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Government-owned, Union Bank of India has revised its fixed deposits and savings account interest rates. The FD rates are applicable for deposits below ₹2 crore offering a maximum 5.8% interest rate, while the savings balance has the highest rate of 3.55%. The new rates have come into effect from June 16.
FDs below ₹2 crore:
Union Bank offers a 3% interest rate on tenures from 7 days to 45 days, while a 4.05% rate is applicable on FDs maturing 46 -90 Days. Meanwhile, a 4.10% rate is offered on tenures starting 91 days to 180 days.
A depositor can earn a 4.60% interest rate on FDs maturing 181 Days to less than 1 Year, while 5.35% is offered on 1-year tenure.
The bank offers a 5.45% rate on FDs above 1 year to 2 years, and a rate of 5.50% is applicable on tenure above 2 years to 3 years.
An interest rate of 5.75% is applicable on above 3 years to 5 years tenure. The highest rate of 5.80% is available on 5 years to 10 years tenure.
According to Union Bank's website, the aggregate value of deposits placed by a depositor on the day irrespective of the tenor of the deposit will be taken for deciding applicable interest.
From June 16, Union Bank offers 2.75% on savings balance up to ₹50 lakh, while 2.90% is offered between ₹50 to ₹100 crore.
An interest rate of 3.10% is applicable on savings balance above ₹100 crore to ₹500 crore, and an interest rate of 3.40% is given on balance above ₹500 crore to ₹1,000 crore.
Savings balance above ₹1,000 crore, the interest rate is 3.55%.
Interest in a savings account is calculated on a daily product basis and is credited quarterly in April, July, October, and January every year.
_1609311026964_1609311043784_1660121375952_1660121375952.jpg "Shriram City Union Finance raises FD interest rates by up to 50bps. (Photo: Shutterstock)")
