Union Bank revises rates on FCNR deposits

State-run, Union Bank of India has revised its interest rates on foreign currency deposits with immediate effect.

For foreign currency non-resident bank (FCNR-B) account deposits in US dollar having a maturity period of one to two years will now attract a rate of 2.02 per cent (2.20) while those having two to three years have been reduced to 2.01 per cent (2.30), a release said.

For deposits of three to four years it has been cut to 2.56 per cent (2.90), it added.

Deposits in pound for one to two years and two to three years will now attract rates of 2.22 per cent (2.17) and 2.76 per cent (2.95) respectively, it said.

Pound deposits having a period of three to four years, the bank will now offer a rate of 3.35 per cent (3.60).

Similarly, deposits in euro, in the above maturities, will now offer, 2.22 per cent (2.23), 2.75 per cent (2.84) and 3.15 per cent (3.28) respectively, the bank said.

Interest rates for non-resident external (NRE) rupee account deposits of one to two years would be 2.77 per cent (2.95).

The bank has also revised rates for deposits of two to three years and three years and above tenures to 2.76 per cent (3.05) and 3.31 per cent(3.65) respectively, the bank said.