Following Reserve Bank of India (RBI)’s repo rate cut last week, United Bank of India (UBI) today reduced retail term deposit rates on amounts of up to Rs 1 crore by 0.25 per cent to 8.25 per cent.
“The bank has revised its rates for retail term deposits (up to Rs 1 crore) for 1 year and above from 8.50 per cent to 8.25 per cent per annum,” the bank said in a filing to BSE.
The bank has kept all other deposit rates unchanged.
The deposit rates have been reduced owing to fall in cost of funds after Reserve Bank’s decision last week to cut repo rate by 0.25 per cent to 7.50 per cent.
The bank said that senior citizens will be given an additional interest of 0.5 per cent per annum.
Earlier today, SBI associate State Bank of Travancore slashed the base rate or the minimum lending rate by 0.1 per cent to 10.15 per cent.
United Bank of India shares closed 3.09 per cent lower at Rs 34.50 apiece on BSE.