Union Bank of India cuts savings account interest rate for this amount

The has modified its savings account interest rates, which will take effect on June 1, 2022. The bank will now offer a 2.75 percent interest rate on savings bank accounts up to Rs 50 lakh, down from 2.90 percent previously.

At the same time,

of India hiked savings bank deposits rates for amounts over Rs 100 crore to Rs 500 crore and would now get 3.10 percent interest, up from 2.90 percent previously. Savings bank deposits worth more than Rs 500 crores to Rs 1000 crores will now earn 3.40 percent interest, up from 2.90 percent previously, while savings bank deposits worth more than Rs 1000 crores will get 3.55 percent interest, up from 2.90 percent previously.

Source: Union Bank of India website

Union Bank FD interest rates

Union Bank of India offers an interest rate between 3 percent to 5.50 percent on different tenors for deposits under Rs 2 crore. The total value of all deposits made by a depositor on a given day, regardless of tenor, shall be used to determine the appropriate interest rate, according to the Union Bank of India website.


The bank has revised its MCLR (marginal cost of funds based lending rate), which went into effect on May 11, 2022. The overnight MCLR rate is 6.60 percent, the 1-month MCLR rate is 6.75 percent, the 3-month MCLR rate is 7.00 percent, the 6-month MCLR rate is 7.15 percent, the 1-year MCLR rate is 7.35 percent, the 2-year MCLR rate is 7.40 percent, and the 3-year MCLR rate is 7.40 percent. These rates will last till June 10, 2022.

Many banks have revised their interest rates after the Reserve Bank of India hiked repo rates by 40 basis points to 4.40 percent.

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