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.
The bank said the new rates will come into effect from January 18, 2016.
Shares of the bank were trading down by 3.65 per cent at Rs 19.80 on the BSE.