Let’s shed some light on the UCO Bank Fixed Deposit Interest Rate today! UCO Bank, formerly called the United Commercial Bank, is a prominent Indian public sector bank with a rich history dating back to 1943 when it was founded in Kolkata. As of the fiscal year 2020–21, UCO Bank boasted a total business worth ₹3.24 lakh crore. Now, let’s dive into the details of UCO Bank FD rates so that you make the most informed decision you can.
Table of contents
- UCO Bank FD (Overview)
- Key Attributes of UCO Bank FD
- Types of UCO Bank FD Schemes
- UCO Bank Term Deposit Rates (Domestic): Below Rs. 2 crore
- UCO Bank Term Deposit interest rates: Above Rs. 2 Crores up to Rs. 5 Crores
- UCO Bank NRE Term Deposit rates: Below Rs.2 crore
- UCO Bank NRE Fixed Deposit rates: Above Rs.2 crore up to Rs.5 crore
- UCO Bank FCNR (B) Fixed Deposit Rates
- UCO Bank Tax Saving FD Rates
- Tax Implications on UCO Bank FD
- Eligibility Criteria for UCO Bank FD
- Key Takeaways!
- FAQ’s on UCO Bank fixed deposit :-
UCO Bank FD (Overview)
UCO Bank FD interest rates cater to Resident Indians and Non-Resident Indians, both with versatile fixed deposit options. For domestic term FDs, the bank offers competitive interest rates from 2.90% p.a. to 7.20% p.a. These fixed deposits come with flexible repayment tenures, ranging from as short as 7 days to an extensive 5 years and beyond. Moreover, senior citizens enjoy an added advantage, with the opportunity to earn an additional interest rate boost of up to 0.50% p.a. compared to the general public. It makes UCO Bank FD rates a rewarding choice for those looking to grow their savings.
Key Attributes of UCO Bank FD
Some of the features and benefits of the UCO Bank FD interest rates have been mentioned below:-
- The deposited funds experience interest accrual every three months.
- Interest earnings are disbursed upon maturity of the fixed deposit.
- UCO Bank FD rates provide a range of schemes tailored to cater to diverse financial objectives.
- The Tax Saver FD option offers income tax savings per Section 80C of the Income Tax Act.
- The Flexible Fixed Deposit scheme permits partial withdrawals before maturity in increments of Rs. 5,000 without affecting the agreed interest rate on the remaining balance.
Types of UCO Bank FD Schemes
UCO Bank FD rates are available in various schemes. These schemes are namely:-
- Kuber Yojana scheme
- UCO Monthly Income Deposit scheme
- UCO Tax Saver Fixed Deposit scheme-2006
- Flexible FD scheme
UCO Bank Term Deposit Rates (Domestic): Below Rs. 2 crore
UCO Bank FD Interest rates offer deposits in various terms. Starting from June 12, 2023, here are the updated interest rates for UCO Bank Term Deposits (Domestic) with amounts less than Rs. 2 crores:-
| Maturity Period | Existing ROI for General Customer | Revised ROI for General Customer | ||
| Rate % p.a. | yield in % | Rate % p.a. | yield in % | |
| 7-14 days | 2.90% | 2.90% | 2.90% | 2.90% |
| 15-29 days | 2.90% | 2.90% | 2.90% | 2.90% |
| 30-45 days | 3.00% | 3.00% | 3.00% | 3.00% |
| 46-60 days | 4.00% | 4.00% | 4.00% | 4.00% |
| 61-90 days | 4.00% | 4.00% | 4.00% | 4.00% |
| 91-120 days | 4.50% | 4.50% | 4.50% | 4.50% |
| 121-150 days | 4.50% | 4.51% | 4.50% | 4.51% |
| 151-180 days | 5.00% | 5.02% | 5.00% | 5.02% |
| 181-364 days | 6.00% | 6.04% | 6.00% | 6.04% |
| 1 year | 6.75% | 6.92% | 6.50% | 6.66% |
| Above 1Yr – 443 days | 6.50% | 6.66% | 6.50% | 6.66% |
| 445 -2 Yrs | 6.50% | 6.66% | 6.50% | 6.66% |
| Above 2yrs – 3yrs | 6.30% | 6.66% | 6.30% | 6.66% |
| Above 3yrs – 5yrs | 6.20% | 6.76% | 6.20% | 6.76% |
| Above 5 yrs | 6.10% | 7.07% | 6.10% | 7.07% |
| 444 days | 7.05% | 7.30% | 7.05% | 7.30% |
The additional interest paid on deposits for senior citizens, staff, ex-staff, and ex-staff senior citizens beyond the “General Customer interest rate” is as follows:-
| Staff | 1% | |
| Senior Citizen | 0.25% | 0.50% |
| Retired Staff Senior Citizen | 1.25% | 1.50% |
UCO Bank Term Deposit interest rates: Above Rs. 2 Crores up to Rs. 5 Crores
Revised UCO Bank FD rates for the term deposits (domestic) that range from above Rs. 2 crores up to Rs. 5 crores, effective from June 12, 2023 are:-
| Tenure | General Public (p.a.) |
| 7 days to 14 days | 5.90% |
| 15 days to 30 days | 5.90% |
| 31 days to 45 days | 6.15% |
| 46 days to 90 days | 6.15% |
| 91 days to 180 days | 6.15% |
| 181 days to 210 days | 6.15% |
| 211 days to 270 days | 6.15% |
| 271 days to 1 year | 7.20% |
| More than 1 year to 2 years | 7.20% |
| More than 2 years to 3 years | 5.50% |
| More than 3 years to 5 years | 5.50% |
| 5 years and above | 5.50% |
UCO Bank NRE Term Deposit rates: Below Rs.2 crore
UCO Bank NRE Term Deposit Rates for amounts below Rs. 2 crores are detailed in the table below:-
| Tenure | Regular FD rates (p.a.) |
| 1 year | 6.75% |
| More than 1 year to 2 years | 6.50% |
| More than 2 years to 3 years | 6.30% |
| More than 3 years to 5 years | 6.20% |
| Above 5 years | 6.10% |
| 444 days | 7.05% |
| 666 days | 7.20% |
UCO Bank NRE Fixed Deposit rates: Above Rs.2 crore up to Rs.5 crore
UCO Bank NRE Fixed Deposit rates for amounts above Rs. 2 crores up to Rs. 5 crores have been detailed in the table below:-
| Tenure | Regular FD rates (p.a.) |
| 1 year | 6.35% |
| More than 1 year to 2 years | 6.35% |
| More than 2 years to 3 years | 5.00% |
| More than 3 years to 5 years | 5.00% |
| Above 5 years | 5.00% |
UCO Bank FCNR (B) Fixed Deposit Rates
UCO Bank FCNR (B) Fixed Deposit rates have been detailed in the table below:-
| Tenure | USD (US Dollar) | GBP (Pound Sterling) | EUR (Euros) | JPY(Japanese Yen) | CAD(Canadian Dollars) | AUD(Australian Dollar) | CHF (Swiss Franc) | SGD(Singapore Dollar) | HKD(Hong Kong Dollar) |
| 1 year to 2 years | 5.1 | 4 | 2 | 0.11 | 4 | 3.3 | 0 | 0.75 | 0.75 |
| 2 years to 3 years | 5 | 2.8 | 1.3 | 0.13 | 3.8 | 3 | 0.02 | 0.9 | 0.85 |
| 3 years to 4 years | 3.6 | 2.3 | 0.5 | 0.13 | 2.8 | 2.1 | 0.07 | 0.9 | 0.85 |
| 4 years to 5 years | 3.65 | 2.3 | 0.5 | 0.14 | 2.8 | 2.2 | 0.07 | 0.9 | 0.85 |
| 5 years | 3.65 | 2.3 | 0.5 | 0.17 | 2.8 | 2.25 | 0.07 | 0.9 | 0.85 |
The Fixed Deposit rates* for FCNR (B) deposits are indicated alongside the corresponding currency.* However, the fixed deposit rate is subject to change.
UCO Bank Tax Saving FD Rates
UCO Bank Tax Saving FD Rates have been detailed in the table below:-
| Tenure | General Public (p.a.) | Senior Citizens (p.a.) |
| 5 years | 6.20% | 6.70% |
Tax Implications on UCO Bank FD
UCO Bank presents the Tax Saver Deposit Scheme – 2006, a fixed deposit plan that qualifies for tax benefits under Section 80C of the Income Tax Act, 1961. Here are the key details:-
Tax Benefits: Deposits made under this scheme can help you claim up to Rs.1.5 lakh deductions under Section 80C of the IT Act.
Joint Account Note: Only the first account holder is eligible for the Section 80C tax benefit if the deposit is in a joint account.
Interest Taxation: The interest income earned under this scheme may be subject to taxation as per the IT Act.
Lock-in Period: The Tax Saver Deposit Scheme – 2006 has a lock-in period of 5 years.
Eligibility: Any individual or Hindu Undivided Family (HUF) can open this account.
Deposit Amount: You can start with a minimum deposit of Rs.100; the maximum limit is Rs.1.5 lakh.
Interest Rates: UCO Bank offers an interest rate of 7.25% for this scheme. Senior citizens can enjoy an extra 0.5%, making it 7.75%. Ex-staff members of UCO Bank can also benefit from an interest rate of 7.75%.
Nomination Facility: This scheme allows for nomination.
Loan Facility: It’s important to note that you cannot avail of any loans against your tax saver fixed deposit.
Eligibility Criteria for UCO Bank FD
The following groups are qualified to initiate a UCO Bank Fixed Deposit:-
- Indian nationals
- Resident individuals
- Non-Resident Indians (NRIs)
- Individuals
- Hindu Undivided Families (HUFs)
Key Takeaways!
In conclusion, UCO Bank fixed deposit rates offer a range of compеtitivе intеrеst ratеs on savings accounts, fixеd dеposits, loans, and NRI dеposits. Thеsе ratеs can vary based on factors such as thе typе of account or loan, customеr еligibility, and prеvailing markеt conditions. Customеrs should stay informеd about thе latеst ratеs, considеr thе impact of pеnaltiеs and taxеs, and еxplorе onlinе banking sеrvicеs to managе thеir financеs еffеctivеly. UCO Bank strivеs to provide attractivе options to both individuals and businеssеs while adapting to changing financial landscapеs.
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FAQ’s on UCO Bank fixed deposit:-
Q1. What is the interest rate of FD in UCO Bank for 5 Years?
Ans: If you invest your monetary assets in the UCO Bank Fixed Deposit scheme for 5 years, you can get an annual return of 6.20%. It is for regular individuals. For senior citizens, the interest rate offered is 6.70%.
Q2. Is UCO Bank private or government?
Ans: UCO Bank is a government bank which was nationalised in the year 1969. This bank is one of the 12 banks owned by the government.
Q3. Is there a penalty for premature withdrawal for FD in UCO Bank?
Ans: Premature withdrawal in UCO Bank FD will invite a penalty depending on the investment amount. Customers investing less than INR 2 crores will have to pay 1% less than the applicable rate, and customers investing above 2 crores will have to pay 2% less than the applicable rate.
Q4. What is the minimum deposit amount under UCO Bank FD?
Ans: As per the policy, customers investing in the UCO Bank FD scheme must deposit a minimum of INR 1000.
Q5. What is the minimum period for the UCO Bank FD?
Ans: The minimum period to keep your UCO Bank FD fund is 7 days.
Q6. What is the maximum period for the UCO Bank FD?
Ans: Customers can keep their UCO Bank Fixed Deposit for a maximum period of 10 years.
