United Bank to cut bulk deposit rates by up to 1.5% from Monday

New Delhi: Public sector United Bank of India Thursday said it will cut interest rates on bulk deposits of Rs 1 crore and above for various maturities by 0.25-1.5 percent from Monday.

"The bank has reduced its interest rates on deposits up to Rs 1 crore by 25 basis points (0.25 percent) to 50 bps (0.5 percent)," it said in a regulatory filing.

For deposits above Rs 1 crore, the rate of interest will be cut in the range of 0.25-1.5 percent in all buckets from 46 days onwards.

The Bank said the new rates will come into effect from January 18, 2016.

Shares of the bank traded down by 2.43 percent at Rs 20.05 a piece on BSE's noon session.