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UCO Bank FD - Scheme, Eligibility, Documents

UCO Bank Fixed Deposit Highlights

Last Updated 08th Jun 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 7 days
Maximum Tenure 10 years
Deposit Amount Rs 1000
Maximum Deposit No Limit
    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 7 days to 10 years. Apart from that, UCO Bank FD offers regular returns on fixed deposits 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:

    Standard Fixed Deposit

    Description:

    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 mentioned below:

    • Guaranteed returns: The best thing about UCO Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits 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 fixed deposits 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 an 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. Benefits of Loan Against FD of UCO Bank are as follow:
      • Loan against FD of UCO Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the UCO Banks flexible repayment options.
      • The processing fee of Loan Against FD in the UCO Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • 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 7 days up to a maximum tenure of 10 years. 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 Rs 1000. Apart from that, one can invest in the UCO Bank FD up to a maximum of No Limit.

    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 Allowed 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.

    Credit Card Against UCO Bank FD

    Credit Cards againstUCO Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against UCO Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in UCO Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. UCO Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under UCO Bank?

    UCO Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 1000.

    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 Rs 1000.

    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 in UCO Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. 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 7 days. The tenure of the UCO Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my UCO Bank 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.

    What documents are required to open an FD account in UCO Bank?

    The documents required to open an FD account in UCO Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the UCO Bank?

    The time UCO Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the UCO Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a UCO Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in UCO Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the UCO Bank safe for FD?

    Yes, the UCO Bank is one of the safest avenues for any investments. UCO Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the UCO Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from UCO Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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