India: Union Bank cuts deposit rates.

MUMBAI, Nov. 30 BANKS have started reducing their deposit rates with Union Bank of India announcing a 25-50 basis points across-the-board cut in its deposit rates. However, the bank has not reduced its prime lending rates (PLR).

Bank officials said the revised deposit rates would be effective from the first week of December. The rates on NRE and NRNR deposits have also been reduced by 25-50 basis points.

For a maturity of 15-45 days, the rate is now 5 per cent (5 per cent), for 46 to 179 days, the rate is 5.75 per cent (6 per cent), for 180 days to less than a year, 6.75 per cent (7 per cent), for one year to less than two years, 7.50 per cent (8 per cent), …