Union Bank cuts foreign currency deposit rates

Public-sector lender, Union Bank of India (UBI) today cut interest rates on foreign currency non-resident (bank) account deposits and non resident external rupee term deposits with immediate effect.

With this, the US dollar deposits having a maturity of 1-2 years will now attract an interest rate of 2.33 per cent (2.50 per cent), a press release said.

Deposits in 2-3 years and 3-4 years maturity bucket will now attract interest of 2.35 per cent (2.56 per cent) and 2.99 per cent (3.17 per cent), respectively, the release said.

Deposits in pound and euro in 1-2 years maturity, will now attract rates of 2.23 per cent (2.42) and 2.30 per cent (2.35 per cent), respectively.

 

NRE deposits, having 1-2 years and 2-3 years maturities will now carry rates of 3.08 per cent (3.25) and 3.10 per cent (3.31), respectively, the release said.