Union Bank of India, the country’s largest public sector bank, has changed its interest rates on fixed deposits of less than ₹ 2 crore. After the change, the bank is offering interest rates ranging from 3% to 6.70% on deposits maturing in 7 days to 10 years.
The bank is now offering a maximum interest rate of 7 per cent on tenure of 399 days. According to the official website of Union Bank of India, the new FD rates have come into effect from today, May 23, 2023.
Union Bank FD Rates
Union Bank is now offering 3 per cent interest rate on fixed deposits maturing in 7 to 45 days, while Union Bank of India is also offering 4.05 per cent interest rate on FDs maturing in 46 to 90 days. For 91 to 120 days, now the rate of return will be 4.30 per cent, while the deposit of 121 to 180 days will get interest at the rate of 4.40 per cent.
FDs maturing in 181 days to one year will now fetch 5.25 per cent interest, while FDs maturing in one year to 398 days will now fetch 6.30 per cent interest. The bank now offers a maximum interest rate of 7.00 per cent on deposits maturing in 399 days, and Union Bank of India now offers a return of 6.30 per cent on deposits maturing in 400 days to three years.
Effective interest rates (Rates in % per annum) from 23.05.2023
|Period||Rates in % per annum|
|< Rs. 2 Cr|
|181 Days to < 1 year||5.25|
|>1 year to 398 Days||6.30|
|400 Days to 2 year||6.30|
|> 2 year to less than 3 years||6.30|
|> 3 Year to 5 years||6.70|
|>5 Years to 10 Years||6.70|
Additional Return for Senior Citizen
The current interest rates offered by Union Bank of India are 6.50 per cent for three year term deposits and 6.70 per cent for three to 10 year term deposits. Union Bank of India offers additional interest rates on FDs up to 5 crores for Senior Citizens and Super Senior Citizens under its Domestic Term Deposit Scheme. The additional rate component is 0.50 per cent above the normal rates applicable to Senior Citizen deposits. Whereas for super senior it is 0.75 percent more than the normal rate.