New Delhi: The Union Bank of India has modified its interest rates on fixed deposits. These are some of the greatest interest rates on FDs for various tenures, effective August 2, 2024. The new rates include particular allowances for elderly and super senior individuals, reinforcing the bank’s commitment to facilitating comfortable savings across various client categories.
For a tenure of 333 days, the Union Bank pays 7.4% interest to regular citizens. The interest rates for this tenor are higher for senior citizens, at 7.9%, while it further goes up to 8.15% for super senior citizens. This graded system ensures that people across various age segments are provided with maximum returns on their investments. Rates for short-term deposits are 6.35% for tenures between 181-332 days and 5% for deposits between 121-180 days.
Aside from this 333-day FD, Union Bank has adjusted the rates for various tenures. For 399-day deposits, interest rates are 7.25 percent for normal people, 7.75 percent for senior citizens, and 8.00 percent for super senior citizens. At longer periods, such as 999 days, it provides 6.4% for normal residents, 6.9% for senior people, and 7.15% for super senior citizens.
Union Bank provides 6.70% for normal residents, 7.20% for senior people, and 7.45% for super senior citizens on three-year fixed-term deposits. The interest rates for tenures of 998 days to less than three years, excluding the 999-day option, are as follows: normal citizens will receive 6.60%, while senior and super senior citizens would receive 7.10% and 7.35%, respectively. System-driven FDs with terms ranging from three to ten years pay an interest rate of 6.5%.
Even while Union Bank’s rates remain very competitive, other banks are also offering very juicy FD rates. Bank of Baroda gives 7.25 per cent on a 399-day FD, while Punjab National Bank has priced its 400-day FD at 7.25 per cent. HDFC Bank has the highest rate of 7.40 per cent on a 55-month FD. Union Bank of India has introduced these revised rates and is offering a bouquet of options to investors for maximizing returns on fixed deposits, especially with special rates designed to benefit the senior and super senior citizens.
Union Bank of India has updated its fixed deposit interest rates, offering up to 8.15% for super senior citizens on 333-day tenures. Explore competitive rates across various deposit tenures effective from August 2, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
