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Union Bank raises deposit rates

Union Bank of India has raised interest rates on term deposits by 25 to 100 basis points, effective August 16, 2008.

14 Aug 2008

Union Bank of India has raised interest rates on term deposits by 25 to 100 basis points, effective August 16, 2008.

It has launched a new term deposit product of 444 days offering an interest rate of 10 per cent per annum.

In the under Rs 15 lakh category, for deposits of 180 days to less than 9 months the interest rate now stands at 8.25 percent (as against 8 percent), for one year to 443 days at 9.75 percent (as against 9.50 percent), for 445 days to less than 3 years at 9.75 percent (as against 9.5 percent), for three years and above at 9.50 percent (as against 9 percent).

In the Rs 15 lakh and above category, the interest rate on deposits of 46 days to 90 days has increased to 6.50 per cent from 5.50 per cent.

On all other tenors, interest rates are the same as the under- Rs15 lakh category.



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