The Union Bank of India [Get Quote] has revised downwards the interest rates applicable to its dollar-denominated FCNR (B) and NRE (Rupee) term deposits.

The revised rates come into effect from Wednesday, a release issued in Mumbai stated.

For NRE (Rupee) term deposits of one year to less than two years, the rate has been reduced from 5.43 per cent to 5.25 per cent, while for a maturity period of two years to less than three years, it has been reduced from 5.43 per cent to 5.17 per cent.

For three years to less than four years, the rate has been reduced from 5.46 per cent to 5.21 per cent.

In the case of dollar-denominated FCNR (B) deposits, for a maturity period of one year to less than two years and two years to less than three years, the rates have been reduced from 4.68 per cent to 4.50 per cent and 4.42 per cent respectively.

For a maturity period of three years to less than four years, the rate has been revised downwards from 4.71 per cent to 4.46 per cent while for four years to less than five years, it has been reduced from 4.75 per cent to 4.54 per cent.

For a maturity period of five years, the interest rate has been reduced from 4.79 per cent to 4.61 per cent.