Union Bank reduces interest rates on FCNR, NRE deposits

Union Bank of India today said it has reduced interest rates on its Foreign Currency Non-Resident (B) Deposits and Non-Resident External (Rupee) Term Deposits with effect from August 1.     

Interest rates on dollar-denominated FCNR (B) deposits for a maturity period of one to less than two years has been reduced to 2.50 per cent from 2.56 while for a period of two to less than three years, the revised rate would be 2.75 per cent from 2.85.     

Similarly, interest rate for a period of three to less than four years would be 3.11 per cent (3.20).      The revised rate for a period of four years to less than five years would be 3.34 per cent (3.42) while for a period of five years, the rate would be 3.49 per cent (3.56).     

For NRE deposits having a maturity period of one year to less than two years, the reduced rate would be 3.25 per cent (3.31) while for a period of two years to less than three years, the rate would be 3.50 per cent (3.60).     

The rate for a period of three years and above would be 3.86 per cent (3.95).