Mumbai: Public sector lender Union Bank of India (UBI) today said it has increased interest rates on its non-resident external (NRE) in rupee term deposits and foreign currency non-resident (FCNR) deposits.

The upward revision in rates is with effect from May 1, a release issued here said.

Accordingly, for NRE deposits of one year to less than two years, the rate has been increased to 3.08 per cent from 2.49 per cent, while for two years to less than three years, it has been revised from 2.50 per cent to 3.18 per cent.

For three years and above, the new rate is 3.45 per cent, against the earlier 2.81 per cent, the release said.

For FCNR deposits in the US dollar terms for a maturity period of one year to less than two years and for two years to less than three years, the new rates applicable are 2.33 per cent and 2.43 per cent respectively, against the earlier 1.74 per cent and 1.75 per cent respectively.

For three years to less than four years and for four years to less than five years, the revised rates are 2.70 per cent and 2.93 per cent respectively as against 2.06 per cent and 2.36 per cent respectively.

For a maturity period of five years, the rate has been increased from 2.65 per cent to 3.11 per cent, it said.

The bank has also increased rates on its exchange earner foreign currency (EEFC) term deposits.
Source : PTI