Union Bank Of India Revises FD Rates, Now Offers 7% On 399 Days Special Tenure

Public sector lender, Union Bank of India (UBI) recently revised the Fixed Deposit (FD) interest rates below Rs 2 crore. According to the bank's official website, the new rates are effective from May 23, 2023.

Following the revision of FD rates, the bank now offers interest rates ranging between 3 per cent to 7 per cent for General Public. The interest rates are applicable on the deposit period of 7 days to 10 years below Rs. 2 crores. The bank offers the highest interest rate of 7 per cent on a special deposit period of 399 days.

The bank offers an additional rate to resident senior and super senior citizens on term deposits up to Rs. 5.00 Crores in all of its domestic term deposits scheme.

Effective interest rates (Rates in % per annum) from 23 May 2023

Period	Rates in % p.a.
7-14 Days	3
15-30 Days	3
31-45 Days	3
46-90 Days	4.05
91-120 Days	4.3
121-180 Days	4.4
181 Days to	5.25
1 year	6.3
>1 year to 398 Days	6.3
399 Days	7
400 Days to 2 year	6.3
> 2 year to less than 3 years	6.3
3 years	6.5
> 3 Year to 5 years	6.7
>5 Years to 10 Years	6.7

Source - unionbankofindia.co.in

According to the bank, The additional rate component, applicable to resident senior citizen deposits is 0.50% over and above the normal rates displayed above. The additional rate component applicable to resident super senior citizens is 0.75% over and above the normal rate displayed above (0.25% over and above rate applicable to resident senior citizen). The additional rate on super senior term deposits would be applicable for the term deposits opened/renewed on or after 01.12.2022.