Union Bank slashes foreign currency deposit rates

Written by Agencies | Mumbai | Updated: Jan 31 2009, 22:15pm hrs
Public-sector, Union Bank of India slashed interest rates on foreign currency non-resident bank account deposits and non-resident external term deposits in certain maturities effective from Sunday.

With this, interest rate on US dollar FCNR(B) deposits having a maturity of 1-2 years, has been cut to 2.98 per cent ( 3 per cent).

For dollar deposits having 2-3 years and 3-4 years maturities, the revised rates are 2.57 per cent (2.44 per cent) and 2.93 per cent(2.72 per cent) respectively, a press release said today.

Deposits in Pound and Euro, in 1-2 years maturities, the revised rates are 3.48 per cent (4.07 per cent) and 3.28 per cent (4.06 per cent) respectively, the bank said.

Interest rates for 1-2 years, 2-3 years and 3 years and above maturity NRE term deposits have been revised to 3.73 per cent(3.75 per cent), 3.32 per cent(3.19 per cent) and 3.68 per cent (3.47 per cent) respectively, the bank said.