Public-sector lender Union Bank of India has cut interest rates on deposits for non residents in rupee and foreign currency denominations with immediate effect.
For foreign currency non-resident bank account deposits in US dollar having a maturity period of one to two years will now attract a rate of 2.26 per cent (2.33 per cent) while those having two to three years have been reduced to 2.35 per cent, a release issued here said. For deposits of three to four years it has been cut to 2.92 per cent (2.99 per cent), it added.
Deposits in pound for one to two years and two to three years will now attract rates of 2.10 per cent (2.23) and 2.87 per cent (2.96) respectively, it said.
The bank will offer a rate of 3.55 per cent (3.62) for a period of three to four years. Similarly, deposits in Euro, in the above maturities, will now offer, 2.24 per cent (2.30), 2.75 per cent (2.77 per cent) and 3.17 per cent (3.21) respectively, the bank said.
Interest rates for non-resident external rupee account deposits of one to two years would be 3.01 per cent (3.08).
