UBI slashes FCNR (B),NRE (Re) deposits

Public sector lender Union Bank of India said that it has lowered the interest rates on its FCNR-B and NRE (Rupee) Term Deposits.

Public sector lender Union Bank of India (UBI) today said that it has lowered the interest rates on its Foreign Currency Non Resident (FCNR-B) and Non Resident External (Rupee) Term Deposits.

The revised rates are with effect from today,the bank said in a press release issued here.

For NRE (Rupee) term deposits of a maturity of one-year to less than two-years,the rate has been lowered to 2.59 per cent from 2.79 per cent,while for a maturity of two-years to less than three-years,it has been lowered to 2.42 per cent from 2.49 per cent,the release said.

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For a maturity of three-years and above,it has been lowered to 2.70 per cent from 2.82 per cent.

For FCNR (B) US dollar-denominated deposits,the rate has been lowered to 1.84 per cent from 2.04 per cent for a maturity period of one-year to less than two-years.

For two-years to less than three-years,it has been lowered to 1.67 per cent from 1.74 per cent,while for three-years to less than four-years,it has been lowered to 1.95 per cent from 2.07 per cent,it said.

For a maturity of four-years to less than five-years,the new rate is 2.27,as against the earlier 2.43 per cent,the release said.

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For a maturity of five-years,the rate has been revised to 2.57 per cent from the earlier 2.79 per cent.

Interest rates have also been revised for GBP and Euro-denominated FCNR (B) deposits,the release said.