If you have an account with Union Bank of India, there’s important news for you. The bank has changed the interest rates for the money you keep in your savings account.
Now, the bank will give you a maximum of 4% back on the money you save. These new rates started on November 20.
Here’s how much interest you can get on different amounts:
1) If you have up to Rs 50 lakh in your account, the bank will give you 2.75% interest.
2) If you have between Rs 50 lakh and Rs 100 crore, you’ll get 2.90% interest.
3) For deposits from Rs 100 crore to Rs 500 crore, the bank offers a 3.10% return.
4) If your balance is between Rs 500 crore and Rs 1000 crore, you’ll get a 3.40% interest rate.
5) And if you have more than Rs 1000 crore, the bank promises a 4.00% interest rate.
It’s good to know that the bank adds the interest to your account every three months in April, July, October, and January.
In other news, Union Bank of India made a 90% profit in the three months ending on September 30, 2023.
Their profit increased to Rs 3,511.4 crore compared to Rs 1,848 crore in the same period last year.
Additionally, CASA deposits, which are the funds in the current and savings accounts, increased by 4.45% in a year.
The total deposit balance in the bank as of September 30, 2023, was Rs 11,37,628 crore.
