This public sector bank revises interest rates on savings bank deposits
Customers who have savings account with Union Bank of India should be aware that the bank has revised its interest rates. The bank announced this today, June 1, 2022, and as a result of the modification, the bank now offers a maximum interest rate of 3.55 per cent on savings accounts.
Customers who have savings bank deposits with Union Bank of India should be aware that the bank has revised its interest rates. The bank announced this today, June 1, 2022, and as a result of the modification, the bank now offers a maximum interest rate of 3.55 per cent on savings accounts.
Union Bank of India Savings Account Interest Rates
Customers would receive a 2.75 per cent interest rate on account balances up to Rs.50 lakhs, according to Union Bank of India's saving bank deposit rates, effective June 1, 2022. The interest rate on savings account balances of more than Rs.50 lakhs to Rs.100 crores is 2.90 per cent. The interest rate on savings account balances of more than Rs.100 crores to Rs.500 crores will be 3.10 per cent. Union Bank of India will now give a 3.40 per cent interest rate on savings bank deposits of more than Rs.500 crores to Rs.1000 crores, and a maximum interest rate of 3.55 per cent on savings bank deposits of more than Rs.1000 crores.
Interest rates will be calculated on a daily product basis and credited quarterly in the months of April, July, October, and January each year, according to the Union Bank of India website.
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 % |
Source: Bank Website |
Union Bank of India MCLR Rates
Union Bank of India is giving an MCLR (Marginal Cost of Funds Based Lending Rate) of 6.60 per cent on overnight MCLR until June 10, 2022. On a one-month MCLR, the lending rate is 6.75 per cent, on a three-month MCLR, the lending rate is 7.00 per cent, on a six-month MCLR, the lending rate is 7.15 per cent, on a one-year MCLR, the lending rate is 7.35 per cent, on a two-year MCLR, the rate is 7.40 per cent, and on a three-year MCLR, the rate is 7.40 per cent. Because most loans are linked to the MCLR rate, borrowers who have taken out or will take out loans based on MCLR (Marginal Cost of Funds based Lending Rate) till June 10th will be affected.
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