Union Bank of India has announced the change in interest rates of its fixed deposits (FDs) for amounts less than Rs 2 crores. The increased rate of interest has been effective from September 2022 onwards according to the Banks official website.
The bank has been offering an interest rate of 3 percent on FD’s maturing between seven to 45 days. The increase of interest rate is being offered for FDs maturing between 46 to 90 days, to 4.05 per cent according to the latest announcement. Deposits maturing between the time period of 91 days and 180 days, will offer the customers an interest of 4.10 percent, basis the latest revision in the rates. For FDs with over a tenure of one year, the interest rate will stand at 5.35 per cent.
For the FDs that are longer in duration ranging from two years to 749 days, the interest rate will be 5.50 percent and a tenure of 750 days can fetch an interest rate of 6.15 percent, which is a great deal for the customers looking for long term savings.
For fixed deposits with a time period from 751 days to three years, the interest rate will be 5.50 percent. The bank is offering a special rate of interest of 5.75 percent for fixed deposits maturing between three years and one day upto five years. The rate of interest for fd’s maturing post five years has also been revised to 6.20 percent.
As per the bank’s official website, the bank has a different method of calculating the rate of interest for fixed deposits which is daily, and gets credited to the bank accounts quarterly to the customers in the months of April, July, October, and January every year.
