Union Bank of India cuts savings account interest rate for this amount

The has changed the interest rates on its savings accounts, which will take effect from June 1, 2022. The bank will now offer an interest rate of 2.75% on savings accounts up to Rs 50 lakh, against 2.90% previously.

At a time,

of India raised savings bank deposit rates for amounts over Rs 100 crore to Rs 500 crore and would now earn interest at 3.10%, up from 2.90% previously. Savings bank deposits worth more than Rs 500 crores to Rs 1000 crores will now earn 3.40% interest, down from 2.90% previously, while savings bank deposits worth greater than Rs 1,000 crores will earn 3.55% interest, down from 2.90% previously.

Source: Union Bank of India website

Union Bank FD Interest Rates

Union Bank of India offers an interest rate between 3% and 5.50% over different tenors for deposits of less than Rs 2 crore. The total value of all deposits made by a depositor on any given day, regardless of tenor, should be used to determine the appropriate interest rate, according to the Union Bank of India website.

MCLR

The bank has revised its MCLR (Marginal Cost of Funds Lending Rate) effective May 11, 2022. Overnight MCLR is 6.60%, 1 month MCLR is 6.75%, 3-month MCLR is 7.00%, 6-month MCLR is 7.15%, 1-year MCLR is 7.35%, 2-month MCLR is years is 7.40% and the 3-year MCLR rate is 7.40%. These rates will last until June 10, 2022.

Many banks have revised their interest rates after the Reserve Bank of India raised repo rates by 40 basis points to 4.40%.