Government-owned Union Bank of India has hiked its interest rates on foreign currency non-resident bank deposits and non-resident external rupee term deposits effective from April 1.
The country's largest lender the State Bank of India had announced an upward revision in its foreign currency deposit rates yesterday.
FCNR(B) deposits in US Dollar having one year to less than two-year maturity will now attract a rate of 1.92 per cent from 1.84 per cent earlier, while deposits for 2 years to less than 3 years will carry 2.24 per cent rate (2.08 per cent), the bank said in a release.
Similarly, deposits with 3-4 years, 4-5 years, and 5 years tenures will carry rates of 2.84 per cent (2.69 per cent), 3.34 per cent (3.20 per cent) and 3.75 per cent (3.62 per cent), respectively, the bank said.
Rates for deposits in Euro, in 1-2 years and 2-3 years have been revised to 2.19 per cent (2.20) and 2.49 per cent (2.45 per cent), respectively, the bank said.
Interest rates for rupee deposits in 1-2 years, 2-3 years and 3-5 years tenures have been revised to 2.67 per cent (2.59 per cent), 2.99 per cent (2.83 per cent) and 3.59 per cent (3.44 per cent), respectively, the bank said.
