Union Bank of India has increased rate of interest on retail deposits upto Rs 10 million for the period 46 to 120 days by 25 bps to 7.50%.
Similarly in the slab of 31 to 45 days, interest rate is increased by 125 bps to 6%.
The bank has reduced the interest rate on deposit for 5 to 7 years maturity by 25 bps.
This comes into effect from Nov. 11, 2013. The move is intended to increase the retail term deposit base of the bank.
Shares of the bank gained Rs 0.8, or 0.63%, to trade at Rs 127.95. The total volume of shares traded was 625,354 at the BSE (Friday).
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