Union Bank of India today revised the interest rates applicable to FCNR(B) deposits, effective January 1, 2013.
Dollar-denominated deposits maturing in one to two years will nor earn 2.84% as against 2.86%. Two-three years deposit will earn more now at 2.41% as opposed to 2.39%. Deposits maturing in 3-4 years will be paid 3.49% against 3.46%. Those depositing money for 4-5 years will earn 3.64% (against 3.59%) and if investing for over 5 years, they'll earn 3.83% (against 3.77%).
Those making pound-denominated deposits will earn less. One to two years deposit will earn 3.01% against 3.03%. Two-three years deposit will earn less at 2.71% as opposed to 2.75%. Deposits maturing in 3-4 years will now be paid 3.78% against 3.83%. Those depositing money for 4-5 years will earn 3.90% (against 3.94%) and if investing for over 5 years, they'll earn 4.04% (against 4.07%).
Even Euro and Australian dollar denominated deposits will offer lower rates now. One to two year euro deposits will pay 2.44 against 2.48% and Australian dollar deposits will pay 5.68% against 5.89%. Three to four year euro deposits will earn 3.48% as opposed to 3.53% and Australian dollar deposits will earn 5.97% as opposed to 6.09%. And for deposits maturing in more than five years, euro deposit will earn 3.78% against 3.88% and Australian dollar deposit 6.30% as opposed to 3.36%.
The bank has increased interest rates for yen and canadian dollar denominated deposits.