UCO Bank FD Interest Rates, Apr 2018

UCO Bank FD rates

Tenure FD Rates Senior Citizen FD Rates
7 days to 14 days 4.50% -
15 days to 29 days 4.50% -
30 days to 45 days 5.00% -
46 days to 60 days 5.50% -
61 days to 90 days 5.50% -
91 days to 180 days 6.00% -
181 days to 364 days 6.35% -
1 year 6.50% -
1 year 1 day to 2 years 6.50% -
2 years 1 day to 3 years 6.40% -
3 years 1 day to 4 years 364 days 6.40% -
5 years to 10 years 6.40% -

The above rates are applicable for deposits of below Rs. 1 crore.

UCO Bank FD Maturity Calculator

UCO Bank FD Interest Rates 2018

UCO Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. 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:

FD Rates in UCO Bank

FDs are attractive financial instruments for depositors looking for attractive returns and high safety. FD interest rates in UCO Bank range from 4.50% p.a. to 6.35% 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 0.00% to 0.00% p.a.

Always, compare tenure wise FD rate of banks to choose the FD rate at which the bank offers the highest fixed deposit interest rate and if possible, opt for FD with highest interest rate. UCO Bank FD rates are the highest for the deposits with a tenure of 1 year to 2 years, wherein the FD rate of interest is 6.50% p.a

UCO Bank FD interest rates for long term deposits with tenure of 5 years to 10 years offer good returns. UCO Bank fixed deposit rates for deposits with a tenure of 10 years is 6.40%. Senior citizen are offered deposit rates of 0.00% p.a. for long termed FDs.

UCO Bank Fixed Deposit Rates

UCO Bank offers best FD rate of 6.50% on term deposits for a tenure of 1 year to 2 years. Fixed Deposits rates of UCO Bank are a function of many factors such as monetary policies of RBI, economic growth rate, credit demand and liquidity position of the bank.

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

UCO Bank Fixed Deposit

UCO Bank FD Calculator

UCO Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in UCO Bank. Bank may allows higher interest rate on larger deposits. UCO Bank offers deposit amount in the range of to .
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. UCO Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by UCO Bank is 6.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of years months days to years months days .
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 4.50% for a 7 Days FD and a rate of 6.40% for a 10 Years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.

Illustration: : Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 4.50 %. In this case, the maturity amount at the end of 7 Days will be Rs. 100,086 which includes the principal of Rs. 1 lakh and interest of Rs. 86 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

UCO Bank calculates quarterly interest on its fixed deposits.

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 5.5% to 7.5%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 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 Rs. 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 Rs. 90,000 availed for 1 month only. The amount he repays after 1 month is Rs. 90,744. So, the interest charged on the loan taken is Rs. 744.

FAQs on UCO Bank Fixed Deposit

What is the highest FD rate for UCO Bank?

You can earn a maximum interest of 6.50% on UCO Bank fixed deposit.

What is the tenure range for UCO Bank Fixed Deposit?

The tenure ranges from 7 days to 10 years.

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
UCO Bank News - Apr 2018
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