Public sector lender, Union Bank of India has introduced a new scheme in its fixed deposit kit to attract more depositors towards itself. The lender has launched a 1100 day deposit scheme with interest of 9.15% attached to it.

The new scheme is coming into effect from today, January 17, 2011. The bank already offers a 700 day scheme with interest of 8.6% associated with it.

The Mumbai based lender has booked deposit growth of 17.24% till December 2010 which is above the industry average in this regard.