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UCO Bank Fixed Deposit

UCO Bank FD Scheme

Last Updated 10th Jan 2021

UCO Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.75% to 5.00%
Minimum Tenure
Maximum Tenure
Deposit Amount
Maximum Deposit
    Earn upto 6.95% on FD APPLY NOW

    UCO Bank FD

    UCO Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between to . Apart from that, UCO Bank FD offers regular returns on fixed deposit ranging between 2.75% to 5.00%. For senior citizens, the interest rates on fixed deposits range between 3.00% to 5.50%. In addition to that, UCO Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of UCO Bank Fixed Deposit Schemes

    Different type of UCO Bank term deposit products offered to the investors are listed as follows:

    Benefits of UCO Bank FD

    UCO Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about UCO Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, UCO Bank offers FD rates up to 5.00%. The interest rates offered on UCO Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, UCO Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because UCO Bank fixed deposit allows one to borrow a secured loan against UCO Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about UCO Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: UCO Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. UCO Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of . UCO Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, UCO Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of . Apart from that, one can invest in the UCO Bank FD up to a maximum of .

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with UCO Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from UCO Bank will attract an interest rate lowered by below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of UCO Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for UCO Bank FD

    UCO Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for UCO Bank FD

    UCO Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    UCO Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to .

    What is the minimum investment for FDs under UCO Bank?

    UCO Bank FD can be availed with a minimum deposit of .

    What is the minimum amount for a fixed deposit in UCO Bank?

    The minimum amount required for a fixed deposit investment in UCO Bank fixed deposit is .

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

    Currently, UCO Bank offers an interest rate ranging between 2.75% to 5.00% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in UCO Bank?

    UCO Bank fixed deposit can be opened with a minimum tenure of .


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    UCO Bank News - Jan 2021
    • 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.
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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