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Business News/ Industry / Banking/ Union Bank of India revises interest rates on fixed deposits (FDs), now offers up to 7.30%

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Union Bank of India revises interest rates on fixed deposits (FDs), now offers up to 7.30%

2 min read 25 Nov 2022, 02:27 PM IST Join us

Vipul Das

Union Bank of India, one of the leading public sector lenders, has revised the interest rates on fixed deposits under ₹2 crore.

In all of its domestic term deposit programmes, Union Bank offers a feature of an additional 0.50% over the standard interest rate, that applies to resident senior citizens on term deposits up to Rs. 5 crore. (Mint) — In all of its domestic term deposit programmes, Union Bank offers a feature of an additional 0.50% over the standard interest rate, that applies to resident senior citizens on term deposits up to Rs. 5 crore. **(Mint)**

Union Bank of India, one of the leading public sector lenders, has revised the interest rates on fixed deposits under ₹2 crore. The new rates are in effect as of today, November 25, 2022, according to the bank's official website. The bank currently offers an interest rate on deposits maturing in 7 days to 10 years that range from 3.00% to 6.70% as a result of the modification. Union Bank of India is now giving a maximum interest rate of 7.30% on deposits with maturities of 800 days and 3 years, respectively.

Union Bank of India FD Rates

The bank currently offers a 3.00% interest rate on deposits that mature in 7–45 days, while Union Bank of India now offers a 4.05% interest rate on deposits that mature in 46–90 days. For FDs maturing in 91 to 120 days and 121 to 180 days, Union Bank of India is now providing interest rates of 4.30% and 4.40%, respectively. Deposits maturing in 181 Days to 1 Year will now fetch an interest rate of 5.25% and those maturing in 1 Year to 598 Days will now fetch an interest rate of 6.30%.

On deposits maturing in 599 days, the bank is now offering an interest rate of 7.00% and on those maturing in 600 days to 699 days, Union Bank of India is now offering an interest rate of 6.30%. Current interest rates offered by Union Bank of India are 7.25% for FDs maturing in 700 days and 6.30% for those maturing in 700 days to 799 days.

Deposits that mature in 800 days will now earn 7.30% interest, while those that mature in 801 days to less than 3 Years will now earn 6.30% interest. The bank is now giving an interest rate of 7.30% on FDs maturing in 3 years, while Union Bank of India is now offering an interest rate of 6.70% on FDs maturing in 3 Years to 10 Years.

Union Bank of India FD Rates **(unionbankofindia.co.in)**

Union Bank of India has mentioned on its website that “The aggregate value deposited by a depositor for a similar period of time shall be taken into account for determining the applicable rate of interest."

In all of its domestic term deposit programmes, Union Bank offers a feature of an additional 0.50% over the standard interest rate, that applies to resident senior citizens on term deposits up to Rs. 5 crore. Individuals who have reached the age of 60 are considered senior citizens and are eligible for additional interest.

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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).