Following the policy rate hike by Reserve Bank of India, Union Bank of India has also increased the rates of its deposits. The new rates would come into effect from 4th August.
The deposit rates of the bank have been increased by 0.25-1% across different maturities. The bank has also increased its BPLR by 0.5% to 12.25 per cent from 11.75 per cent.
Deposits with maturity of one year would now fetch rate of 6.75% from 6.5% earlier.
Deposits having tenor of 91days to less than 6 months and from 6 months to less than 9 months will now bear 4.5% interest against 3.5% earlier and 5% from 4.5% earlier.
Deposit rates are to see a rise for many banks like Bank of India and Axis Bank which are likely to increase their rates by 0.25-0.5%