The United Bank of India has decided to reduce by 25 to 50 basis points the interest rates on domestic term deposits of various tenures which would come into effect from December 8.
As per the revised rates, interest rates on deposits of 15 days to 29 days has been brought down by 50 basis points to 4 per cent from 4.50 per cent at present, while for deposits of other tenures, an across the board reduction of 25 basis points was made, UBI said in a release on Friday.
The bank has, however, kept unchanged at 4 per cent
the interest rates on deposits of seven days to 14 days.
It said interest rates on deposits of 30 days to 45 days would be 4.25 per cent and that on 46 days to 90 days would be 4.50 per cent.
Deposits of 91 days to 179 days would attract an interest of 4.75 per cent, while that of 180 days to less than one year would be 5 per cent.
For deposits of one year to less than two years, interest rates would be 5.25 per cent, two years to less than three years would be 5.75 per cent and for three years and above would be 5.75 per cent.
Senior citizens would continue to get 75 basis points higher interest on deposits of all the tenures, except that on seven days to 14 days, the release added.