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Union Bank of India to give these rates on savings accounts w.e.f. 1.06.2022

Following the revision of interest rates on savings bank deposits with effect from 01.06.2022, the bank will now provide an interest rate of 2.75 per cent, down from 2.90 per cent before a 15 basis point reduction on savings account balances of up to Rs.50 lakhs.Premium
Following the revision of interest rates on savings bank deposits with effect from 01.06.2022, the bank will now provide an interest rate of 2.75 per cent, down from 2.90 per cent before a 15 basis point reduction on savings account balances of up to Rs.50 lakhs.

Union Bank of India has updated its savings account interest rates, and the revised rates on savings bank deposits will become effective from June 1, 2022.

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Union Bank of India has updated its savings account interest rates, and the revised rates on savings bank deposits will become effective from June 1, 2022. Following the revision of interest rates on savings bank deposits with effect from 01.06.2022, the bank will now provide an interest rate of 2.75 per cent, down from 2.90 per cent before a 15 basis point reduction on savings account balances of up to Rs.50 lakhs. The bank will now give an interest rate of 3.10 per cent on savings account balances of more than Rs.100 crores to Rs.500 crores, up from 2.90 per cent before, a 20 basis point increase.

On savings bank deposits of more than Rs.500 Crores to Rs.1000 Crores, Union Bank of India will now offer an interest rate of 3.40% which was earlier 2.90% a hike of 50 bps and on savings account balance of Above Rs.1000 Crores the bank will now offer an interest rate of 3.55% which was earlier 2.90% a hike of 65 bps.

Union Bank of India Savings Account Interest Rates

BalanceExisting Interest RateRevised Interest Rate
Up to Rs.50 lakhs2.90%2.75%
Up to Rs.50 lakhs2.90%2.90%
> Rs.100 Crores to Rs.500 Crores2.90%3.10%
> Rs.500 Crores to Rs.1000 Crores2.90%3.40%
Above Rs.1000 Crores2.90%3.55%
Source: Bank Website  

Union Bank of India is currently giving an interest rate of 3.00 per cent to 5.50 per cent on domestic term deposits of less than 2 Cr maturing in 7 days to 10 years. The interest rates were last changed on April 9, 2022. The bank also revised its MCLR (marginal cost of funds based lending rate), and the new rates were last amended on May 11, 2022, and will be in effect until June 10, 2022. Overnight MCLR has a rate of 6.60 per cent, 1-month MCLR has a rate of 6.75 per cent, 3-month MCLR has a rate of 7.00 per cent, 6-month MCLR has a rate of 7.15 per cent, 1-year MCLR has a rate of 7.35 per cent, 2-year MCLR has a rate of 7.40 per cent, and 3-year MCLR has a rate of 7.40 per cent.

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