Union Bank Interest Rate: As of January 1, 2025, Union Bank of India offers various interest rates on its deposit products, catering to different customer needs. The rates are structured based on the deposit amount and tenure, with special provisions for senior and super senior citizens.
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Term Deposit Union Bank Interest Rate for Deposits Less Than ₹3 Crore:
The bank provides a range of interest rates depending on the duration of the term deposit:
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Union Bank Interest Rate Short-Term Deposits :
- 7 to 14 days: 3.50%
- 15 to 30 days: 3.50%
- 31 to 45 days: 3.50%
- 46 to 90 days: 4.50%
- 91 to 120 days: 4.80%
- 121 to 180 days: 5.00%
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Union Bank Interest Rate Medium-Term Deposits:
- 181 days to less than 332 days: 6.35%
- 333 days: 6.35%
- 334 days to less than 1 year: 6.35%
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Union Bank Interest Rate Long-Term Deposits:
- 1 year: 6.80%
- More than 1 year to 398 days: 6.80%
- 399 days: 7.00%
- 400 days to 455 days: 6.60%
- 456 days: 7.30%
- 457 days to 2 years: 6.60%
- More than 2 years to 996 days: 6.60%
- 997 days: 6.40%
- More than 998 days to less than 3 years: 6.60%
- 3 years: 6.70%
- More than 3 years to 5 years: 6.50%
- More than 5 years to 10 years: 6.50%
These rates are applicable for deposits below ₹3 crore. For bulk deposits of ₹3 crore and above, different rates may apply, and it’s advisable to contact the bank directly or visit their official website for the most current information.
Savings Account Interest Rates:
Effective from June 21, 2024, the savings account interest rates are as follows:
- Credit Balance up to ₹50 Lakh: 2.75% per annum
- Above ₹50 Lakh to ₹100 Crore: 2.90% per annum
- Above ₹100 Crore to ₹500 Crore: 3.10% per annum
- Above ₹500 Crore to ₹1000 Crore: 3.40% per annum
- Above ₹1000 Crore to ₹1500 Crore: 4.10% per annum
- Above ₹1500 Crore to ₹2000 Crore: 4.15% per annum
- Above ₹2000 Crore: 4.20% per annum
Interest is calculated on a daily product basis and credited quarterly in April, July, October, and January.
Additional Benefits for Senior and Super Senior Citizens:
Union Bank of India offers additional interest rate benefits to resident senior and super senior citizens on term deposits up to ₹5 crore:
- Senior Citizens (60 years and above): An additional 0.50% over the standard rates.
- Super Senior Citizens (80 years and above): An additional 0.75% over the standard rates (0.25% more than the benefit for senior citizens).
These additional rates are applicable for term deposits opened or renewed on or after December 1, 2022.
Loan Interest Rates:
As of September 11, 2024, the Marginal Cost of Funds-based Lending Rates (MCLR) are:
- Overnight and 1 Month MCLR: 8.20%
- 3 Months MCLR: 8.55%
- 6 Months MCLR: 8.85%
- 1 Year MCLR: 8.95%
- 2 Year MCLR: 9.05%
- 3 Year MCLR: 9.10%
The Base Rate, effective from July 1, 2024, is 10.35%, and the Benchmark Prime Lending Rate (BPLR), effective from April 1, 2020, is 13.25%.
Important Considerations:
- Interest rates are subject to change. It’s recommended to verify the current rates before making any financial decisions.
- The aggregate value deposited by a depositor for a similar period will be considered to determine the applicable interest rate.
- For bulk deposit rates of ₹3 crore and above, please contact the bank directly.
For the most accurate and up-to-date information, please visit Union Bank of India’s official website or contact your nearest branch.
