UCO Bank, short for United Commercial Bank is one of the oldest financial institutions of India. It provides multiple FD options to its customers. To open an FD account in UCO Bank, customers can deposit the required minimum amount at the time of opening the account. Customers are not allowed to deposit any additional money once the account is opened. There are a plethora of benefits of opening an FD with UCO Bank that you can find down this page.
In this article
- UCO Bank Fixed Deposit Interest Rates
- UCO Bank FD Types
- UCO Bank Non-Resident Indian (NRI) Term Deposits
- UCO bank FD Calculator
UCO Bank Fixed Deposit Interest Rates
(Last Updated 7th Oct 2020)
|Tenure||FD Interest Rates for General Citizens||FD Interest Rates for Senior Citizens|
|7 days – 29 days||2.75%||3.00%|
|30 days – 45 days||3.00%||3.25%|
|46 days – 60 days||3.75%||4.00%|
|61 days – 90 days||3.75%||4.00%|
|91 days – 180 days||3.90%||4.15%|
|181 days – 364 days||4.70%||4.95%|
|1 year 1 day – 2 years||4.90%||5.40%|
|2 years 1 day – 3 years||4.90%||5.40%|
|3 years 1 day – 4 years 364 days||4.85%||5.35%|
|5 years – 10 years||4.85%||5.35%|
Special Features of UCO Bank FD Rates
- The UCO Bank FD tenure ranges from 7 days to 10 years
- Loan facility up to 90% is available on the deposit
- Nomination facility is available for individuals
- Renewal is carried out at the rate of interest prevailing on the date of maturity
- Senior citizens get an additional 0.50% rate of interest over the regular rates
- UCO Bank provides different FD schemes such as UCO Bank FD scheme, Flexible FD scheme, UCO Tax Saver Deposit scheme, UCO Monthly Income Scheme, Kuber Yojana
- The highest interest provided by UCO Bank is 5.4% (for senior citizens) and 5% (for general citizens)
UCO Bank FD Types
Kuber Yojana Scheme
- The minimum deposit amount needed for this scheme is Rs. 1000
- Interest is compounded on a quarterly basis
- The maturity ranges from 6 months to 10 years
- It provides cumulative interest payout
- Interest rate is provided in the range of 4.50% p.a. to 6.75% p.a.
- The highest UCO Bank FD interest rate provided under this scheme is 6.75% p.a. (above 1 year to 10 years)
UCO Monthly Income Deposit Scheme
- The minimum deposit amount needed to open an account under this scheme is Rs. 1000
- Interest is compounded quarterly
- The minimum deposit amount required to open an account under this scheme is Rs. 50,000
- Maximum deposit amount is Rs. 1 crore
- Interest payout is on 1st of every month
- Premature withdrawals are allowed with a penalty of 1%
- Loan and overdraft facility is available against the deposit
- Nomination facility is provided
- Auto-renewal facility is available
- Interest earned is subjected to TDS as per the Income Tax Act. 1961
UCO Tax Saver Fixed Deposit Scheme – 2006
- Under this scheme, as the name implies, the depositor can get tax exemptions as per the Income Tax Section 80C of the Income Tax Act, 1961.
- The minimum deposit needed to open a tax saver account is Rs.100
- The maximum deposit is Rs. 1.50 lakh
- There is a lock-in period of 5 years
- Premature withdrawals are not allowed
- Loans are not provided by against the deposit
- Can be opened by an individual, jointly by two adults or by an adult and a minor
- Nomination facility is available
- Interest shall be liable to tax under the Income Tax Act
Flexible Fixed Deposit Scheme
- Under this scheme, deposits are accepted under the reinvestment plan
- This scheme helps to serve the emergency needs of the customers
- This scheme allows withdrawing a part of the deposit to be prematurely withdrawn in multiples of Rs. 5,000
UCO Bank Non-Resident Indian (NRI) Term Deposits
UCO Bank also provides Term Deposits options to Non-Resident Indians. The variants are:
- UCO Bank Non-Resident External (NRE) Deposits
- UCO Bank Non-Resident Ordinary (NRO) Deposits
- UCO Bank Foreign Currency Non-Resident (Bank) (FCNR (B)) Deposits
The highest interest rate provided on NRO and NRE deposits is 6.30% p.a. However, the UCO Bank FCNR (B) interest rates tend to change from time to time.
UCO bank FD Calculator
If you want to calculate the maturity amount of your FD, you can make use of the UCO Bank FD calculator which can be easily found over the internet. All you have to do is provide the basic details pertaining to your FD accounts such as the tenure, rate of interest and deposit amount.
Premature Withdrawal of UCO Bank FD
Depositors can withdraw their fixed deposit amount before maturity which is known as premature withdrawal. Although a premature withdrawal facility is provided by the UCO bank, a normal penalty is charged by the bank. The penalty charged by UCO bank is 2.00% less than the applicable rate for which the FD was held by the branch as on the date of deposit or the prevailing rate of interest as on the date of premature closure, whichever is lower.
UCO Bank Fixed Deposit Rates – FAQs
What are the minimum and maximum tenure of UCO Bank Fixed Deposit?
The UCO Bank FD tenure ranges from 7 days to 10 years.
What is the highest FD rate provided by UCO Bank FD?
The maximum interest provided by UCO Bank on fixed deposits is 6.20%.
What is the minimum deposit amount required to open an FD account in UCO Bank?
You need at least Rs. 1000 under the UCO Fixed deposit scheme.
Who all are eligible to open an FD account in UCO Bank?
All resident individuals, Hindu Undivided Families, NRIs, firms as well as minors are eligible to open an FD account.
What are the different types of Fixed deposit schemes provided by UCO Bank?
- Kuber Yojana Scheme
- UCO Monthly Income Deposit Scheme
- UCO Tax Saver Fixed Deposit Scheme – 2006
- Flexible Fixed Deposit Scheme
- UCO Bank Non-Resident Indian (NRI) Term Deposits