New Delhi: Following RBI's repo rate cut last week, United Bank of India (UBI) Monday reduced retail term deposit rates on amounts of up to Rs 1 crore by 0.25 percent to 8.25 percent.
"The bank has revised its rates for retail term deposits (up to Rs 1 crore) for 1 year and above from 8.50 percent to 8.25 percent per annum," the bank said in a filing to BSE.
The bank has kept all other deposit rates unchanged.
The deposit rates have been reduced owing to fall in cost of funds after Reserve Bank's decision last week to cut repo rate by 0.25 percent to 7.50 percent.
The bank said that senior citizens will be given an additional interest of 0.5 percent per annum.
Earlier today, SBI associate State Bank of Travancore slashed the base rate or the minimum lending rate by 0.1 percent to 10.15 percent.
United Bank of India shares closed 3.09 percent lower at Rs 34.50 apiece on BSE today.
