Union Bank of India Raises Fixed Deposit Rates; offers up to 7% efficiency


In the past two months, multiple banks have increased their interest rates on fixed deposits and the latest on the list is Union Bank of India. The bank has increased the interest rate on its fixed deposits of various maturities for investments of less than Rs 2 crore. According to the Union Bank of India website, the revised fixed deposit interest rates will take effect Oct. 17. a deposit of 599 days.

Deposits maturing in up to 45 days will earn interest at 3 percent, while deposits maturing in 46-90 days will earn 4.05% interest. A deposit for 91-120 days yields a return of 4.3 percent, while the one for 121-180 days yields 4.4% interest.

On fixed deposits with maturities ranging from 181 days to less than a year, Union Bank of India now offers an interest rate of 5.25%. For the term of one year, the return is 6.30 percent.

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The interest rate for FDs with maturities over 1 year to 443 days will yield 6.6 percent. After the increase, fixed deposits with a maturity of 444 days will receive an interest of 6.7 percent, while between 445 days and 598 days a return of 6.6 percent will be obtained.

Union Bank fixed deposits for 599 days earn an interest of seven percent. Deposits with a maturity of 600 days to 10 years yield an interest between 6.6 and 6.7 percent.

Union Bank of India said the interest on the Fixed Deposit is calculated daily and credited on a quarterly basis each year in the months of April, July, October and January.

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Seniors who invest in Union Bank of India fixed deposits will receive an additional interest component, applicable to domestic time deposits, which is 0.5% above and above the normal interest rate.





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