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MUMBAI: Union Bank of India has revised the interest rates of its FCNR (B) and NRE (rupee) term deposits.

The new rates are with effect from November 1, a press release issued here said.

For NRE (rupee) term deposits of a maturity period of 1-2 years, the interest has been revised downward to 2.95 per cent from 3.01 per cent while for 2-3 years, it has been lowered to 3.05 per cent from 3.1 per cent, the release said.

For a maturity period of three years and above, the rate has been reduced to 3.65 per cent from 3.67 per cent.

For FCNR (B) dollar-denominated deposits of 1-2 years, the interest rate has been revised downward to 2.2 per cent from 2.26 per cent while for 2-3 years, the rate has been lowered to 2.3 per cent from 2.35 per cent.

For a period of 3-4 years, the new rate is 2.9 per cent as against the earlier 2.92 per cent while for 4-5 years, the new rate is 3.38 per cent (3.35 per cent).

For a period of five years, the new rate is 3.74 per cent (3.68 per cent), the release said. — PTI

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