Savings bank

Union Bank of India Revises Interest Rates on Savings Bank Deposits (Wef 01.06.2022)

Investment

oi-Vipul Das

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The interest rate on savings bank deposits has been revised by public sector lender Union Bank of India. According to the bank’s official website, the revised rates will come into effect on June 1, 2022. Following the change, the bank would grant an interest rate of 2.75% on savings bank deposits up to 50 lakhs Rs, against 2.90%. before. The interest rate on savings bank deposits of more than Rs 100-500 crore will now be 3.10%, down from 2.90% previously. Interest rates on savings bank deposits of more than Rs.500 crore to Rs.1000 crore will now be 3.40%, down from 2.90% previously, and savings bank deposits of more than of Rs.1000 crores will now be 3.55%. against 2.90% previously.

Union Bank of India Savings Account Interest Rates

Balance Existing interest rate Revised interest rate
Up to Rs.50 lakhs 2.90% 2.75%
Up to Rs.50 lakhs 2.90% 2.90%
Above Rs.100 Crores to Rs.500 Crores 2.90% 3.10%
Above Rs.500 Crores to Rs.1000 Crores 2.90% 3.40%
Above Rs.1000 Crores 2.90% 3.55%
Source: unionbankofindia.co.in. Wed Jun 01, 2022

To note

Meanwhile, Kotak Mahindra Bank raised the interest rate on fixed deposits below Rs 2 crore maturing in 390 days to 23 months today. The bank will now offer an interest rate of 5.50%, up from 5.20%, effective May 6, 2022, an increase of 30 basis points. On deposits maturing in 23 months, the bank would now grant an interest rate of 5.60%, up from 5.25% previously, an increase of 35 basis points. Banks such as Bandhan Bank, ICICI Bank, Jana Small Finance Bank and Federal Bank announced interest rate hikes after the RBI raised the repo rate to 4.40%. Over the next few days, we may see further hikes in interest rates on short-term deposits from major banks.

Article first published: Friday, May 6, 2022, 2:07 p.m. [IST]


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