Union Bank of India has started the new year by revising its Fixed Deposit (FD) interest rates for deposits under Rs 3 crore.
The updated rates came into effect on January 1, 2025, with a notable decrease for FDs maturing in 333 days.
Special Benefits for Senior and Super Senior Citizens
Senior citizens are offered an additional 0.50% interest above the standard rates.
Meanwhile, super senior citizens (aged 80 years and above) enjoy even better rates, receiving 0.75% more than the general public.
Here are the updated interest rates:
1) FDs maturing in 7 to 45 days provide 3.5% interest for the general public.
2) FDs with a tenure of 46 to 90 days now offer 4.5% interest.
Updated Fixed Deposit Rates for General Public
The following table shows the revised FD interest rates for amounts up to Rs 3 crore:
| Period | Interest Rate (%) |
|---|---|
| 7-14 days | 3.50 |
| 15-30 days | 3.50 |
| 31-45 days | 3.50 |
| 46-90 days | 4.50 |
| 91-120 days | 4.80 |
| 121-180 days | 5.00 |
| 181 days to < 332 days | 6.35 |
| 333 days | 6.35 |
| 334 days to < 1 year | 6.35 |
| 1 year | 6.80 |
| >1 year to 398 days | 6.80 |
| 399 days | 7.00 |
| 400 days to 2 years | 6.60 |
| >2 years to 996 days | 6.60 |
| 997 days | 6.40 |
| >998 days to < 3 years | 6.60 |
| 3 years | 6.70 |
| >3 years to 5 years | 6.50 |
| >5 years to 10 years | 6.50 |
Higher Returns for Senior Citizens
Senior citizens and super senior citizens can benefit from the following additional interest:
Senior citizens: 0.50% more than the regular rates.
Super senior citizens: 0.75% above the standard rates.
For example
1) The general public earns 3.5% interest for FDs maturing in 7 to 45 days, while senior citizens get 4%, and super senior citizens receive 4.25%.
2) FDs with a maturity of 46 to 90 days now offer 4.5% interest for the general public, which increases to 5% for senior citizens and 5.25% for super senior citizens.
These new rates provide a range of options for both regular depositors and senior citizens to maximize their returns on various FD tenures.
