Union Bank Offers 6.60% on NRE/NRO Deposits and 5.05% on FCNR USD Deposits for NRIs
Mumbai: Union Bank of India has introduced attractive interest rates for Non-Resident Indian (NRI) customers on its deposit products, aimed at helping overseas Indians strengthen their savings while benefiting from secure banking solutions.
The bank is offering 6.60% per annum interest on NRE and NRO term deposits with a tenure of 444 days, along with 5.05% per annum on FCNR deposits in US dollars, providing competitive returns for global investors.
Competitive Returns on NRE and NRO Deposits
Under the latest offering, NRI customers can earn 6.60% p.a. on 444-day term deposits under both:
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Non-Resident External Account (NRE) deposits
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Non-Resident Ordinary Account (NRO) deposits
These deposits allow NRIs to park their overseas earnings in India while benefiting from stable returns and flexible banking services.
NRE deposits typically offer full repatriation of principal and interest, while NRO deposits help manage income earned in India such as rent, dividends, or pension.
FCNR USD Deposits for Foreign Currency Savings
The bank is also offering 5.05% p.a. interest on US Dollar deposits under the Foreign Currency Non-Resident (FCNR) scheme.
The Foreign Currency Non Resident Account (FCNR) deposit allows NRIs to maintain funds in foreign currency, protecting them from exchange rate fluctuations while earning interest.
Strengthening Cross-Border Financial Planning
With these attractive interest rates, Union Bank of India aims to support NRIs in building long-term savings and managing finances efficiently across borders.
The initiative reflects the bank’s strategy to expand its NRI banking portfolio and provide secure, reliable and competitive investment options for overseas customers seeking to diversify their savings in India.
About Union Bank of India
Union Bank of India is one of India’s leading public sector banks, offering a wide range of retail, corporate and international banking services. The bank provides specialized NRI banking solutions including deposits, remittances, loans and wealth management products designed to meet the needs of the global Indian community.