New Delhi: Union Bank of India, commonly known as the Union Bank, is an Indian public sector bank whose headquarters is in Mumbai. It was established by Seth Sitaram Poddar on November 11, 1919, in Mumbai (which was then Bombay). Interestingly, it was Mahatma Gandhi himself who inaugurated the corporate office of the bank. The bank had four branches, three in Mumbai and one in Saurashtra during the time of India’s Independence. The bank was nationalised in 1969 and by that time, it had expanded to 240 branches.
A fixed deposit (FD) is a type of term investment that many financial institutions offer. These deposits typically come with a higher rate of interest, subject to certain terms and conditions. Recently, the Union Bank of India revised its interest rates on fixed deposits. In this article, we will take a look at the revised FD rates of the bank.
Revised FD rates of Union Bank
Union Bank has revised the interest rates on fixed deposits under Rs 3 cr. After the modification, it is now giving a maximum interest rate of 7.30 per cent for a period of 456 days. The bank is now offering interest rates ranging from 3.50 per cent to 6.50 per cent on term deposits that mature in 7 days to 10 years. The revised FD rates have come into effect from November 1, 2024.
Following the revision of interest rate, the bank is giving an interest rate of 3.50 per cent. The bank is giving the interest rate on domestic term deposits which mature in 7 to 45 days. For those domestic term deposits that mature in 46 to 90 days, the interest rate of 4.50 per cent.
For deposits made between 91 and 120 days, the bank gives an interest rate of 4.80 per cent. Also, it gives an interest rate of 5 per cent for deposits made between 121 and 180 days. Now, fixed deposits with maturities ranging from 181 to 332 days have an interest rate of 6.35 per cent. On the other hand, fixed deposits that mature in 333 days have an interest rate of 7 per cent. For domestic term deposits whose maturity period is between 334 days and 1 year, the rate of interest is 6.35 per cent and it is giving 6.80 interest on those that mature between 1 year and 398 days.
