Union Bank of India revises FD rates by up to 7% for tenors of 399 days with effect from today

Union Bank FD Rates

The bank is now offering 3% interest rate on fixed deposits maturing in 7 to 45 days, while Union Bank of India is also offering 4.05% interest rate on deposits maturing in 46 to 90 days. Deposits of 91 to 120 days will now fetch interest at the rate of 4.30%, while deposits of 121 to 180 days will fetch interest at the rate of 4.40%.

Deposits maturing in 181 days to one year will now fetch 5.25% interest, while deposits maturing in one year to 398 days will now fetch 6.30% interest. The bank now offers a maximum interest rate of 7.00% on deposits maturing in 399 days, and Union Bank of India now offers 6.30% on deposits maturing in 400 days to three years.

The current interest rates offered by Union Bank of India are 6.50% for three year term deposits and 6.70% for three to ten year term deposits.

“Union Bank of India offers an additional rate component to resident senior and very senior citizens on fixed deposits up to Rs. 5.00 crore in all its domestic fixed deposit schemes. The additional rate component, applicable to Resident Senior Citizen Deposits, is 0.50% over and above the normal rates shown above. The additional rate component applicable to Resident Very Senior Citizens is 0.75% over and above the normal rate shown above (0.25% over and above the rate applicable to Resident Senior Citizens). Additional rate on Super Senior Term Deposit will be applicable for term deposits opened/renewed on or after 01.12.2022,” Union Bank of India mentioned on its website.

For the quarter ended March 31, 2023, Union Bank of India reports 61.18 percent growth in net profit 1,440 crores. The bank said that its net interest income (NII) was 8,251 crore, down 4.38 per cent from Rs. 8,628 crore in Q3 FY23 but 17.92 per cent higher than NII 6,769 crore in the year-ago quarter. The bank’s net interest margin (NIM) in Q4FY23 stood at 2.98 per cent, up 13 basis points from 2.75 per cent in the March 2022 quarter, but down 23 basis points from 3.21 per cent in Q3FY23. Bank’s global advances grow at 13.05 per cent annually and 0.73 per cent quarterly 8,09,905 crore, while deposits grew by 8.26 percent YoY and 4.95 percent quarterly 11,17,716 crores.