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UCO Bank FD Interest Rates

UCO Bank FD Rates 2020

Last Updated 10th Sep 2020

UCO Bank is one of most reliable FD providers amongst a number of FD providers in the market. UCO Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on UCO Bank FD is 5.25%. Latest UCO Bank FD interest rate for senior citizens, on the other hand ranges between 3.25% to 5.75%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.00% 3.25%
15 days to 29 days 3.00% 3.25%
30 days to 45 days 3.25% 3.50%
46 days to 60 days 4.00% 4.25%
61 days to 90 days 4.00% 4.25%

UCO Bank Fixed Deposit (FD)

UCO Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of UCO Bank Fixed Deposit are:

  • Deposit Amount: UCO Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 3 years.
  • Interest Rate Range: 3.00% p.a. to 5.25% p.a.
  • Senior Citizens FD Rate: 3.25% to 5.75% p.a.
  • Highest Interest Rate: As per today’s rate, UCO Bank’s highest interest rate on FD is 5.25% offered for a tenure of 3 years.
  • Safety of UCO Bank Deposits: UCO Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: UCO Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

UCO Bank Best FD Plan

We need to compare tenure wise latest FD rate of UCO Bank to choose the tenure at which it provides the highest interest rate. UCO Bank FD rates are best for the deposits with a tenure of 1 year to 3 years, wherein the current FD rate of interest is 5.25% p.a

If one is looking to invest in short term deposits with UCO Bank, FD interest rates range from 3.00% p.a. to 4.95% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term UCO Bank FD rates for senior citizens range from 3.25% to 5.20% p.a.

If one is looking to invest in long term deposits, UCO Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.20%. Senior citizens are offered special rates from bank with highest deposit rates of 5.70% p.a. on long term FDs.

Fixed Deposits of UCO Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in UCO Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in UCO Bank – Premature Withdrawal

Premature closure of Term Deposit with UCO Bank is along with the lower interest rate of pays applicable ROI for actual duration of deposit than the contracted rate. The penal provisions for premature closure on UCO Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit UCO Bank

UCO Bank offers loan up to 90% against its own deposit. Note that UCO Bank will not give you loan against FD of any other bank. UCO Bank offers Loan against FD at the rate of 4% to 6.25%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in UCO Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at UCO Bank

To open a Fixed Deposit account in UCO Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the UCO Bank FD after reading the terms and conditions.

Nomination Facility on UCO Bank FD

UCO Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a UCO Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for UCO Bank?

You can earn a maximum interest of 5.25% on UCO Bank fixed deposit.

Are there any special rates for senior citizens FD of UCO Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.25%. Compared to this, the rate of senior citizens FD are in the range of 3.25% to 5.75%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in UCO Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with UCO Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with UCO Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in UCO Bank?

Current interest for FD in UCO Bank ranges between 3.00% - 5.25%.

Can a customer open a FD account online in UCO Bank?

Yes, you can submit your application for opening a FD account on the website of UCO Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in UCO Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.25%. For UCO Bank FD the number of years in which your FD will get doubled is; 72/5.25 = 14


UCO Bank News - Sep 2020
  • 2020-08-04 : UCO Bank reports Rs. 21.46 crore PAT in Q1
    UCO Bank posted a net profit of Rs.21.46 crores for the period ended June 30, 2020, as against a net profit of Rs.16.78 crores for the period ended March 31, 2020. The bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.4436.57 crores during the period ended June 30, 2020. In addition to this, total deposits which include FD, RD, current and savings accounts increased by 1.4% to Rs 1,95,119.60 crore.
  • 2019-09-13 : UCO Bank revises its FD rates
    With effect from September 10, 2019, UCO Bank has revised its FD rates. The latest rate of interest of 7-29 days is 4.50%; for 30-45 days it is 5%; for 46-90 days it is 5.50%; for 91-364 days the rate is 6%. The rate for a longer tenure of 1 year is 6.50%; for a period of 1-3 years it is 6.40%, and for three years and above the rate is 6.25%.
  • 2019-01-18 : UCO Bank revises interest rate on fixed deposits by 10 basis points
    UCO Bank has revised the interest rate of fixed deposits on January 11, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit for one year days has been revised to 6.60% from 6.70 earlier. While the rates for above one year has been revised to 6.50% from 6.75 earlier.
  • 2018-08-10 : UCO Bank posts the Q1 loss of Rs 634 crore
    UCO Bank announced Q1 result. It reported a net loss of Rs 633 crore for the first quarter. Asset quality of bank worsened with the gross non-performing assets (NPAs) hitting 25.71 percent of gross advances as on June 30, 2018 as against 19.87 percent by end-June 2017. Total income increased to Rs 4360 from Rs 4237 crore in the same period a year ago.
  • 2018-07-10 : UCO Bank maintains interest rate on FD
    United Commercial Bank (UCO) has maintained its interest rate on retail fixed deposits or FDs below Rs. 1 crore. The rates continue to be in the range of 4.50% to 6.60%. The rates are currently effective.
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