Union Bank of India announced on August 27 an extra rate of 0.5% and 0.75 percent, respectively, on term deposits of up to Rs 5 crore in all term deposit plans, according to a statement.

According to the announcement, the additional fees will apply to citizens in addition to the bank's standard rate.

The increased rate on super senior term deposits will apply to term deposits made or renewed on or after December 1, 2022, according to the bank. 

"The aggregate value deposited by a depositor for a similar period of time shall be taken into account for determining the applicable rate of interest."

The interest is calculated daily and credited quarterly in April, July, October, and January of each year, according to the statement.

At 14:44 pm on August 27, Union Bank of India's shares were trading 0.24 percent lower at Rs 124.26 on the NSE.