In the new year, Union Bank of India has announced a reduction in interest rates for Fixed Deposits (FDs) of less than Rs 3 crore.
The revised rates came into effect on January 1, 2025, with a specific decrease in the interest rates for FDs maturing in 333 days.
Special Rates for Senior Citizens
Senior citizens are receiving an additional interest of 0.50% above the regular rates, while super senior citizens are getting 0.75% more. Here are the updated interest rates for general public and senior citizens:
1) FDs with a maturity of 7 to 45 days are offering 3.5% interest for the general public.
2) For FDs maturing in 46 to 90 days, the interest rate is now 4.5%.
Updated Interest Rates for Union Bank of India Fixed Deposits (up to Rs. 3 crore)
| Period | Interest Rate (%) |
|---|---|
| 7-14 days | 3.50 |
| 15-30 days | 3.50 |
| 31-45 days | 3.50 |
| 46-90 days | 4.50 |
| 91-120 days | 4.80 |
| 121-180 days | 5.00 |
| 181 days to < 332 days | 6.35 |
| 333 days | 6.35 |
| 334 days to < 1 year | 6.35 |
| 1 year | 6.80 |
| >1 year to 398 days | 6.80 |
| 399 days | 7.00 |
| 400 days to 2 years | 6.60 |
| >2 years to 996 days | 6.60 |
| 997 days | 6.40 |
| >998 days to < 3 years | 6.60 |
| 3 years | 6.70 |
| >3 years to 5 years | 6.50 |
| >5 years to 10 years | 6.50 |
These revised rates reflect the bank’s new offerings for both regular and senior citizens on various FD tenures.
Interest Rates for Senior Citizens
Senior citizens will enjoy higher interest rates on their FDs. They will receive an additional 0.50% interest on top of the standard rates. Moreover, super senior citizens (aged 80 years and above) will get 0.75% extra interest.
For the general public, Union Bank of India offers 3.5% interest on FDs maturing between seven and 45 days. FDs with a maturity period of 46 to 90 days now earn 4.5% interest.