This public sector bank revises interest rates on savings bank deposits

Customers who have savings bank deposits with Union Bank of India should be aware that the bank has revised its interest rates. The bank announced this today, June 1, 2022, and following the change, the bank now offers a maximum interest rate of 3.55% on savings accounts.

Union Bank of India Savings Account Interest Rates

Customers would receive an interest rate of 2.75% on account balances up to Rs.50 lakhs, as per Union Bank of India savings bank deposit rates, effective June 1, 2022 The interest rate on savings account balances over Rs.50 lakhs to Rs.100 crores is 2.90%. The interest rate on savings account balances over Rs 100-500 crore will be 3.10%. The Union Bank of India will now grant an interest rate of 3.40% on savings bank deposits of more than Rs 500-1,000 crore, and a maximum interest rate of 3.55% on savings bank deposits of more than Rs 1,000 crore. .

The interest rates will be calculated on a daily proceeds basis and credited quarterly during the months of April, July, October and January every year, according to the Union Bank of India website.

Balance Interest rate (per year)
Up to Rs.50 lakhs 2.75%
> Rs.50 lakhs to Rs.100 Crores 2.90%
> Rs.100 Crores to Rs.500 Crores 3.10%
> Rs.500 Crores to Rs.1000 Crores 3.40%
Above Rs.1000 Crores 3.55%
Source: Bank website

Union Bank of India MCLR rate

Union Bank of India grants an MCLR (Marginal Cost of Funds Lending Rate) of 6.60% on Overnight MCLR till 10th June 2022. On a one month MCLR, the lending rate is 6.75%, on a three-month loan. MCLR the lending rate is 7.00%, on a six month MCLR the lending rate is 7.15%, on a one year MCLR the lending rate is 7.35%, on a two-year MCLR the rate is 7.40%, and on a three-year MCLR the rate is 7.40%. Since most loans are linked to the MCLR rate, borrowers who have taken or will take loans based on the MCLR (marginal cost of funds based lending rate) until June 10 will be affected.

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Union Bank of India MCLR (unionbankofindia.co.in)

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