Union Bank Of India FD Interest Rates
On fixed deposits with maturities ranging from seven to forty five days, Union Bank of India is now offering 3% interest rate. The interest rate for FDs with maturities of 46 to 90 days will continue to earn 4.05 percent. After the increase, Fixed Deposits with maturity of 91 days to 180 days have been increased from 4.10% to 4.30 and for tenures of 121-180 days, will now offer 4.40%. The interest rate on FDs with tenors ranging from 181 days to less than one year is 5.25 percent.
For fixed deposits maturing between one year, the lender is offering an interest rate of 6.30% from the earlier 5.35%.
The interest rate on fixed deposits from 1 year to 443 days, 445 to 598 days and 600 days to 2 years has been increased to 6.60%. For a tenure of 444 days, the interest rates will be 6.70% and for a tenure of 599 days, 7%. The interest rate on deposits between two and ten years will be 6.70%.
senior citizens
According to the website, “Union Bank Resident Senior Citizen of Rs. 5 crore in all its Domestic Fixed Deposit Scheme. For Fixed Deposit interest rate of Rs. 2 crore and above, please contact the nearest branch of our bank. This additional The rate component is applicable to domestic fixed deposits and is 0.50% higher than the normal rate.
According to the Union Bank of India website, “Interest is calculated on a daily basis and credited on a quarterly basis in the months of April, July, October and January every year.”
RBI hikes repo rates
The Reserve Bank of India increased the policy repo rate by 50 basis points to 5.90% in September 2022. Subsequently, many banks including State Bank Of India, HDFC bank, ICICI Bank their walk fixed deposit interest rates,
banks are growing FD Interest Rates From May 2022. Due to this many banks have started offering FD interest rates which are higher than the rate of inflation, especially for senior citizens.