Public sector Union Bank of India (UBI) on Wednesday announced a revision of rates in both foreign currency and rupee term deposits by the non-resident Indians (NRIs).
The interest rate on a majority of the deposits has been cut as part of the revision.
Under the new rate structure effective from today, a five-year dollar deposit will earn an NRI 1.71% interest as against the previous 1.77, while the same for the British pound sterling will be 2.56% versus 2.65% earlier, a bank release said.
An Euro deposit between one and two years will now earn 1.91% as against the earlier 2.43%. In some baskets like an Australian dollar, deposit between three and four years will now earn an interest of 2.67% per annum versus the earlier 2.64%, it said.
The rates for rupee term deposit by NRIs have also been revised downwards, the release said.
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