New Delhi: State-owned United Bank of India Monday announced a cut in deposit rates for various maturities by 0.25-0.50 percent.
The new rates will be effective from August 21, 2015.
For maturities of 181-269 days, the new rates will be 7 percent each for deposits up to Rs 1 crore, Rs 1-5 crore and Rs 5 crore and above, respectively.
Earlier, the interest rate for all these buckets was 7.25 percent.
Deposits of up to Rs 1 crore maturing in 270 days to less than one year will earn interest of 7.25 percent (from 7.5 percent earlier).
While, for deposits maturing in one year, the rate of interest has been cut by 0.25 percent each to 7.5 percent for up to Rs 1 crore; 7.25 percent for Rs 1-5 crore and 7.25 percent for Rs 5 crore and above.
For maturities of over a year to above five years, deposits of Rs 1 crore will attract interest of 7.25 percent from 7.5 percent earlier.
While, deposits of Rs 1-5 crore will earn interest at 7 percent from 7.5 percent earlier and deposits of Rs 5 crore will have new rate of interest at 7 percent from 7.5 percent earlier.
Shares of the Kolkata-headquartered bank today closed 5.46 percent up at Rs 24.15 apiece on the BSE.
Earlier this month, Punjab National Bank had also cut interest rates on fixed deposits of select maturities by up to 0.50 percent.
