In a boost for senior and super senior citizens, Union Bank of India on August 27 announced an additional rate of 0.5 percent and 0.75 percent, respectively, on term deposits of up to Rs 5 crore in all the term deposit schemes, the lender said in a statement.
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The additional rates will be applicable for the citizens over and above the normal rate given by the bank, the statement said.
The additional rate on super senior term deposits would be applicable for the term deposits opened or renewed on or after December 1, 2022, the bank said.
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“The aggregate value deposited by a depositor for a similar period of time shall be taken into account for determining the applicable rate of interest.”
The interest is calculated on a daily basis and is credited on a quarterly basis every year in the months of April, July, October and January, it said.
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On August 27, the shares of Union Bank of India were trading 0.24 percent lower at Rs 124.26 on NSE at 14:44 pm.
