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Tag: Union Bank of India

  • Union Bank of India revises FD expenses by as a lot as 7% on 399 days tenure environment friendly from within the current day

    The public sector lender Union Bank of India has revised its charges of curiosity on mounted deposits of decrease than ₹2 Cr. Following the revision, the monetary establishment is offering charges of curiosity ranging from 3.00% to 6.70% on deposits maturing in 7 days to 10 years. On a tenure of 399 days, the monetary establishment is now offering a most price of curiosity of seven%. As per the official site of Union Bank of India, the model new FD expenses are environment friendly as of within the current day 23.05.2023.

    Union Bank FD Rates

    The monetary establishment is now giving a 3% price of curiosity on mounted deposits that mature in 7 to 45 days, whereas Union Bank of India might be offering a 4.05% price of curiosity on deposits that mature in 46 to 90 days. A deposit tenor of 91 to 120 days will now earn curiosity at a value of 4.30%, whereas a deposit tenor of 121 to 180 days will earn curiosity at a value of 4.40%.

    Deposits that mature in 181 days to not less than one yr will now earn curiosity at a value of 5.25%, whereas individuals who mature in a single yr to 398 days will now earn curiosity at a value of 6.30%. The monetary establishment now presents a most price of curiosity of seven.00% on deposits maturing in 399 days, and Union Bank of India now presents a value of 6.30% on deposits maturing in 400 days to three years.

    The current charges of curiosity supplied by Union Bank of India are 6.50% for deposits with a time interval of three years and 6.70% for deposits with a time interval of three to 10 years.

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    Union Bank FD Rates

    “Union Bank of India presents an extra value ingredient to resident senior and great senior residents on time interval deposits as a lot as Rs. 5.00 Crores in all of its residence time interval deposits scheme. The additional value ingredient, related to resident senior citizen deposits is 0.50% over and above the traditional expenses displayed above. The additional value ingredient related to resident great senior residents is 0.75% over and above the traditional value displayed above (0.25% over and above value related to resident senior citizen). The additional value on great senior time interval deposits might be related for the time interval deposits opened/renewed on or after 01.12.2022,” talked about Union Bank of India on its site.

    For the quarter ended March 31, 2023, Union Bank of India reported a 61.18 % enhance in internet income to ₹1,440 crore. The monetary establishment talked about that its internet curiosity income (NII) was ₹8,251 crore, down 4.38 per cent from ₹8,628 crore inside the third quarter of FY23 nevertheless up 17.92 per cent from NII of ₹6,769 crore inside the year-ago quarter. The monetary establishment’s internet curiosity margin (NIM) in Q4FY23 was 2.98 %, up 13 basis elements from the 2.75 % inside the March 2022 quarter nevertheless down 23 elements from the three.21 % in Q3FY23. The monetary establishment’s world advances grew by 13.05 % yearly and 0.73 % quarterly to ₹8,09,905 crore, whereas deposits elevated by 8.26 % yearly and 4.95 % quarterly to ₹11,17,716 crore.

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  • Gun-toting robbers loot Rs 40 lakh, gold from monetary establishment in Odisha 

    By Express News Service

    BALASORE: In a daring daylight heist, gun-toting miscreants looted about Rs 40 lakh along with jewellery from a Union Bank of India division in Balasore district on Wednesday. The incident occurred submit noon when prospects along with the employees had been contained within the monetary establishment division in Chandaneswar house inside Talsari marine police limits.

    The robbers, a couple of of them masked, walked into the monetary establishment posing as prospects and took administration of the division at gunpoint. Once inside, three of them locked the doorway and requested prospects to sit in a nook. They collected the cell telephones of staff and prospects and warned them to not enhance alarm and even switch, a purchaser said.

    The robbers then disconnected power present and snapped CCTV digital digicam cables contained within the monetary establishment. Two of them rushed to the teller counter and requested the cashier helpful over the money. They even thrashed a staff when he refused to half with the locker keys and threatened him at gunpoint.

    “After getting the key, the miscreants collected cash and jewellery from the locker room and left by locking the bank entrance gate from the outside,” said Golak Pradhan, a purchaser who went through the ordeal.  The full operation lasted for 30-40 minutes, the employees said, together with the miscreants spoke in Odia, Bengali and Hindi.

    Initial investigation steered the number of miscreants might very properly be between six and eight. They all received right here on two-wheelers, Balasore SP Sagarika Nath said.IG (East) Himansu Lal who rushed to the spot said teams have been formed to nab the miscreants who might need fled within the path of the bordering areas. Soon after the incident, routes associated to West Bengal had been sealed and look for bikers and four-wheelers began.     

    BALASORE: In a daring daylight heist, gun-toting miscreants looted about Rs 40 lakh along with jewellery from a Union Bank of India division in Balasore district on Wednesday. The incident occurred submit noon when prospects along with the employees had been contained within the monetary establishment division in Chandaneswar house inside Talsari marine police limits.

    The robbers, a couple of of them masked, walked into the monetary establishment posing as prospects and took administration of the division at gunpoint. Once inside, three of them locked the doorway and requested prospects to sit in a nook. They collected the cell telephones of staff and prospects and warned them to not enhance alarm and even switch, a purchaser said.

    The robbers then disconnected power present and snapped CCTV digital digicam cables contained within the monetary establishment. Two of them rushed to the teller counter and requested the cashier helpful over the money. They even thrashed a staff when he refused to half with the locker keys and threatened him at gunpoint.googletag.cmd.push(function() googletag.present(‘div-gpt-ad-8052921-2’); );

    “After getting the key, the miscreants collected cash and jewellery from the locker room and left by locking the bank entrance gate from the outside,” said Golak Pradhan, a purchaser who went through the ordeal.  The full operation lasted for 30-40 minutes, the employees said, together with the miscreants spoke in Odia, Bengali and Hindi.

    Initial investigation steered the number of miscreants might very properly be between six and eight. They all received right here on two-wheelers, Balasore SP Sagarika Nath said.IG (East) Himansu Lal who rushed to the spot said teams have been formed to nab the miscreants who might need fled within the path of the bordering areas. Soon after the incident, routes associated to West Bengal had been sealed and look for bikers and four-wheelers began.     

  • E-rupee launch a landmark second within the historical past of forex: RBI Guv Shaktikanta Das

    RBI Governor Shaktikanta Das, Digital Rupee Launch: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday mentioned that e-rupee launch was a landmark second within the historical past of forex within the nation and it’ll remodel the way in which enterprise is finished and the way in which transactions are performed.

    Speaking at FICCI’s Banking Conference – FIBAC 2022, Das mentioned that the RBI needs to iron out all facets of Central Bank Digital Currency (CBDC) earlier than launch. He added that the central financial institution hopes to launch digitised Kisan Credit Card loans in a full fledged method by CY 2023.

    He famous that there isn’t any goal date for full fedged launch of the digital rupee.

    In his handle to the Indian bankers, Das mentioned that the value stability, sustained development and monetary stability needn’t be mutually unique. he additionally famous that the transparency isn’t compromised in any method by not releasing letter to be written by RBI to authorities for lacking inflation goal.

    Speaking on the convention, Das mentioned that with financial coverage actions and stances present process a regime shift within the superior nations, monetary circumstances have tightened throughout markets and accentuated monetary stability dangers. He famous that in an unsure surroundings, Indian financial system has been rising steadily drawing energy from its macroeconomic indicators and buffers. He mentioned that India in the present day presents an image of resilience and optimism for the world.

    On the inflation entrance, the RBI chief mentioned the central financial institution is intently monitoring inflation tendencies and the impression of earlier actions. He mentioned that the RBI is seeing appreciable enchancment in gross sales of white items in festive season.

    “In mine and the RBI’s view, price stability, sustained growth, and financial stability need not be mutually exclusive,” he mentioned.

    Das added that there’s numerous hypothesis concerning the MPC’s November 3 assembly. “We will prepare a report on and send it to the government,” he mentioned.

    The RBI governor mentioned that MPC’s decision is supposed for your complete financial system and markets and residents ought to know concerning the MPC’s determination. However, he added {that a} letter to the federal government is distributed beneath regulation.

    “I don’t have the privilege or authority or luxury to release it to the media before the addressee gets it… The contents of the letter will not be under the wraps forever. It will be released at some point… The first right of receiving the letter lies with the government,” he mentioned.

    Das defined that if the RBI had began strategy of tightening earlier, what would have been the counterfactual situation?

    “We did not want to upset process of recovery. We wanted economy to safely reach the shores and then bring down inflation,” he mentioned. “There has been a slippage in maintaining inflation target. But if we would have tightened earlier, the country would have paid a high cost for it.”

    -with PTI inputs

  • Top 10 banks that hiked FD curiosity charges in Oct

    1 min learn . Updated: 30 Oct 2022, 09:00 PM IST Livemint
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    Banks_hike_FD_interest_rates

    Banks have raised the rates of interest on their deposit merchandise because of the repo fee hike and virtually all the key banks have hiked rates of interest on fastened deposits in keeping with the affect of the repo fee

  • How to take a no-cost EMI mortgage this festive season

    Festive Season No-Cost EMI Loan Guide: As the festive season approaches, manufacturers gear as much as appeal to customers with the most effective buying provides. One generally out there supply in the course of the festive season is no-cost EMI. Like with some other compensation possibility, there are some issues you should learn about no-cost EMIs earlier than availing of them this festive season.

    What is no-cost EMI?

    No-cost EMI, or zero curiosity EMI, is a compensation scheme that allows you to break up a purchase order’s price into interest-free installments for tenures as much as 12 months. This scheme is beneficial for high-value purchases the place it might not at all times be attainable to pay the complete worth upfront. With it, it can save you on further curiosity whereas ticking issues off your festive bucket listing with out upsetting your price range.

    Let’s perceive how no-cost EMIs work with an instance. You plan to buy a washer price Rs 24,000 however don’t need to pay its whole price upfront. A 12-month no-cost EMI supply will let you purchase this washer at a month-to-month EMI of Rs 2,000, which is way extra inexpensive in comparison with the upfront price.

    Is no-cost EMI actually cost-free?

    One of a very powerful options of a no-cost EMI scheme is that it doesn’t cost curiosity on EMI installments. The curiosity, on this case, isn’t waived by the service provider however as an alternative provided as a reduction. The annualised rate of interest remains to be charged by the lender and borne by the service provider. However, another prices and situations are concerned in a no-cost EMI transaction.

    Merchants could generally supply a reduction when you make a lump-sum upfront fee in your buy. If you avail of a no-cost EMI supply, you could have to forego such reductions. In some situations, whereas the service provider could waive off the curiosity as a reduction, they might nonetheless cost a processing charge that’s 2-3 per cent of the acquisition worth. A GST of 18 per cent may even apply to this transaction.

    For occasion, you need to purchase a smartphone that prices Rs 20,000. The service provider promoting this cellphone provides a ten per cent low cost on upfront fee, successfully decreasing the value to Rs 18,000. However, by buying the smartphone on no-cost EMI, you’ll have to forego the ten per cent low cost and pay the precise price of Rs 20,000 in EMIs, together with 18 per cent GST on the curiosity to the financial institution.

    Should you go for a no-cost EMI?

    No-cost EMIs are a go-to possibility for festive buying. So, how do you resolve whether or not or to not go for it? There are two issues to contemplate in such a scenario – the value of the product and your monetary scenario.

    If you may afford to purchase a product upfront with out it denting your funds, go for it. You stand to achieve additional if the service provider provides a further low cost on upfront funds. Moreover, when you’re already in debt, having one other mortgage could pressure your funds.

    On the opposite hand, when you can’t afford to make an upfront fee for the specified product, no-cost EMI can be a great possibility. Though you could have to forego a reduction when selecting this selection, this selection might be far much less disturbing in your price range.

    The pleasure of the festive season can generally check our resolve to stay to a price range. While a no-cost EMI could assist you do that, it’s critical to train due diligence earlier than choosing one. Ensure that you simply pay them on time, and skim the scheme phrases earlier than availing of it.

    The creator is the CEO of BankBazaar.com. The views expressed are that of the creator.

  • Union Bank of India revises rate of interest on mounted deposits of lower than ₹2 Cr

    Union Bank of India, a public sector lender, has modified the rates of interest on mounted deposits under ₹2 crore. According to the financial institution’s official web site, the brand new rates of interest are efficient as of 14 September 2022. Following the revision, the financial institution is now offering an rate of interest on mounted deposits with maturities starting from 7 days to 10 years of three.00% to five.80 per cent. Currently, Union Bank of India is offering a most rate of interest of 6.20% on mounted deposits maturing in 5 Years, 1 Day.

    Union Bank of India FD Rates

    On mounted deposits maturing in 7 days to 45 days the financial institution will now provide an rate of interest of three.00% and on time period deposits maturing in 46 -90 days the financial institution will now provide an rate of interest of 4.05%. Fixed deposits maturing in 91-180 days will now fetch an rate of interest of 4.10% and time period deposits maturing in 181 days to lower than 1 12 months will now fetch an rate of interest of 4.60%. Union Bank of India will now provide an rate of interest of 5.35% on mounted deposits maturing in 1 12 months and the financial institution will now fetch an rate of interest of 5.45% on mounted deposits maturing in 1 12 months to 2 years.

    The financial institution will now present an rate of interest of 5.50% on mounted deposits maturing in years to 749 days and a charge of 6.15% on mounted deposits maturing in 750 days. Fixed deposits with maturities between 750 days and three years will now pay curiosity at a charge of 5.50%, whereas time period deposits with maturities between three years and 5 years will now pay curiosity at a charge of 5.75%. For mounted deposits maturing in 5 years 1 day, Union Bank of India will now present an rate of interest of 6.20%, and the financial institution may also assure an rate of interest of 5.80% for mounted deposits maturing in 5 years 1 day to 10 years.

    View Full Image

    Union Bank of India FD Rates (unionbankofindia.co.in)

    The financial institution has talked about on its web site that “Union Bank affords a further charge element (over and above the conventional rate of interest relevant) to Resident Senior Citizen on time period deposit as much as Rs. 5 crore in all of its home time period deposit scheme. For charge of curiosity of time period deposits for Rs. 2 crores and above, please contact the closest department of our Bank. This further charge element, relevant to home time period deposits and is above 0.50% over the conventional charge.”

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  • With RBI shifting to rising charge cycle, banks hike RLLR

    Several banks have raised their repo rate-linked lending charges (RLLR) after the Reserve Bank of India (RBI) on Friday elevated the repo charge by 50 foundation factors (bps) to five.40 per cent.

    Public sector lenders together with Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India, in addition to non-public sector ICICI Bank on Saturday raised their RLLRs.

    Following the hike, BoB’s RLLR stands at 7.95 per cent, with 5.40 per cent as RBI repo charge and a mark-up of two.55 per cent. The new RLLR might be efficient from Saturday. PNB has elevated its RLLR from 7.40 per cent to 7.90 per cent, whereas Bank of India’s RLLR stands at 8.25 per cent, with impact from Friday.

    Bank of Maharashtra’s RLLR will stand at 7.70 per cent from August 10 and Union Bank of India’s exterior benchmarked lending charges (EBLR) stands at 7.70 per cent, efficient August 11.

    ICICI Bank’s EBLR, which is pegged to the RBI repo charge, stands at 9.10 per cent.

    RLLR is linked to or relies on the repo charge and is revised each time the RBI modifications coverage charges. With the RBI shifting right into a rising charge cycle, banks too have began elevating their lending charges, each externally benchmarked and marginal value of funds-based (MCLR). Since April, the RBI has elevated the repo charge by 140 bps in three tranches.

    As the transmission of financial coverage takes place extra successfully below the EBLR regime, banks are opting to modify to the system. As per RBI information, the share of loans below the EBLR-based system, for all banks, has elevated to 39.2 per cent in December 2021 from 28.6 per cent in March.

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    The speedy enhance in RLLR or EBLR by banks and a relatively delayed enhance in deposit charges augurs properly for his or her margins. In addition to the RLLR, banks are additionally rising their MCLR. ICICI Bank, PNB, Yes Bank and Bank of India additionally raised their MCLR by 10-15 bps earlier than the RBI coverage determination.

    While banks revise RLLR at any time when there’s a change in repo charge, MCLR is revised by lenders each month. Other lenders like Housing Development Finance Corporation (HDFC) and LIC Housing Finance have additionally elevated their retail prime lending charge (RPLR) on dwelling loans.  WITH FE

  • FD Interest Rates 2022: FD rate of interest rising – do you have to select long-term or short-term FD?

    Fixed Deposit Interest Rates 2022 Updates: Fixed Deposits (FDs) are one of many most secure saving choices that assure constant returns irrespective of monetary market situations. Although rates of interest have dropped in recent times, the continuing inflationary developments level to a big rise in deposit charges quickly. Expectations are that the speed hike cycle will proceed and the repo fee could also be hiked by one other 75 to 100 bps. This will take FD deposit charges upwards of 6 per cent and shortly nudge 7 per cent for longer tenors. Once this occurs, FDs will once more be a pretty financial savings possibility whereas uncertainty prevails within the monetary markets. The assurance of fastened returns is engaging.

    How To Look At Fixed Deposits Now?

    Fixed deposits might be possibility if you’re a conservative investor and want cash within the quick to medium time period. You can use FDs to park your emergency corpus for wants coming within the foreseen future, say in 2-3 years. Given the uncertainty and volatility within the fairness market on the again of macroeconomic elements and geopolitical tensions, fastened deposits make sure the utmost security of your funds.

    Senior residents typically have the least danger urge for food and park their funds in financial institution deposits and equally safe securities. Since they’re eligible for greater rates of interest, anyplace between 0.25 per cent and 0.5 per cent greater than a basic citizen, a hard and fast deposit is a dependable possibility to avoid wasting and get assured returns. However, fastened deposit returns are nonetheless unattractive because the precise returns put up taxation vis-a-vis inflation are nonetheless damaging.

    In the present state of affairs, when the charges are going up, however the true returns are nonetheless damaging on account of inflation and taxation, it’s essential to take into account the tenor of fastened deposits. You can both select a short-term or long-term fastened deposit. Let us perceive this higher:

    Interest Rates On Long-term And Short-Term FDs

    The longer the funding horizon, the upper the rate of interest in fastened deposits. The tenor of the fastened deposits ranges from a minimal of seven days to 10 years. The short-term fastened deposit has a tenor of seven days to 12 months, whereas deposits locked in for 2 years or extra are thought-about long-term deposits. However, when it comes to curiosity, traders earn as little as 2.5 per cent curiosity to a most of 5 per cent in short-term deposits, whereas long-term fastened deposits can at the moment fetch you as excessive as 6.5 per cent. As compounding kicks in, your yield improves in the long run. This shouldn’t be the case with short-term FDs. Thus, in a short-term FD, you’ll get absolute easy curiosity, whereas long-term FDs will allow you to benefit from compounding.

    Short-Term FDs

    Short-term FDs include a shorter lock-in interval. Investors who need their funds’ security and want cash in 12 months ought to select short-term FDs. Since the untimely withdrawal of funds from FDs attracts a penalty of 0.5 per cent to 1 per cent, a short-term tenor is appropriate for such traders. Additionally, short-term FDs assist traders who’ve redeemed equity-oriented devices whose monetary objectives are close to. A brief-term FD shall be probably the greatest funding avenues to avoid wasting their funds as there are not any dangers and liquidity is excessive. The fee of return for brief tenors could not beat inflation put up taxation, however the quantum of funds is not going to see any erosion, and traders can use the cash for his or her future wants. It will assist when you remember that curiosity earned from FDs is taxable, and the tax fee is determined by the investor’s revenue tax slab he falls in.

    Long-Term FDs

    Fairly conservative traders who don’t want funds quickly and those that consider equity-related investments could not carry out for the medium time period, say 2-5 years, could take into account choosing long-term FDs. Not solely will they get a better rate of interest, however compounding will assist them get higher worth on the finish of the tenor. However, do remember that fastened deposits might not be an appropriate product if the investor’s horizon is longer than 5 years as inflation and taxation could significantly dwarf the returns. Senior residents may take into account going for the utmost tenor accessible in fastened deposits.

    Finally

    An investor must make a sound resolution whereas investing in fastened deposits, particularly when the rate of interest cycle is an uptrend. Since FD charges stand to alter if RBI will increase the repo additional, chances are you’ll stand to lose when you lock your corpus in a long-term FD in a single go.

    You could take into account a staggered means of investing in FDs, understanding that the repo fee may even see one other hike of 75 to 100 bps. When the following hike occurs, long-term traders in FD could add one other FD to their portfolio whereas locking it at a better rate of interest. This will assist in reaching the very best returns by means of FDs.

    Basis your monetary objectives and liquidity wants, chances are you’ll unfold your FDs into long-term and short-term FDs.

    The writer is the CEO of BankBazaar.com. Views expressed are that of the writer.

  • Future Retail seeks SC safety from defaulter tag by lenders

    Future Retail (FRL) on Tuesday moved the Supreme Court in search of safety from being declared a defaulter for failing to pay mortgage dues of Rs 3,494.56 crore to its 26 lenders. The matter might be talked about for pressing listening to by FRL’s attorneys on January 28.
    The firm — whereas making the RBI and 26 banks together with SBI, IndusInd, DBS, HDFC, Union Bank of India, as respondents in its petition — has informed the SC that regardless of being conscious of the impression of Covid-19 pandemic on its enterprise/shops and in addition the freeze on the sale of its small-format shops as a consequence of its ongoing dispute with Amazon, the lenders despatched default notices to it earlier this month.
    FRL apprehends that other than its account being declared as non-performing asset (NPA), the lenders would additionally publish its and its board of administrators’ names as wilful defaulters, thereby lowering its credit standing and consequently compromising its means to lift any additional finance.

    Pursuant to the declaration of NPA by any of its 26 lenders, its account would stand categorized as NPA by different lenders as effectively and would additionally adversely have an effect on its different group firms which have availed the one-time restructuring (OTR) facility, it informed the apex court docket.
    FRL had missed the due date for fee of Rs 3,494.56 crore to banks and lenders because it couldn’t promote property as a consequence of its ongoing litigation with Amazon, impacting its monetisation plans. FE