Union Bank of India offers new term deposit scheme

The new product is seen to further boost deposit growth after the bank’s 17% surge.

Public sector lender Union Bank of India on Saturday announced a new 1100 days term deposit scheme offering an interest of 9.15 per cent per annum.

The bank will start accepting deposits under the special deposit plan from Monday, it said in a release issued here on Saturday. 

The Mumbai-headquartered bank already offers a 700 days term deposit with an interest of 8.60 per cent which will run concurrently with the newly announced 1100 days plan, it added, according to a report in the Economic Times. 

In the April-December period, the bank has registered a deposit growth of 17.24 per cent as against the industrial average of 14.7 per cent, it said.