United Bank Gains After Cutting Rates On Domestic Term Deposits

Shares of United Bank of India were up over 4 per cent at Rs 25 after the bank reduced interest rate on domestic term deposits by 25-50 basis points across various maturities. For deposits 181 to 269 days the bank has reduced rates to 7 per cent from 7.25 per cent earlier. For a period of 270 days to less than a year for amounts up to Rs 1 crore the new rate will be 7.25 per cent against 7.50 per cent earlier, the bank said in a release. For higher maturities for 3 years and above the interest rates have been reduced to 7.25 per cent from 7.50 per cent earlier for amounts up to Rs 1 crore while for amounts of Rs 1 crore and above the interest rate is reduced to 7 per cent from 7.5 per cent earlier.