deposits maturing in 5 years to 10 years at 5.80% while the minimum interest rates will be available for deposits maturing in 7 to 45 days at 3% per annum.

Therefore, if depositors invest Rs 100,000 for a period of 5 years, they will get a return of Rs 33,549 approximately at 5.80% interest rate.

Earlier this months Reserve Bank of India has raised the repo rate by 50 bps points during its monetary policy meeting held on June 8, 2022. According to reports, many banks are expected to hike FD interest rates in the coming few months and it will be a great news for FD investors looking for higher returns.

Check the new rates below:

The revised rates for different maturities for Domestic /NRO Term Deposits, which will be effective from 16th June, 2022 are as given below:

Period	Interest Rate (Rates in % per annum)
7-14 Days	3
15 -30 Days	3
31-45 Days	3
46 -90 Days	4.05
91-120 Days	4.1
121-180 Days	4.1
181 Days to	4.6
1 Year	5.35
>1 Year to 2 Years	5.45
>2 Years to 3 Years	5.5
>3 Years to 3 Years 14 Days	5.75
1111 Days	5.75
> 3 Years 15 Days to 5 Years	5.75
>5 Years to 10 Years	5.8

Saving Bank Deposits rates w.e.f 16.06.2022

Balance	Interest Rate (per annum)
Up to Rs.50 lakhs	2.75%
> Rs.50 lakhs to Rs.100 Crores	2.90%
> Rs.100 Crores to Rs.500 Crores	3.10%
> Rs.500 Crores to Rs.1000 Crores	3.40%
Above Rs.1000 Crores	3.55%