UNION BANK REVISES INTEREST RATES FOR NRIS DEPOSITS

Union Bank of India revised interest rates for deposits by non-resident Indians (NRIs) across maturities and currencies.

Under the revised rate structure, NRIs will get up to 26 basis points more for deposits in foreign currencies, while the rates for deposits in Indian rupee have gone down marginally.

A deposit in Euros for a maturity above four years but less than five years will earn an NRI 3.90 per cent per annum as against the earlier 3.64 per cent. In some categories, the rates have been revised downwards as well.

Rupee deposits by NRIs till five years have also been rejigged either upward or downward depending on the maturities. A deposit for three years and above will fetch an NRI an interest of 3.25 per cent per annum, up by six basis points.

SOURCE: http://articles.economictimes.indiatimes.com/2011-04-01/news/29370635_1_deposits-cent-interest-rates