Here comes a piece of good news for bank customers who have fixed deposits in the Union Bank of India. The bank revised its interest rates on fixed deposits and said it is offering a special interest rate of 7.4% to regular citizens for term deposits with a 333-day tenure. The bank also said it has increased fixed deposit (FD) interest rates for FDs of up to Rs 3 crore.
Notably, the banks new FD rates are being effective from 2 August 2024. As per the bank’s latest updatesd, senior citizens can get extra interest for FDs upto Rs 5 crore in all of its domestic term deposits scheme.
Union Bank of India said in a statement that it offers an additional rate component to resident senior and super senior citizens on term deposits up to Rs 5 core in all of its domestic term deposits scheme.
Check FD interest rates for senior citizens
As per the updates from the bank, senior citizens will get an additional 50 basis points (bps), bringing the FD rate to 7.9% for the same tenure. Moreover, super senior citizens will get an extra 75 bps, resulting in an 8.15% annual interest rate on the same term deposi
On the fixed deposits with a 399-day tenure, the bank will offer 7.25% per annum to regular citizens, 7.75% to senior citizens, and 8% to super senior citizens.
On FD tenures between 181 to 332 days, the interest rate being offered by the bank is 6.35%, and for FD tenures between 121 to 180 days, the rate is 5% per annum.
|
Period |
Rates in % per annum |
|
< Rs. 3 Cr |
|
|
7-14 Days |
3.50 |
|
15-30 Days |
3.50 |
|
31-45 Days |
3.50 |
|
46-90 Days |
4.50 |
|
91-120 Days |
4.80 |
|
121-180 Days |
5.00 |
|
181 Days to < 332 days |
6.35 |
|
333 days |
7.40 |
|
334 days to < 1 year |
6.35 |
|
1 year |
6.80 |
|
>1 year to 398 Days |
6.80 |
|
399 Days |
7.25 |
|
400 Days to 2 year |
6.60 |
|
> 2 year to 996 days |
6.60 |
|
997 days |
6.40 |
|
>998 days to less than 3 Years (except for 999 days @ 6.40) |
6.60 |
|
3 years |
6.70 |
|
> 3 Year to 5 years |
6.50 |
|
>5 Years to 10 Years |
6.50 |
The bank for a 3-year tenure offers 6.70% to regular citizens, 7.20% to senior citizens, and 7.45% to super senior citizens. For FD tenures between 998 days to less than 3 years (excluding 999 days, which offers an interest rate of 6.4%), regular citizens receive 6.60%, senior citizens receive 7.10%, and super senior citizens receive 7.35%. For FD tenures between 3 to 10 years, the bank offers a 6.5% interest rate. The Union Bank of India said the revised rates have come into effect on August 2, 2024.
