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Union Bank Of India Overhauls Savings Account, FD Rates. Here’s what you’ll earn on your investment

Posted on June 17, 2022June 18, 2022 Author Patti E. Smith Comments Off on Union Bank Of India Overhauls Savings Account, FD Rates. Here’s what you’ll earn on your investment

The state-owned Union Bank of India has revised interest rates on its fixed deposits and savings accounts. FD rates are applicable for deposits below ₹2 crore offering a maximum interest rate of 5.8%, while the savings balance has the highest rate of 3.55%. The new rates came into effect on June 16.

FD below ₹2 crores:

Union Bank offers an interest rate of 3% on terms of 7 days to 45 days, while a rate of 4.05% is applicable on FDs maturing between 46 and 90 days. Meanwhile, a rate of 4.10% is offered on terms starting from 91 days to 180 days.

A depositor can earn an interest rate of 4.60% on FDs maturing in 181 days to less than one year, while 5.35% is offered on a one-year term.

The bank offers a rate of 5.45% on FDs greater than 1 year to 2 years, and a rate of 5.50% is applicable on terms greater than 2 years to 3 years.

An interest rate of 5.75% is applicable on more than 3 years to 5 years of occupation. The highest rate of 5.80% is available on 5 years to 10 years of seniority.

According to the Union Bank website, the aggregate value of deposits placed by a depositor on the day, regardless of the term of the deposit, will be taken into account in deciding the applicable interest.

Savings deposits:

Starting June 16, Union Bank is offering 2.75% on savings balance up to ₹50 lakh, while 2.90% is offered between ₹50 to ₹100 crores.

An interest rate of 3.10% is applicable on the savings balance above ₹100 crore to ₹500 crore, and an interest rate of 3.40% is granted on the above balance ₹500 crore to ₹1,000 crores.

Savings balance above ₹1,000 crore, the interest rate is 3.55%.

Interest on a savings account is calculated on a daily proceeds basis and is credited quarterly in April, July, October and January of each year.

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Patti E. Smith
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