Union Bank of India earlier used to give 2.90 percent interest on deposits up to Rs 50 lakh, but now it has been reduced to 2.75 percent. If you keep more money, now you will get more interest than before. The new rates will be applicable from 1st June 2022.
New Delhi. If your bank account is in Union Bank of India then there is a bad news for you. The news is that the bank has cut interest rates on savings accounts. Earlier the bank used to give 2.90 percent interest on deposits up to Rs 50 lakh, but now it has been reduced to 2.75 percent. These new rates will be applicable from June 1, 2022.
But, on the other hand, the bank has announced to give more interest to those who deposit more money. The bank will now give 3.10 percent interest on deposits ranging from Rs 100 crore to Rs 500 crore. This rate was earlier 2.90 per cent for the same amount. Now it has been said to give 3.40 percent annual interest rate instead of 2.90 on the savings account from Rs 500 crore to Rs 1 thousand crore.
Interest rate ranging from 3 to 5.5 percent
If someone deposits more than Rs 1 thousand crore, then he will be given an interest rate of 3.55 percent. This too was earlier only 2.90 percent. Union Bank of India is giving interest ranging from 3 percent to 5.50 percent. This interest is being given for different deposit tenures for less than Rs 2 crore.
MCLR has been revised
The bank has recently revised its MCLR. MCLR means marginal cost of funds based lending rate. According to an ET news, MCLR has become effective from 11 May 2022. The overnight MCLR rate is 6.60 percent. 1-month MCLR rate is 6.75 percent, 3-month MCLR rate is 7 percent, 6-month MCLR is 7.15 percent, 1-year MCLR rate is 7.35 percent, 2-year 7.40%, and 3-year rate is 7.40 . These rates will remain till June 10, 2022.
Explain that after the Reserve Bank of India raised the repo rate by 40 basic points to 4.40 percent, banks have changed their interest rates.
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