Union Bank hikes deposit rates

Union Bank of India has increased the rate of interest on retail deposits up to Rs.1 crore for 46-120 days by 25 basis points to 7.50 per cent.

“This comes into effect from November 11, 2013,” said the bank in a release on Saturday. Similarly in the slab of 31-45 days, the interest rate is increased by 125 basis points to 6 per cent. However, the bank has reduced the interest rate on deposits for 5-7 years maturity by 25 basis points.