DelhiDesk Union Bank of India has revised its interest rates on fixed deposits (FDs) of less than INR 2 crore. The bank is now offering rates ranging from 3.00% to 6.70% on deposits maturing in seven days to 10 years. On a tenure of 399 days, it is offering a maximum interest rate of 7%. The new rates are effective from 23 May 2023. The bank reported a 61.18% increase in net profit to INR 1,440 crore for the quarter ended 31 March 2023. It said its net interest income was INR 8,251 crore, down 4.38% from INR 8,628 crore in the third quarter of FY23.
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– Union Bank of India has revised its interest rates on fixed deposits of less than 2 Cr.
– The new FD rates are effective as of May 23, 2023.
– Interest rates range from 3.00% to 6.70% on deposits maturing in 7 days to 10 years.
– A deposit tenor of 399 days now earns a maximum interest rate of 7%.
– Senior citizens can earn an additional rate component of up to 0.75% on term deposits up to Rs. 5.00 Crores.
– For the quarter ended March 31, 2023, Union Bank of India reported a 61.18% increase in net profit to 1,440 crore.
– Net interest income (NII) was 8,251 crore, down 4.38% from the third quarter of FY23 but up 17.92% from NII of 6,769 crore in the year-ago quarter.
– The bank’s global advances grew by 13.05% annually and 0.73% quarterly to 8,09,905 crore, while deposits increased by 8.26% annually and 4.95% quarterly to 11,17,716 crore.
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