Union Bank of India has revised the interest rates upwards by 25-50 basis points on domestic deposits for different maturity periods with effect from December 1, 2004.
With the Reserve Bank of India now permitting acceptance of deposits of less than Rs 15 lakh in the maturity bucket of 7 to 14 days, the Bank will also accept deposits in this band subject to a minimum of Rs 5 lakh.
The revised rates of interest for various maturity buckets in the deposit slabs of less than Rs 15 lakh, Rs 15 lakh to less than Rs 1 crore, and Rs 1 crore and above are as under:
(% p.a.)
|
Maturity Period |
Amount of deposit | ||
|
Less than Rs. 15 lakh |
Rs. 15 lakh < Rs. 1 cr. |
Rs. 1 cr. and above | |
|
7-14 days |
3.50* |
4.00 |
4.00 |
|
15-45 days |
4.25 |
4.25 |
4.25 |
|
46-90 days |
4.50 |
4.50 |
4.50 |
|
91-179 days |
4.75 |
4.75 |
4.75 |
|
180 days < 1 year |
5.00 |
5.00 |
5.00 |
|
1 year < 2 years |
5.25 |
5.25 |
5.25 |
|
2 years < 3 years |
5.50 |
5.50 |
5.50 |
|
3 years < 5 years |
5.50 |
5.50 |
5.50 |
|
5 years & above |
6.00 |
6.00 |
5.50 |
* Subject to minimum deposit of Rs 5.00 lakh
The revised rates of interest will be applicable to all fresh deposits and renewal of existing deposits which fall due on and after December 1, 2004.
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