Public sector lender Union Bank of India has increased the interest rates for NRE (non-resident – external) term deposits by 50-75 basis points in the three to five years bracket.
The revised rates will be effective from September 5. A basis point is one hundredth of a percentage point.
In the deposit bracket of more than Rs 1 crore, the rates have been hiked to 9.50 per cent from 9 per cent. For deposits from Rs 1 crore to Rs 10 crore, rates increased to 9.25 per cent from 8.50 per cent, while over Rs 10 crore, the rates will be 9 per cent (from 8.25 per cent earlier), the bank said.
These deposits are for maturity period of three to five years.