Fixed deposits (FD) are very popular among people as they are safe and offer good returns. In this investment, an individual deposits a lump sum with a bank or financial institution for a certain period. The money deposited receives a fixed rate of interest set at the time of account opening. The account holders can opt to receive their interest monthly, quarterly, half-yearly or annually.
So, if you also want to invest in FD, then the public sector Union Bank of India is providing a special opportunity. The bank has revised the interest rates on fixed deposits of less than Rs 2 crore. According to the bank, the new interest rates are effective from June 1, 2024.
Union Bank of India is offering an interest rate of 3.5 per cent to the general public on fixed deposits maturing between 7 to 45 days. Fixed deposits maturing between 46 days to 90 days are now getting an interest rate of 4.50 per cent. Fixed deposits maturing between 91 days to 180 days are offering an interest rate of 4.80 per cent. The fixed deposits maturing between 181 days to less than 1 year are getting an interest rate of 6.25 per cent.
The bank is offering an interest rate of 6.75 per cent on FDs maturing between one year and 398 days. The bank is providing an interest of 7.25 per cent on a tenure of 399 days. The interest rate on FDs ranging from 400 days to less than 998 days will be 6.50 per cent. It offers a 6.40 per cent interest rate on 999 days. FDs with tenures ranging from 1000 days to ten years will now earn 6.50 per cent interest.
FD rates for senior citizens
Senior citizens are being given an additional interest of 0.50 per cent over and above the rates given to general citizens. The maximum interest rate given to senior citizens is 7.75 per cent for 399 days.
FD rates for super senior citizens
The bank is paying a 0.75 per cent higher interest rate to super senior citizens than the rates given to ordinary citizens. The maximum interest rate on FD of 399 days is 8 per cent.
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