Union Bank of India has increased interest rates by up to 25 basis points (bps) on fixed deposits (FDs) for amounts less than Rs 2 crore. The updated rates, effective from 27th December 2023, are available on the Union Bank website.
Union Bank’s Latest FD Interest Rates
Union Bank of India has increased the interest rate to 3% on fixed deposits maturing between seven to 45 days for general citizens. Additionally, for FDs maturing between 46 days to 90 days, the bank now offers an interest rate of 4.05%. Furthermore, fixed deposits maturing between 91 days to 180 days will yield an interest of 4.30%. FDs with a tenure of 181 days to less than 1 year will attract an interest rate of 5.25%.
The bank has raised the interest rate to 6.75% for fixed deposits maturing between one year to 398 days. Notably, there has been a 25 basis points hike from 7% to 7.25% on the tenure of 399 days. For FDs ranging from 400 days to less than 3 years, the interest rate has been adjusted to 6.50% from 6.30%. These revised rates aim to provide enhanced returns on various FD tenures.
The fixed deposit interest rate on tenures ranging from 3 years to 10 years has been reduced from 6.70% to 6.50%.
Enhanced Benefits for Senior Citizens on FDs
The additional rate component, which applies to resident senior citizen deposits, adds 0.50% over and above the normal rates. Senior citizens will enjoy interest rates ranging from 3.50% to 7.75% for tenures spanning from 7 days to 10 years.
Special Rates for Super Senior Citizens
The bank extends an additional rate component to resident super senior citizens, providing 0.75% over and above the normal rate (0.25% more than the rate applicable to resident senior citizens). Super senior citizens will experience interest rates ranging from 3.75% to 8% for tenures spanning from 7 days to 10 years.
Exclusive Rates for Super Senior Citizens
The bank grants an additional rate component of 0.75% over and above the normal rate (0.25% higher than the rate applicable to resident senior citizens) to resident super senior citizens. Super senior citizens will experience interest rates ranging from 3.75% to 8% for tenures spanning from 7 days to 10 years.
Union Bank of India FD Interest Rates Table
| Period | Rates in % per annum< Rs. 2 Cr |
| 7-14 Days | 3 |
| 15-30 Days | 3 |
| 31-45 Days | 3 |
| 46-90 Days | 4.05 |
| 91-120 Days | 4.3 |
| 121-180 Days | 4.4 |
| 181 Days to < 1 year | 5.25 |
| 1 year | 6.75 |
| >1 year to 398 Days | 6.75 |
| 399 Days | 7.25 |
| 400 Days to 2 Years | 6.5 |
| > 2 Years to 3 Years | 6.5 |
| > 3 Years to 5 years | 6.5 |
| >5 Years to 10 Years | 6.5 |
