Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Banking/  This public sector bank revises interest rates on savings bank deposits
BackBack

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.

Union Bank of India Savings Account Interest RatesPremium
Union Bank of India Savings Account Interest Rates

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.

BalanceInterest Rate (per annum)
Up to Rs.50 lakhs2.75 %
> Rs.50 lakhs to Rs.100 Crores2.90 %
> Rs.100 Crores to Rs.500 Crores3.10 %
> Rs.500 Crores to Rs.1000 Crores3.40 %
Above Rs.1000 Crores3.55 %
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.

Union Bank of India MCLR
View Full Image
Union Bank of India MCLR (unionbankofindia.co.in)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Jun 2022, 12:29 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,053.6-0.5%
₹1,440.70.52%
₹1,0841.08%
₹122.751.3%
₹734.052.53%
Switch to the Mint app for fast and personalized news - Get App