On par with other financial lenders, Union Bank, which is a state run bank, has now hiked the interest rate on fixed deposits. The revised rates of 1.25 are applicable on selected maturity tenures.
In a statement by Union Bank of India, they stated that fixed deposits, whose maturity date is between 46-120 days, would now have an interest rate of 7.50. There is a hike of 0.25 percent from the previous interest rate of 7.25 percent.
On the other hand, fixed deposits whose maturity date is between 31-45 days, the interest rate is 6 percent with a hike of 1.25 percent. The bank stated that the initiative that was taken was to increase the bank's base for retail term deposits.
For fixed deposits whose maturity is between 5 to 7 years, the interest rates have been dropped by 0.25 percent. Effective November 11, the bank’s revised rates would be applicable.