Union Bank of India has announced an increase in Fixed Deposit (FD) interest rates, a move seen as a gift to its customers before the new year. Here are the key details of this significant update:

Increased FD Interest Rates

  • Rate Hike: The bank has increased the interest rates on FDs up to 0.25%, applicable to deposits under INR 2 Crores.
  • Effective Date: The new rates have been effective from 27th December 2023.

 

Range of FD Tenures

  • Wide Range: Union Bank offers FDs ranging from 7 days to 10 years, catering to various customer needs.

 

Maximum Interest Rate Offered

  • Attractive Returns: The bank is now offering a maximum interest rate of up to 8% on FDs.

 

Detailed FD Rates

  • For General Public and Senior Citizens:
    • 7-14 days: 3.00% (General), 3.50% (Senior Citizens)
    • 15-30 days: 3.00% (General), 3.50% (Senior Citizens)
    • 31-45 days: 3.00% (General), 3.50% (Senior Citizens)
    • 46-90 days: 4.05% (General), 4.55% (Senior Citizens)
    • 91-120 days: 4.30% (General), 4.80% (Senior Citizens)
    • 121-180 days: 4.40% (General), 4.90% (Senior Citizens)
    • 181 days to <1 year: 5.25% (General), 5.75% (Senior Citizens)
    • 1 year: 6.30% (General), 6.80% (Senior Citizens)
    • 1 year to 398 days: 6.30% (General), 6.80% (Senior Citizens)
    • 399 days: 7.00% (General), 7.50% (Senior Citizens)
    • 400 days to 2 years: 6.30% (General), 6.80% (Senior Citizens)
    • 2 years to 3 years: 6.30% (General), 6.80% (Senior Citizens)
    • 3 years to 5 years: 6.70% (General), 7.20% (Senior Citizens)
    • 5 years to 10 years: 6.70% (General), 7.20% (Senior Citizens)

The increase in FD rates by Union Bank of India presents a lucrative opportunity for both regular customers and senior citizens to invest and earn higher returns.

This move aligns with the bank’s goal of providing beneficial financial solutions to its customers and maintaining a competitive edge in the banking sector.

With the variety of tenures and increased rates, Union Bank’s FDs are now an even more attractive option for those looking to secure their savings with reliable interest earnings.

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