Mumbai: Union Bank of India has lowered its prime lending (PLR) and deposit rates by 0.25 per cent effective from 1 April 2002.

The banks PLR has been reduced to 11.50 per cent from 11.75 per cent. Interest rates on deposits of less than Rs 15 lakh will stand at 4.75 per cent for a period of 15 to 45 days. For 46 to 60 days the rate is now 5.50 per cent and for 61 to 90 days, 5.75 per cent.

For a maturity of 91 to 179 days the rate is 6.25 per cent; for 180 days to less than a year, 6.50 per cent; for one year to less than two years, 7.25 per cent; for two years to less than three years, 7.50 per cent; and for maturities up to three years, 8 per cent.

For deposits of Rs 15 lakh and above a higher rate of 0.25 per cent has been given for lower maturity bonds of up to two years. The bank ascribed the revision in interest rates to the view taken by the Asset Liability Committee on the interest rate scenario in light of the cut in small savings rate in Union Budget 2002-03, a bank press release said.