United Bank gains after cutting rates on domestic term deposits

The bank has reduced interest rates by 25-50 bps across maturities

Shares of United Bank of India were up over 4% at Rs 25 after the bank reduced interest rate on domestic term deposits by 25-50 basis points across various maturities.

For deposits 181 to 269 days the bank has reduced rates to 7% from 7.25% earlier. For a period of 270 days to less than a year for amounts upto Rs 1 crore the new rate will be 7.25% against 7.50% earlier, the bank said in a release.

For higher maturities for 3 years and above the interest rates have been reduced to 7.25% from 7.50% earlier for amounts upto Rs 1 crore while for amounts of Rs 1 crore and above the interest rate is reduced to 7% from 7.5% earlier.
 

The stock opened at Rs 24.40 and touched a high of Rs 25.30. At 11:30AM, over 650,000 shares were traded on both the stock exchanges.