Union Bank of India has revised its FD interest rates. Several tenures are offering returns of over 6%. Senior citizens will also receive additional interest. Let’s find out how much interest will be earned on investments for how many days?
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FD interest rates: The Reserve Bank of India has cut the repo rate by 25 bps. Currently, the rate has reached 5.25%. Following this, many banks have begun revising their fixed deposit (FD) interest rates. Public sector bank Union Bank of India has also joined this list. Following the revision, the bank is offering returns ranging from 2.75% to 6.30% to ordinary citizens.
The highest returns are available on special tenures of 400 days. The bank is offering 6% or more interest on all tenures longer than 271 days. However, maturity slabs of 997 days and more than 3 years are not included in the list. The bank is offering 5% returns on tenures of 121 days to 180 days and 5.75% returns on tenures of 181 days to 270 days. A 1-year investment will yield a 6.25% return.
How much interest will senior citizens receive?
The bank is also offering an extra 0.50% interest to senior citizens. Customers can invest for a period ranging from 7 days to 10 years. For your information, the additional interest rate applies to investments up to ₹1 crore. Only resident citizens can avail this facility. The maximum interest rate for those aged 60 years and above is 6.80%. The bank is offering an extra 0.75% interest to super senior citizens. Investors are advised to visit the bank’s official website or nearest branch before investing, as interest rates are subject to change.
Interest Rates Based on Tenure
- 7 days to 14 days – 2.75%
- 15 to 30 days – 3%
- 31 to 45 days – 3.25%
- 46 to 90 days – 4.40%
- 91 to 120 days – 4.75%
- 121 days to 180 days – 5%
- 181 days to 270 days – 5.75%
- 271 days to 364 days – 6%
- 1 year – 6.25%
- More than 1 year and up to 399 days – 6.20%
- 400 days – 6.30%
- More than 2 years and up to 996 days – 6%
- 997 days – 5.95%
- 998 days to 3 years – 6%
- More than 3 years and up to 10 years – 5.90%
