FD Rate: In the new year, Union Bank of India has surprised its vast customer base by lowering the interest rates on fixed deposits (FDs) below Rs 3 crore. As per the information available on the Union Bank website, these revised interest rates took effect on January 1, 2025. The bank has specifically reduced the interest for FDs with a tenure of 333 days. It is important to note that senior citizens will receive an additional interest of 0.50% on top of the standard rates, while super senior citizens will benefit from an extra 0.75%.
Interest rates on short time deposits
For the general public, Union Bank of India is now offering an interest rate of 3.5% for FDs maturing between seven and 45 days. For those maturing in the range of 46 to 90 days, the interest rate has been set at 4.50%. Following the adjustments made on January 1, 2025, the bank has established interest rates of 4.80% for fixed deposits maturing in 91 to 120 days and 5.00% for those maturing in 121 to 180 days.
Furthermore, the bank will provide an interest rate of 6.35% for domestic term deposits maturing between 181 days and one year, and 6.80% for deposits maturing between one year and 398 days. For fixed deposits maturing in 399 days, the interest rate is set at 7.00%, while those maturing between 400 and 455 days will earn an interest rate of 6.60%. Additionally, deposits with a duration of 456 days will yield an interest rate of 7.30%, and those maturing between 457 days and 996 days will receive 6.60%. Lastly, Union Bank of India will offer 6.40% interest on term deposits maturing in 997 days and 6.60% for those maturing from 998 days to less than three years.
“Union Bank of India offers an additional rate component to resident senior and super senior citizens on term deposits up to Rs. 5.00 Crores in all of its domestic term deposits scheme. The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above. The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above rate applicable to resident senior citizen),” mentioned Union Bank of India on its website.
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