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UCO Bank FD Rates
UCO Bank offers a number of fixed deposit schemes. The FDs can be of tenure ranging from min 7 Days to 5 Year 1 Months 8 Days . The roi for different schemes starts from 5.50% to 6.75 % for the general public and for senior citizens. The min amount required to open an Fixed Deposit with UCO Bank is Rs.2,00,00,000
Types Of UCO Bank Fixed Deposit Schemes
Uco Bank is offering a different kinds of fixed deposits to its customers. These are :
Name of Schemes | For General Citizen (p.a.) | For Senior Citizen (p.a.) |
|---|---|---|
| UCO Bank Domestic Bulk Term Deposits FD | 5.50% to 6.75 % | -- |
| UCO Bank Domestic Term Deposits FD | 2.90% to 6.50 % | 3.15% to 6.75 % |
| UCO Bank NRE FD | 6.20% to 6.50 % | -- |
| UCO Bank Tax saving FD | 6.20% to 6.20 % | 6.70% to 6.70 % |
UCO Bank Domestic Bulk Term Deposits FD
View SchemeGiven below are the latest UCO Bank Domestic Bulk Term Deposits FD, ranging from 7 Days to 5 Year 1 Months 7 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 7 Days Upto 14 Days | 5.90% p.a. |
| 15 Days Upto 1 Months | 5.90% p.a. |
| 1 Months 1 Days Upto 1 Months 15 Days | 6.15% p.a. |
| 1 Months 16 Days Upto 3 Months | 6.15% p.a. |
| 3 Months 1 Days Upto 6 Months | 6.15% p.a. |
| 6 Months 1 Days Upto 7 Months | 6.15% p.a. |
| 7 Months 1 Days Upto 9 Months | 6.75% p.a. |
| 9 Months 1 Days Upto 1 Year | 6.50% p.a. |
| 1 Year 1 Days Upto 2 Year | 6.00% to 6.50% p.a. |
| 2 Year 1 Days Upto 3 Year | 5.50% to 6.00% p.a. |
| 3 Year 1 Days Upto 5 Year 1 Months 7 Days | 5.50% p.a. |
| 5 Year 1 Months 7 Days Upto | 5.50% p.a. |
UCO Bank Domestic Term Deposits FD
View SchemeGiven below are the latest UCO Bank Domestic Term Deposits FD, ranging from 7 Days to 5 Year as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| 7 Days Upto 14 Days | 2.90% p.a. | 3.15% p.a. |
| 15 Days Upto 1 Months | 2.90% p.a. | 3.15% p.a. |
| 1 Months Upto 1 Months 15 Days | 3.00% p.a. | 3.25% p.a. |
| 1 Months 16 Days Upto 2 Months | 4.00% p.a. | 4.25% p.a. |
| 2 Months 1 Days Upto 3 Months | 4.00% p.a. | 4.25% p.a. |
| 3 Months 1 Days Upto 4 Months | 4.50% p.a. | 4.75% p.a. |
| 4 Months 1 Days Upto 5 Months | 4.50% p.a. | 4.75% p.a. |
| 5 Months 1 Days Upto 6 Months | 5.00% p.a. | 5.25% p.a. |
| 6 Months 1 Days Upto 12 Months 4 Days | 5.50% p.a. | 5.75% p.a. |
| 1 Year Upto 2 Year | 6.50% p.a. | 6.75% p.a. |
| 2 Year Upto 3 Year | 6.50% p.a. | 6.75% p.a. |
| 3 Year Upto 5 Year | 6.20% p.a. | 6.70% p.a. |
| 5 Year Upto | 6.10% p.a. | 6.60% p.a. |
| Upto 1 Year | 5.50% p.a. | 5.75% p.a. |
UCO Bank NRE FD
View SchemeGiven below are the latest UCO Bank NRE FD, ranging from 1 Year to 5 Year 1 Months 8 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) |
|---|---|
| 1 Year Upto 2 Year | 6.50% p.a. |
| 2 Year Upto 3 Year | 6.30% p.a. |
| 3 Year Upto 5 Year 1 Months 7 Days | 6.20% p.a. |
| Upto 1 Year | 6.50% p.a. |
| Upto 5 Year 1 Months 8 Days | 6.20% p.a. |
UCO Bank Tax saving FD
View SchemeGiven below are the latest UCO Bank Tax saving FD, ranging from to 5 Year 1 Months 7 Days as of August, 2022.
Tenors | Interest Rates for Public (p.a.) | Interest Rates for Senior Citizens (p.a) |
|---|---|---|
| Upto 5 Year 1 Months 7 Days | 6.20% p.a. | 6.70% p.a. |
The UCO Bank, one of India's top financial institutions, is renowned for its superior deposit offerings. The United Commercial Bank, founded in 1943, offers a user-friendly net banking facility with a thorough preview of its numerous programmes and services.
The UCO bank offers two deposit options - fixed and recurring deposits, which are incredibly well-liked by its clients. The UCO Bank fixed deposit offers interest rates between 2.55% to 5.30% for regular citizens, while senior citizens get an additional 0.5% interest rate.
UCO Bank FD Interest Rates Aug 2022 (API)
UCO Bank fixed deposit interest rates for regular residents differ from the interest rate offered to senior citizens. The UCO FD rates can be found below for both age groups.
UCO Bank Fixed Deposit Rates for Regular Citizens
The UCO bank FD rates for regular citizens (aged less than 60 years) are:
| Tenure | Interest Rate |
| 7 days to 29 days | 2.55% |
| 30 days to 45 days | 2.80% |
| 46 days to 60 days | 3.55% |
| 61 days to 90 days | 3.55% |
| 91 days to 180 days | 3.70% |
| 181 days to 364 days | 4.40% |
| 1 year | 5.30% |
| 1 year 1 day to 2 years | 5.30% |
| 2 years 1 day to 3 years | 5.30% |
| 3 years 1 day to 4 years 364 days | 5.60% |
| 5 years to 10 years | 5.30% |
UCO Bank Fixed Deposit Rates for Senior Citizens
The UCO bank FD rates for senior citizens aged 60 or above are:
| Tenure | Interest Rate For Senior Citizens |
| 7 days to 29 days | 2.80% |
| 30 days to 45 days | 3.05% |
| 46 days to 60 days | 3.80% |
| 61 days to 90 days | 3.80% |
| 91 days to 180 days | 3.95% |
| 181 days to 364 days | 4.65% |
| 1 year | 5.55% |
| 1 year 1 day to 2 years | 5.80% |
| 2 years 1 day to 3 years | 5.80% |
| 3 years 1 day to 4 years 364 days | 6.10% |
| 5 years to 10 years | 5.80% |
Kuber Yojana Scheme
Kuber Yojana scheme is designed for those who wish to invest less and get returns quickly. Start by investing an amount as low as INR 1000. This scheme compounds interest quarterly and provides a cumulative interest payout.
UCO Monthly Income Deposit Scheme
UCO monthly income deposit scheme can be started by making a minimum investment of INR 50,000 and a maximum deposit of INR 1 crore. The tenure of the deposit is five years.
Flexible Fixed Deposit Scheme
This scheme is designed to understand a customer’s emergency needs. A withdrawal in multiples of INR 5,000 is allowed.
UCO Tax-Saver Fixed Deposit Scheme - 2006
The UCO Tax Saver Deposit Scheme of 2006 is a term deposit plan with a lock-in period of five years and a maturity of at least five years. The benefit under section 80C of the Income Tax Act is only available to the first deposit holder in the case of deposits held in joint names.
Features and Benefits of UCO Bank FDs
- Compound interest is calculated every three months.
- At maturity, interest is paid out.
- A wide variety of plans for various needs
- Under Section 80C of the Income Tax Act, Tax Saver FD offers income tax advantages.
- Premature withdrawals in multiples of INR 5,000 are permitted under the flexible fixed deposit plan without impacting the agreed-upon interest rate for the remaining money.
Eligibility Criteria for UCO Bank FD
- Indian citizens
- Resident individuals
- Non-Resident Indians
- Individuals
- Hindu Undivided Family (HUF)
How is the interest rate calculated on UCO bank Fixed Deposit?
The amount of income received from an investment in a UCO Bank fixed deposit depends on several factors, including the amount invested, the term, the frequency of compounding, and the interest rate. Let's use a method as an example to understand better how to compute interest and maturity amounts.
The formula to calculate UCO Bank FD rates is given below:
A = P (1+r/n) ^ (n * t) Here,- ‘A’ is the Maturity Amount,
- ‘P’ is the principal amount,
- ‘r’ is the rate of interest,
- ‘t’ is the tenure
- ‘n’ is the number of time interest is compounded,
For instance, You invest INR 1 lakh for ten years. According to the UCO Bank FD interest rates, the rate of interest the bank offers will be 5.3%. Interest is compounded yearly.
Maturity value = P (1+r/n) ^ (n * t) = 100000 (1+0.053/1) ^ (1 * 10) = 1,67,604 Interest Amount = Maturity Amount - Principal Amount = 167604 - 100000 = 67,604Tax on UCO bank FD
Investors enjoy tax benefits of up to INR 1.5 lakhs as per Section 80C of the Income Tax Act, 1961, when they invest in the tax-saver scheme of UCO Bank FD. This benefit can be utilised at the time of filing taxes. However, an investor does not find this appreciative business in other UCO Bank fixed deposits.
There are tax implications on the interest rates. The income earned from the UCO Bank FD rates will be taxable per the Income Tax slab rate. 10% tax on the source or TDS will be deducted if the income earned exceeds INR 40,000 in the case of general residents and INR 50,000 in the case of senior citizens. If an investor fails to provide the bank with their PAN card information, then the TDS deducted will be 20%.
UCO Bank FD Minimum/ Maximum Deposit Amount
The minimum deposit amount to be invested to avail of the best UCO FD interest rates is INR 1,000. There is no maximum limit on the UCO bank FD. The UCO bank fixed deposit tenure is between seven days and ten years. The lock-in period will differ according to the FD type you choose. UCO bank’s tax-saver fixed deposit scheme allows an investment of up to INR 1 lakh.
Compare UCO bank Fixed Deposit Returns with Top Banks
A comparison has been drawn between UCO bank fixed deposit interest rate and other banks’ interest rates.
| Name of the Bank | General Citizens (Aged less than 60) | Senior Citizen (Aged 60 or Above) |
| UCO Bank | 2.55% - 5.05% | 3.80% - 6.30% |
| Axis Bank | 2.50% - 5.75% | 2.50% - 6.50% |
| Bandhan Bank | 3.00% - 5.00% | 3.75% - 5.75% |
| Bank of Baroda | 2.80% - 5.25% | 3.30% - 6.25% |
| Bank of India | 2.85% - 5.05% | 3.35% - 5.55% |
| Canara Bank | 2.90% - 5.40% | 2.90% - 5.90% |
| Central Bank of India | 2.75% - 5.00% | 2.90% - 3.25% |
| DBS Bank | 2.50% - 5.50% | 3.50% - 6.00% |
| HDFC Bank | 2.50% - 5.60% | 3.00% - 6.35% |
| IDFC Bank | 2.50% - 6.00% | 3.00% - 6.50% |
| Indian Bank | 2.90% - 5.15% | 3.40% - 5.65% |
| Indian Overseas Bank | 3.40% - 5.20% | 3.90% - 5.70% |
| IndusInd Bank | 2.50% - 6.00% | 3.00% - 6.50% |
| Punjab National Bank | 2.90% - 5.25% | 3.50% - 5.75% |
| State Bank of India | 5.30% - 5.40% | 5.80% - 6.20% |
| Yes Bank | 3.25% - 6.25% | 3.75% - 7.25% |
How to Open a UCO bank FD Account
UCO bank fixed deposit can be opened in a few minutes using either online or offline methods. Below are mentioned the steps for each method.
Offline Method
To open the UCO bank FD offline, you can follow the below-mentioned steps:
- Visit the nearest branch of UCO bank
- Ask a bank representative to guide you through the FD application forms
- Attach the self-attested copies of the required documents
- Make an initial deposit and your FD will be opened
Online Method
Follow the steps listed below to open a UCO Bank Fixed Deposit online:
- Go to UCO Bank's official website and log in to your FD account.
- Select the Fixed Deposit option from the menu, the FD Type you want to open, and click Proceed.
- If you are over 60, enter the deposit amount and choose "Senior Citizen."
- Select the deposit duration and interest payment frequency now.
- Finally, after reviewing the terms and conditions, click Submit to open the UCO Bank FD.
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Frequently Asked Questions (FAQs)
What is the FD interest rate in UCO bank?
The UCO Bank FD interest rate ranges between 2.55% – 5.60%.
What is the interest of 1 lakh in UCO bank?
The interest rate depends upon the tenure of your fixed deposit and the type of FD you have chosen.
How many years will FD double in UCO bank?
The number of years it will take for the UCO bank fixed deposit rates to double can be calculated using the 72 rule. Divide 72 by the interest rate, as appropriate.
Does UCO bank provide additional FD rates to senior citizens?
Yes, UCO bank provides additional FD rates to senior citizens.
How to get a fixed deposit receipt online at UCO bank?
You can get a fixed deposit receipt online at UCO bank by logging in to your UCO bank net banking account.
Does UCO bank Charge for Premature Withdrawal of FDs?
Yes, UCO bank charges 1% for premature withdrawal of FDs.
Does UCO bank allow joint fixed Deposit accounts?
Yes, UCO bank allows joint fixed Deposit accounts.
Does UCO bank allow pre-closure of fixed deposit accounts?
UCO bank allows withdrawal from pre-mature fixed deposit accounts.
What is the penalty for breaking FD in UCO bank?
There is a 1% penalty charged on premature withdrawal of funds or breaking FD in UCO bank.
What is the Minimum/Maximum amount required to open an FD account with UCO bank?
The minimum amount required to open an FD account with UCO bank is INR 1,000.
Who is eligible to open a UCO bank fixed deposit account?
Members of HUF and Indian residents are eligible to open a UCO bank fixed deposit account.
