Union Bank of India reduces MCLR! Check full details of new interest rates

In the 14th consecutive rate cut since July 2019, Union Bank of India has reduced Marginal Cost of Funds- based Lending rate (MCLR) by up to 15 basis points across various tenors. One year MCLR now stands at 7.25%, down from 7.40%. Revised MCLR will be effective from 11th Aug 2020.

Revised MCLR, effective from 11th Aug, 2020 is as under:

Recently, the Union Bank of India had expanded the insurance distribution channels after the amalgamation of Andhra Bank and Corporation Bank with it with effect from April 1, 2020. With this, all branch outlets of Union Bank of India will offer Insurance products of three life insurers, four general insurers and two standalone health insurers, the bank said in a statement.

Prior to amalgamation Union Bank was distributing life insurance products of SUD Life Insurance Co Ltd, general insurance products of Bajaj Allianz General Insurance, New India Assurance Co Ltd and Chola M.S. General Insurance Co Ltd and health insurance products of Religare Health Insurance Co Ltd under corporate agency tie-up agreements.

"Post-amalgamation, the bank has decided to continue corporate agency agreement with India First Life Insurance Company Limited and LIC of India under Life Insurance segment, United India Insurance under General Insurance segment and Manipal Cigna Health Insurance under Health Insurance Segment," the bank said in a statement. The continuation of the above corporate agency tie-ups will facilitate uninterrupted post-sales services to the policyholders' customers of erstwhile Andhra Bank and Corporation Bank, it said.

The statement added that the expansion of insurance distribution channels will help the Bank to increase insurance penetration by creating awareness of insurance among the customers of the bank. Post the amalgamation, the bank has a network of more than 9,500 branches.