Union Bank of India has recently updated the interest rates applicable to Fixed Deposits (FDs) amounting to less than Rs 2 crore. These new rates became effective from June 1, 2024.
Interest Rates for Different Time Periods
According to the Union Bank’s official website, here are the revised interest rates for various maturity periods:
Short-term FD Rates
For FDs maturing between seven to 45 days, the bank offers an interest rate of 3.5 percent to the general public.
Medium-term FD Rates
FDs with maturity periods ranging from 46 days to 180 days now earn interest rates between 4.50 percent to 4.80 percent.
Long-term FD Rates
For FDs maturing between 181 days to less than 1 year, Union Bank offers an interest rate of 6.25 percent.
FD Rates for Senior Citizens
Senior citizens enjoy additional benefits with increased interest rates. They receive an extra 0.50% interest over the standard rates. The maximum interest rate offered to senior citizens is 7.75 percent for FDs maturing in 399 days.
Super Senior Citizen FD Rates
Super senior citizens receive even higher interest rates, with an additional 0.75 percent. The maximum interest rate for FDs of 399 days is 8 percent.
Comparison of FD Rates
Here’s a comparison of the 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% |
These revised rates provide an overview of the benefits offered to customers by Union Bank of India for their Fixed Deposits.
