Union Bank cuts foreign currency deposit rates

Public sector lender Union Bank of India has reduced interest rates on foreign currency non-resident bank (FCNR-B) account deposits and non-resident external (NRE) rupee account deposits with immediate effect.        

US dollar deposits, having a maturity of one to two years will now attract a rate of 2.26 per cent (2.33 per cent) while those having two to three years and three to four years have been reduced to 2.35 per cent and 2.92 per cent (2.99 per cent), a press release said.        

Deposits in Pound, having one to two years, two to three years and three to four years will now offer 2.10 per cent (2.23), 2.87 per cent (2.96) and 3.55 per cent (3.62), respectively, it said.        

Similarly, deposits in Euro, in the above maturities, will now offer, 2.24 per cent (2.30), 2.75 per cent (2.77 per cent) and 3.17 per cent (3.21), respectively, the bank said in the release.        

Interest rates for NRE deposits having one to two years, two to three years and three years and above tenures have been revised to 3.01 per cent (3.08), 3.10 per cent (3.10) and 3.67 per cent (3.74), respectively, the bank said.