UBI lowers rates on its FCNR, NRE term deposits

UBI lowers rates on its FCNR, NRE term deposits

Public sector lender, Union Bank of India (UBI), today said that it has lowered interest rates on its Foreign Currency Non Resident (FCNR-B) and Non Resident External (Rupee) Term Deposits.


The revised rates are with effect from today, the bank said in a press release issued here.

For NRE (Rupee) term deposits of a maturity of one-year to less than two-years, the rate has been lowered to 2.59 per cent from 2.79 per cent, while for a maturity of two-years to less than three-years, it has been lowered to 2.42 per cent from 2.49 per cent, the release said.
For a maturity of three-years and above, it has been lowered to 2.70 per cent from 2.82 per cent.

For FCNR (B) US dollar-denominiated deposits, the rate has been lowered to 1.84 per cent from 2.04 per cent for a maturity period of one-year to less than two-years.

For two-years to less than three-years, it has been lowered to 1.67 per cent from 1.74 per cent, while for three-years to less than four-years, it has been lowered to 1.95 per cent from 2.07 per cent, it said.

For a maturity of four-years to less than five-years, the new rate is 2.27 as against the earlier 2.43 per cent, the release said.

For a maturity of five-years, the rate has been revised to 2.57 per cent from the earlier 2.79 per cent.

Interest rates have also been revised for GBP and Euro-denominated FCNR (B) deposits, the release said