After the reduction of repo rate by the RBI, United bank of India and Union Bank of India has also dropped their rates. The United bank of India has reduced the rate by 0.25%, the new rate of the bank is 10%, the new rate of the bank will effective from next i.e. 1st February,2015.
Following the same Union bank of India has also reduced its rate by 0.25%making the new rate 10%. The new rate of the bank will in effect from January 27,2015. The Bank has also reduced interest rate on deposits in various buckets under retail and bulk deposits from 10 to 50 basis points.