United Bank cuts interest rates on select maturities

State-owned United Bank of India today announced a cut in deposit rates for various maturities by 0.25-0.50 per cent.
The new rates will be effective from August 21, 2015.
For maturities of 181-269 days, the new rates will be 7 per cent each for deposits up to Rs 1 crore, Rs 1-5 crore and Rs 5 crore and above, respectively.
Earlier, the interest rate for all these buckets was 7.25 per cent.
Deposits of up to Rs 1 crore maturing in 270 days to less than one year will earn interest of 7.25 per cent (from 7.5 per cent earlier).

While, for deposits maturing in one year, the rate of interest has been cut by 0.25 per cent each to 7.5 per cent for up to Rs 1 crore; 7.25 per cent for Rs 1-5 crore and 7.25 per cent for Rs 5 crore and above.

For maturities of over a year to above five years, deposits of Rs 1 crore will attract interest of 7.25 per cent from 7.5 per cent earlier.
While, deposits of Rs 1-5 crore will earn interest at 7 per cent from 7.5 per cent earlier and deposits of Rs 5 crore will have new rate of interest at 7 per cent from 7.5 per cent earlier.

Shares of the Kolkata-headquartered bank today closed 5.46 per cent up at Rs 24.15 apiece on the BSE.
Earlier this month, Punjab National Bank had also cut interest rates on fixed deposits of select maturities by up to 0.50 per cent.