UBI ups interest rates on NRE, FCNR deposits

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Union Bank of India (UBI), on Saturday said it has increased interest rates on its non-resident external (NRE) (rupee) term deposits and foreign currency non-resident (FCNR) deposits.

The upward revision in rates is with effect from May 1, a release said in Mumbai.

Accordingly, for NRE deposits of one year to less than two years, the rate has been increased to 3.08 per cent from 2.49 per cent while for two years to less than three years, it has been revised from 2.50 per cent to 3.18 per cent.

For three years and above, the new rate is 3.45 per cent as against the earlier 2.81 per cent, the release said.

For FCNR (B) deposits (USD), for a maturity period of one year to less than two years and for two years to less than three years, the new rates applicable are 2.33 per cent and 2.43 per cent respectively as against the earlier 1.74 per cent and 1.75 per cent respectively.

For three years to less than four years and for four years to less than five years, the revised rates are 2.70 per cent and 2.93 per cent respectively as against 2.06 per cent and 2.36 per cent respectively.

For a maturity period of five years, the rate has been increased from 2.65 per cent to 3.11 per cent, it said.