Union Bank of India has announced a pleasant surprise for its customers by increasing the interest rates on Fixed Deposits (FDs) of less than Rs 2 crore. Let’s delve into the details of this beneficial update.
Revised Fixed Deposit Rates
Effective from June 1, 2024, Union Bank of India has implemented new interest rates for various FD maturity periods. For the general public, the bank now offers:
3.5% interest on FDs maturing between seven to 45 days.
4.50% interest on FDs between 46 days to 90 days.
4.80% interest on FDs maturing between 91 days to 180 days.
6.25% interest on FDs from 181 days to less than 1 year.
Special Rates for Senior Citizens
Senior citizens enjoy an additional interest of 0.50% over the regular rates. The maximum interest rate offered to senior citizens stands at an impressive 7.75% for FDs of 399 days.
Super Senior Citizen Benefits
For super senior citizens, the bank provides an extra 0.75% interest. The highest interest rate applicable to FDs of 399 days reaches 8%.
Summary of Union Bank FD Rates
Here’s a comprehensive overview of FD interest rates for both general citizens and senior citizens:
| Time Period | General Public | Senior Citizen |
|---|---|---|
| 7 days – 14 days | 3.50% | 4% |
| 15 days – 30 days | 3.50% | 4% |
| 31 days – 45 days | 3.50% | 4% |
| 46 days – 90 days | 4.50% | 5% |
| 91 days – 120 days | 4.80% | 5.30% |
| 121 days – 180 days | 4.90% | 5.40% |
| 181 days to <1 year | 6.25% | 6.75% |
| 1 year | 6.75% | 7.25% |
| 1 year – 398 days | 6.75% | 7.25% |
| 399 days | 7.00% | 7.50% |
| 400 days to 2 years | 7.25% | 7.75% |
| 2 years to 3 years | 6.50% | 7% |
| 3 years to 5 years | 6.50% | 7% |
| 5 years to 10 years | 6.50% | 7% |
This move by Union Bank of India is expected to benefit millions of customers and provide them with attractive returns on their investments.
