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Union Bank of India Revises Interest Rates On FDs of Less Than Rs 2 Cr

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The public sector lender Union Bank of India has made interest rates revision on fixed deposits of less than Rs 2 Cr. This announcement was made on April 9, 2022, and as a result of the modification, the bank now offers an interest rate range of 3.00 percent to 5.50 percent on deposits maturing in 7 days to 10 years.

 
Union Bank of India Revises Interest Rates On FDs of Less Than Rs 2 Cr

Union Bank of India Regular FD Rates

The bank is currently giving a 3% interest rate on deposits maturing in 7 days to 45 days. Union Bank of India is currently giving a 3.5 percent interest rate on term deposits maturing in 46 to 90 days. Union Bank of India is now offering 3.75 percent and 4.30 percent interest rates on deposits maturing in 91 to 120 days and 121 to 180 days, respectively. The bank will now provide 4.40 percent and 5.00 percent interest rates on term deposits maturing in 181 days to less than 1 year and 1 year, respectively.

Term deposits with maturities of more than one year to two years and more than two years to three years will now generate 5.10 percent and 5.30 percent, respectively. Deposits maturing in more than 3 years but less than 3 years 14 days and 1111 days will now return 5.40 percent and 5.50 percent interest, respectively. Fixed deposits maturing in more than 3 years 15 days to 5 years and more than 5 years to 10 years will now fetch interest rates of 5.40 percent and 5.50 percent, respectively, from Union Bank of India.

PeriodInterest Rate (Rates in % per annum)
7 - 14 Days3
15 - 30 Days3
31 - 45 Days3
46 - 90 Days3.5
91 - 120 Days3.75
121 to 180 Days4.3
181 Days to less than 1 Year4.4
1 Year5
More than 1 Year to 2 Years5.1
More than 2 Year to 3 Years5.3
More than 3 Years to 3 Years 14 Days5.4
1111 Days5.5
More than 3 Years 15 Days to 5 Years5.4
More than 5 Years to 10 Years5.5
Source: Bank Website

Union Bank of India FD Rates For Senior Citizens

In all of Union Bank's domestic term deposit schemes, resident senior citizens receive an additional rate of 0.50 percent over the standard interest on term deposits up to Rs. 5 crore. The bank has mentioned on its website that "Any person who has completed the age of 60 years is treated as a senior citizen for obtaining the benefit of the additional interest. Senior citizen may deposit jointly with other persons below the age of 60, under the special scheme for senior citizen. In such cases the name of the senior citizen is to be given as the first name in the application." The following are the interest rates for resident elderly people as of April 9, 2022.

 
PeriodInterest Rate (Rates in % per annum)
7 - 14 Days3.5
15 - 30 Days3.5
31 - 45 Days3.5
46 - 90 Days4
91 - 120 Days4.25
121 to 180 Days4.8
181 Days to less than 1 Year4.9
1 Year5.5
More than 1 Year to 2 Years5.6
More than 2 Year to 3 Years5.8
More than 3 Years to 3 Years 14 Days5.9
1111 Days6
More than 3 Years 15 Days to 5 Years5.9
More than 5 Years to 10 Years6
Source: Bank Website

Story first published: Thursday, April 14, 2022, 10:54 [IST]
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