UCO Bank, formerly known as the United Commercial Bank, is one of the largest government-owned banks in India. Since 2012, the Bank has undertaken several expansion schemes and has increased its financial service offerings to its customers. Among the array of products and services offered under it, its fixed deposit scheme is among the most popular.
Fixed deposits are the preferred form of investment for millions of Indians, mostly due to their safe and secure nature. Therefore, it is highly beneficial for individuals with a low-risk appetite, to park surplus funds in such an FD account. Nevertheless, doing so blindly can be detrimental to the investor’s overall financial state.
A fixed deposit calculator is a convenient computation tool available online that can ease the process of FD investments. This calculator reveals the profitability for an investor, based on the principal sum, interest rate and tenure he chooses.
Individuals, looking to park their funds in UCO Bank fixed deposits, can take advantage of the UCO Bank FD calculator.
The following table illustrates the various FD tenure options that a potential investor can choose from –
|Tenure||General Citizens FD Rates||
Senior Citizen FD Rates
|7 days – 29 days||2.55%||2.80%|
|30 days – 45 days||2.80%||3.05%|
|46 days – 60 days||3.55%||3.80%|
|61 days – 90 days||3.55%||3.80%|
|91 days – 180 days||3.70%||3.95%|
|181 days – 364 days||4.40%||4.65%|
|1 year 1 day – 2 years||5.00%||5.50%|
|2 years 1 day – 3 years||5.00%||5.50%|
|3 years 1 day – 4 years 364 days||5.05%||5.55%|
|5 years – 10 years||5.05%||5.55%|
While using the UCO Bank FD rates calculator, one needs to input interest rates from this table, as per his/her terms.
Also Read: UCO FD Interest Rates
The calculator tool uses a mathematical formula to determine the maturity amount from FD investments. This formula is given by –
A = P (1+r/n) ^ n x t
In the above equation,
One can take a look at the example below to gain a better understanding of each parameter.
Example of FD Returns Calculation
Anish decided to invest Rs.1 lakh (P) in UCO Bank FDs for 10 years (t) at yearly compounding interest (n). From the table, above it is clear that the rate of interest applicable to his investment is 6.30% (r). Therefore, the total maturity amount would be –
A = 100000 (1+0.063/1) ^ 1 x 10
A = Rs.1,84,218
Return on investment = Rs. (1,84,218 – 1,00,000)
ROI = Rs.84,218
As one can see, this calculation process can be complicated and time-consuming if carried out manually. Using a UCO Bank FD calculator, on the other hand, can help compute the same in just a few seconds.
There are four primary factors that determine the return on a fixed deposit. An investor, using the UCO FD calculator, can freely alter these parameters to reach the desired returns.
An investor can notice changes from these parameters while using UCO FD calculator. Such financial tools are also important to make informed decisions for the betterment of an individual’s finances.
Fixed deposits generally involve a substantial quantum. Further, depositors often chalk out a long-term investment plan when investing in FDs. Thus, using a UCO Bank FD rates calculator to gauge returns from such an investment during its maturity can be extremely helpful for investors.
Listed below are some of the crucial advantages of using this calculator –
Therefore, a UCO Bank fixed deposit calculator not only reveals profitability but also helps determine the perfect term and principal investment to reach the desired outcome.
Nonetheless, before moving on to learn about interest computation, it is first crucial to know the FD rates and maturity terms on offer from UCO Bank.
Senior citizens are eligible to receive additional interest on their principal investment. Generally, this can range between an extra 0.2% and 0.5% interest earnings per year.
Yes. One can easily invest in fixed deposits online. This facility is available through the banks’ official websites, as well as through third-party financial portals.
Most banks allow you to avail a hassle-free and secure loan against your fixed deposit quantum. The loan-to-value for such credits can differ based on the bank but can be as high as 90%.
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