United Bank of India Cuts Deposit Rates for Select Maturities
Here is another jewel in the crown of the rate cut. After the base rate cut by ICICI and AXIS Bank, several banks were in the same queue. United Bank of India announced a cut by 25 basis points in the deposit rates across different maturities on Friday. According to the bank’s statement, the new rates will be applicable from July 06, 2015.
For a maturity period of 180-269 days, the customers will pay 7.25 percent from 7.5 percent interest rate and for a year deposit, the interest rates will be 7.75 percent from 8 percent earlier.
For deposits having a maturity period of 1 year up to 5 years, the revised interest rate will be 7.5 percent. It was 7.75 percent earlier. On June 2, RBI Governor Raghuram Rajan had boosted banks to reduce the lending rates in the Monetary Policy Statement. SBI was the first to cut its base rate. Kotak Mahindra Bank also signed a rate cut.
SBI had cut its base rate by 15 basis points to 9.7 percent. HDFC Bank also got its foot in the door by slashing the rate to 9.70 percent last week. Similarly, ICICI Bank slashed its rate by 5 basis points to 9.70 percent on June 25. Following ICICI Bank, AXIS Bank also cut the base rate by 10 basis points to 9.85 percent. Kotak Mahindra Bank also signed a rate cut.
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