Union Bank cuts deposit rates by 10-30 bps

To offer 8.25% for 1 year

Public sector lender Union Bank of India has reduced deposit rates, both corporate and retail, in select maturities by 10 basis points (bps) to 30 bps. The new rates will be effective from Monday, the lender said on Saturday.

Retail depositors will now earn 8.25 per cent for one year deposits, compared with 8.55 per cent earlier. For one-year up to three-year, the new rate will also be 8.25 per cent, which was 8.50 per cent earlier.