Union Bank cuts foreign currency deposit rates

Union Bank cuts foreign currency deposit rates

Mumbai: Union Bank of India has cut interest rates on deposits for non residents in rupee and foreign currency denominations with immediate effect.

For foreign currency non-resident bank (FCNR-B) account deposits in US dollar having a maturity period of one to two years will now attract a rate of 2.26% (2.33%) while those having two to three years have been reduced to 2.35%, a release said.

For deposits of three to four years it has been cut to 2.92% (2.99%), it added.

Deposits in pound for one to two years and two to three years will now attract rates of 2.10% (2.23) and 2.87% (2.96) respectively, it said.

The bank will offer a rate of 3.55% (3.62) for a period of three to four years.

Similarly, deposits in euro, in the above maturities, will now offer, 2.24% (2.30), 2.75% (2.77%) and 3.17% (3.21) respectively, the bank said.

Interest rates for non-resident external (NRE) rupee account deposits of one to two years would be 3.01% (3.08).

The bank has also revised the rates for deposits of two to three years and three years and above tenures to 3.10% (3.10) and 3.67% (3.74) respectively, it added.