Public sector Union Bank of India (UBI) today announced a revision of rates in

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both foreign currency and rupee term deposits by the non-resident Indians (NRIs).

The interest rate on a majority of the deposits has been cut as part of the revision.

Under the new rate structure effective from today, a five-year dollar deposit will earn an NRI 1.71 per cent interest as against the previous 1.77, while the same for the British pound sterling will be 2.56 per cent versus 2.65 per cent earlier, a bank release said here.

An Euro deposit between one and two years will now earn 1.91 per cent as against the earlier 2.43 per cent. In some baskets like an Australian dollar, deposit between three and four years will now earn an interest of 2.67 per cent per annum versus the earlier 2.64 per cent, it said.

The rates for rupee term deposit by NRIs have also been revised downwards, the release said.