UCO Bank Tax Saving FD
The Uco Bank Tax saving tenure ranges from min to max 5 Year 1 Months 7 Days . The ROI ranges from 5.30% to 5.30 % for the general public. The lock-in period for this scheme is 5 Year
Uco Bank Tax saving Scheme for amount below ₹ 1.5 L
The rate of interest for deposited amount less than ₹ 1.5 L is as below
Interest Rate for General Public (p.a.)
Interest Rates for Senior Citizens (p.a.)
|Upto 5 Year 1 Months 7 Days|
Key features of Uco Bank Tax saving Scheme
Summary of Uco Bank Tax saving Scheme features :
|Mutual Fund Schemes|
|Loan Against FD|
Upto 5 Year 1 Months 7 Days
5.30% to 5.30 %
5.80% to 5.80 %
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
UCO Bank Tax Saving FD: An Overview
UCO Bank Tax Saving FD is a fixed deposit scheme that provides tax benefits to investors under Section 80C of the Income Tax Act. This scheme allows individuals to save taxes while earning guaranteed investment returns. The minimum investment amount for UCO Bank Tax Saving FD is Rs. 100, and the maximum is Rs. 1.5 lakhs per annum for a tenure of 5 years.
The scheme has a lock-in period of five years, and premature withdrawal is not allowed. The interest rate on UCO Bank Tax Saving FD is competitive and varies based on the investment amount and tenure. UCO Bank Tax Saving FD is a safe investment option as it is backed by the government and provides guaranteed returns.
UCO Bank Tax Saver FD Eligibility Criteria
The UCO Bank Tax Saver FD eligibility criteria are listed below.
- Individual: Any resident who is a citizen of India can invest in UCO Bank Tax Saver FD. This includes salaried employees, self-employed professionals, and business owners. The individual should have a valid Permanent Account Number (PAN) and be 18.
- Hindu Undivided Family (HUF): HUFs can also invest in UCO Bank Tax Saver FD. HUFs are the separate legal entity that comprises a family governed by Hindu law. The HUF should have a valid PAN and be registered as a taxpayer.
- Joint account holders (with an adult and a minor): UCO Bank Tax Saver FD also allow joint account holders, where one account holder is an adult, and the other is a minor. The adult account holder can be either an individual or a HUF.
Documents Required for Investing in UCO Bank Tax Saver FD
The documents required for investing in UCO Bank Tax Saver FD are.
- Application Form: The application form for UCO Bank Tax Saver FD needs to be filled with accurate information and signed by all account holders, including joint account holders.
- Identity Proof: Any of the following identity proofs can be submitted - PAN card, Aadhaar card, Voter ID card, Passport, or Driving License.
- Address Proof: Any of the following address proofs can be submitted - an Aadhaar card, Voter ID card, Passport, Driving License, Utility bills (n months or less), or Bank account statement.
- Photograph: Recent passport-sized photographs of all account holders, including joint account holders, need to be submitted along with the application form.
Note: It is important to note that the documents required may vary based on the type of account holder and the bank's internal policies. Therefore, it is advisable to check with the bank's customer care or visit the nearest branch for more information on the documents required.
Features and Benefits of UCO Bank Tax Saver FD
The features and benefits of UCO Bank Tax Saver FD are listed below.
- Tax Benefits: UCO Bank Tax Saver FD offers tax benefits under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs. 1.5 lakh per annum. This means the investment amount can be claimed as a deduction from the total taxable income, resulting in lower tax liability.
- Attractive Interest Rates: UCO Bank Tax Saver FD offers competitive interest rates higher than regular savings accounts. The interest rates are fixed for the entire tenure of the FD and are not affected by fluctuations in the market.
- Easy Application Process: The UCO Bank Tax Saver FD application process is simple and can be completed online or by visiting the nearest bank branch. Investors must submit the required documents and the application form to open the FD account.
- Nomination Facility: UCO Bank Tax Saver FD offers a nomination facility, allowing investors to nominate a person who will receive the benefits of the FD in case of the investor's demise.
- Loan Against FD: At attractive interest rates, investors can avail of a loan against UCO Bank Tax Saver FD, up to 90% of the FD amount. This feature is helpful for those requiring immediate funds without breaking the FD prematurely.
How to Apply for UCO Bank Tax Saving FD?
Individuals can apply for UCO Bank Tax Saving FD by following these simple steps:
- Visit the nearest UCO Bank branch or go to the official website of UCO Bank.
- Fill out the application form with accurate information and submit it with the required documents, such as identity proof, address proof, and photographs.
- Select the tenure of the FD and the investment amount.
- Choose the investment mode through cash, cheque, or online transfer.
- Once the FD account is opened, the investor will receive a confirmation message on their registered mobile number and email.
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What is the highest fixed deposit interest rate for UCO Bank?
As of February 2023, the highest fixed deposit interest rate offered by UCO Bank is 7.15% per annum for a tenure of 666 days. However, interest rates are subject to change and may vary based on the term of the FD and the type of account holder.
In how many years will the FD double in UCO Bank?
To calculate the time taken for an FD to double in UCO Bank, we can use the rule of 72. The rule of 72 is a simple mathematical formula that estimates the years it takes for an investment to double at a given interest rate. To use the rule of 72, divide the number 72 by the interest rate offered by the bank.