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UCO Bank FD Interest Rates 2021

UCO Bank FD Interest Rates

Last Updated 08th Jun 2021

When it comes to the FD interest rate, the highest rate offered on UCO Bank FD is 5.00%. Latest UCO Bank FD interest rate for senior citizens, on the other hand ranges between 3.00% to 5.50%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 29 days 2.75% 3.00%
30 days to 45 days 3.00% 3.25%
46 days to 60 days 3.75% 4.00%
61 days to 90 days 3.75% 4.00%
91 days to 180 days 3.90% 4.15%
Earn upto 6.95% on FD APPLY NOW

UCO Bank Fixed Deposit Features

UCO Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the 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 No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.75% p.a. to 5.00% p.a.
  • Senior Citizens FD Rate : 3.00% p.a to 5.50% p.a.
  • Highest Interest Rate : As per today’s rate, UCO Bank’s highest interest rate on FD is 5.00% offered for a tenure of 10 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 : Standard Fixed Deposit

UCO Bank FD Interest Rates Today

Interest rates on UCO Bank deposits are updated regularly by the Government of India. The following are updated UCO Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 29 days 2.75%
30 days to 45 days 3.00%
46 days to 60 days 3.75%
61 days to 90 days 3.75%
91 days to 180 days 3.90%
181 days to 364 days 4.70%
1 year 4.90%
1 year 1 day to 2 years 5.00%
2 years 1 day to 3 years 5.00%
3 years 1 day to 4 years 364 days 5.00%
5 years to 10 years 5.00%

UCO Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, UCO Bank offers a higher interest rate to senior citizens than the general public. Listed below are the UCO Bank fixed deposits interest rates for senior citizens 2021:

Tenure Interest Rate for senior citizens
7 days to 29 days 3.00%
30 days to 45 days 3.25%
46 days to 60 days 4.00%
61 days to 90 days 4.00%
91 days to 180 days 4.15%
181 days to 364 days 4.95%
1 year 5.15%
1 year 1 day to 2 years 5.50%
2 years 1 day to 3 years 5.50%
3 years 1 day to 4 years 364 days 5.50%
5 years to 10 years 5.50%

Best FD Plan as per UCO Bank FD Rates

To invest in UCO Bank fixed deposit, you must compare UCO Bank Fixed Deposit Rates for varying tenures. UCO Bank FD Interest Rates 2021 are best for the deposits with a tenure of 1 year 1 day to 10 years, wherein the current UCO Bank Fixed Deposit Interest Rates is 5.00 p.a.

If you are looking to invest in short term deposits with UCO Bank, the interest rate of UCO Bank for FD ranges from 2.75% p.a. to 4.70% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term UCO Bank Fixed Deposit Rates for senior citizens range from 3.00% to 4.95% p.a.

If you want to invest in long term deposits, UCO Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.00%.UCO Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.50% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in UCO Bank:

  • Interest on deposit is paid only at the time of the maturity
  • UCO Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

UCO Bank Fixed Deposit Rates – Premature Withdrawal

You can close your UCO Bank FD account prematurely, however UCO Bank charges a penalty of pays applicable ROI for actual duration of deposit for premature withdrawal. Also, 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 loans 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 3.75% to 6%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in UCO Bank. The borrower later decided to take a 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 available 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 an UCO Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of UCO Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the UCO Bank FD after reading the terms and conditions.

To open a Fixed Deposit account in UCO Bank, you can visit the official website and login to your account. Choose the 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 also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an UCO Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest fixed deposit interest rate for UCO Bank?

You can earn a maximum interest of 5.00% 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 2.75% to 5.00%. Compared to this, UCO Bank senior citizens FD are in the range of 3.00% to 5.50%.

What are the current UCO Bank FD interest rates 2021?

Current interest for FD in UCO Bank ranges between 2.75% - 5.00%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with UCO Bank?

The minimum deposit amount required to book an FD with UCO Bank is .

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

  • Your 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

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

Yes, you can submit your application for opening an FD account on the website of UCO Bank. After submitting the application, you will be contacted by the bank’s representative for the 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 the 5.00%. For UCO Bank FD the number of years in which your FD will get doubled is; 72/5.00 = 14

What is the interest of 1 lakh in the UCO Bank?

The interest on UCO Bank fixed deposit depends on the tenure of the FD for which it is deposited. Below mentioned is the UCO Bank FD interest rate 2021 across different tenures.

TenureInterest Rate
7 days to 29 days 2.75%
30 days to 45 days 3.00%
46 days to 60 days 3.75%
61 days to 90 days 3.75%
91 days to 180 days 3.90%
181 days to 364 days 4.70%
1 year 4.90%
1 year 1 day to 2 years 5.00%
2 years 1 day to 3 years 5.00%
3 years 1 day to 4 years 364 days 5.00%
5 years to 10 years 5.00%


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UCO Bank News - Jul 2021
  • 2021-06-08 : To promote and help with the covid vaccination drive, Banks to offer higher rates on FDs
    Kolkata-based UCO bank is offering a 0.30% higher rate on FD of 999 days for all those who have taken covid vaccine. This step is taken by the bank to encourage more people to get their Covid-19 vaccination.
  • 2020-12-17 : Revised FD rates for UCO bank
    With effect from December 10, 2020, UCO Bank has revised its FD rates. The latest rate of interest for 7-29 days is 2.75%; for 30-45 days it is 3%; for 46-90 days it is 3.75%; for 91-180 days is 3.90% and the for 181- 364 days the rate is 4.70%. Further, the rate for a longer tenure of 1 year is 4.90%; for a period of 1 year one day to 10 years it is 5%.
  • 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.
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