Public sector United Bank of India today said it will cut interest rates on bulk deposits of Rs 1 crore and above for various maturities by 0.25-1.5 per cent from Monday.
"The bank has reduced its interest rates on deposits up to Rs 1 crore by 25 basis points (0.25 per cent) to 50 bps (0.5 per cent)," it said in a regulatory filing.
For deposits above Rs 1 crore, the rate of interest will be cut in the range of 0.25-1.5 per cent in all buckets from 46 days onwards.
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The Bank said the new rates will come into effect from January 18, 2016.
Shares of the bank traded down by 2.43 per cent at Rs 20.05 a piece on BSE's noon session.
