Union Bank of India has revised the rate on non-resident external (NRE) term deposits with effect from December 27, 2011. The bank has revised the rate of interest for deposits for a period of one year to three year to 9.25% per annum.
Similarly, the bank has revised the rates upward to 8.75% for a period of more than three year up to five year. Further, the bank has revised the rates for a period of more than five year to 8.50%.
The Reserve Bank of India (RBI) had deregulated savings deposit rates on October 25, 2011. The bank has taken this step in line with the move taken by RBI and to keep itself ahead of its competitors.
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