UBI enhances term deposits int rates from Nov 6

Kolkata, Nov 11: The city-based United Bank of India(UBI)has enhanced interest rates of all domestic term deposits for periods ranging between 180 days and above five years with effect from November six.

Announcing this, UBI sources here today said the rate of interest was increased by 75 basis points for deposits of 180 days to less than two years and by 25 basis points for deposits of two years to five years and above.

However,the interest rates for deposits up to 179 days would remain unchaged,the sources added.

Accordingly,the sources said,the interest rate for deposits between 180 days and one year had now become 6.75 per cent from six per cent earlier.

Similarly,the rates of interest for deposits between one year and less than two years had been increased to 7.25 per cent from 6.50 per cent,for deposits of two years to less than three years to 7.25 per cent from seven per cent,for deposits of three years but less than five years to 7.50 per cent from 7.25 per cent and that of five years and above to 7.75 per cent from 7.50 per cent earlier.

However,as usual senior citizens would continue to receive one per cent additional interest for all deposits of one year and above with the highest 8.75 per cent interest for deposits of five years and above.

The enhanced rates of interest would be applicable on all fresh deposits and renewwal of existing deposits, the sources added.

UNI