Union Bank of India increased their term deposit rates by up to one percentage point depending on the maturity.
Interest rate for deposits from 91 days to less than six months has been increased by 1 per cent to 5.50 per cent while for deposits of one year but less than two years' maturity has been increased by 0.25 per cent.
Earlier in the day, Punjab National Bank hiked its deposit rates on two maturities by 25 basis points. The new rate for 180-270 days term deposit would be 6 per cent from the existing 5.75 per cent while 1-2 years fixed deposit would be 7 per cent.
The rate hikes by both the banks would come into effect from September 1.
After the rate hike, deposits of between 15 to 45 days will fetch an interest of 3.5 per cent per annum, up 0.50 per cent while deposit rates of six months but less than nine months have been hiked to 5.75 per cent from the earlier 5 per cent.
Deposits for between nine months and one year are up 0.25 per cent from 5.75 per cent to 6 per cent.
Meanwhile, UBI has also introduced a new scheme called "Union Million Deposit" which will get an interest of 7.80 per cent. Under the new scheme, a recurring deposit of 5,510 per month for 10 years or a one time deposit of Rs 4,61,861 will get the depositor Rs 10 lakh after ten years.
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