Union Bank of India has also joined those who changed interest rates on fixed deposits of less than Rs 2 crore. It is giving interest ranging from 3 to 5.5 percent.
New Delhi. Public sector bank Union Bank of India has revised interest rates on fixed deposits of less than Rs 2 crore. The new rates of interest have come into effect from April 9, 2022. After the amendment, the bank will now provide an interest rate of 3 percent to 5.5 percent on deposits maturing in 7 days to 10 years. During this time, many other banks have also changed the interest rates on fixed deposits of less than Rs 2 crore.
Union Bank is currently offering 3% interest on FDs maturing in 7 days to 45 days. At the same time, at present, interest rate of 3.5 percent is being given on fixed deposits maturing in 46 to 90 days. Union Bank of India is now offering 3.75 per cent and 4.3 per cent interest rates on deposits maturing in 91 to 120 days and 121 to 180 days respectively. Similarly, the bank will now offer 4.4 per cent and 5 per cent interest rates on FDs with tenures ranging from 181 days to less than 1 year and 1 year respectively.
Fixed deposits with tenures of more than
1 year and up to 2 years and tenures of more than 2 years to 3 years will now attract 5.1 per cent and 5.3 per cent interest, respectively. Deposits maturing in more than 3 years but less than 3 years 14 days will attract 5.4 per cent, while deposits maturing in 1111 days will now attract 5.5 per cent interest. Fixed deposits maturing in more than 5 years to 10 years will now get 5.5 percent interest, while the maturity period of 3 years to 15 days to 5 years is 5.4 percent.
Union Bank of India offers 0.5 per cent additional interest rate to senior citizens in addition to the standard interest on FDs up to Rs 5 crore. The bank has said on its website, “Any person who has completed 60 years of age will be treated as a senior citizen for availing the benefit of additional interest. Such senior citizens can deposit jointly with any other person below the age of 60 years. In such cases, the name of the senior citizen has to be given as the first name in the application. These are the interest rates for senior citizens till April 9, 2022.
Interest rate for senior citizens
| Time period | Rate of interest |
| 7 – 14 days | 3.5% |
| 15 – 30 days | 3.5% |
| 31 – 45 days | 3.5% |
| 46 – 90 days | 4% |
| 91 – 120 days | 4.25% |
| 121 – 180 days | 4.8% |
| 181 days to less than 1 year | 4.9% |
| 1 year | 5% |
| More than 1 year to 2 years | 5.6% |
| More than 2 years Up to 3 years | 5.8% |
| Above 3 years 3 years Up to 14 days | 5.9% |
| 1111 days | 6% |
| 3 years 15 days to 5 years | 5.9% |
| More than 5 years Up to 10 years | 6% |
