Union Bank revises deposit rates for NRIs

Public sector Union Bank of India (UBI) today announced a revision of rates in both foreign currency and rupee term deposits by the non-resident Indians (NRIs).

The interest rate on a majority of the deposits has been cut as part of the revision.

Under the new rate structure effective from today, a five-year dollar deposit will earn an NRI 1.71% interest as against the previous 1.77, while the same for the British pound sterling will be 2.56% versus 2.65% earlier, a bank release said here.

An Euro deposit between one and two years will now earn 1.91% as against the earlier 2.43%. In some baskets like an Australian dollar, deposit between three and four years will now earn an interest of 2.67% a year versus the earlier 2.64%, it said.

The rates for rupee term deposit by NRIs have also been revised downwards, the release said.

Source: Business Standard