UCO Bank FD Interest Rates

⋆ Interest Rate 9.99% ⋆

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      UCO Bank FD Interest Rates

      Among the many FD providers in the industry, UCO Bank is one of the most dependable. The UCO Bank FD has a range of advantages for investors, including higher returns, a flexible tenure, a lower minimum deposit cap, and the ability to borrow against the FD. When it comes to FD interest rates, UCO Bank offers the highest rate of 5.00 percent. On the other hand, the current UCO Bank FD interest rate for senior citizens varies from 3.00 percent to 5.50 percent.

      United Commercial Bank, or UCO Bank, is one of India’s oldest financial institutions. Customers can choose from a variety of FD choices. Customers can open an FD account with UCO Bank by depositing the appropriate minimum sum at the time of account opening. Customers are not permitted to make any additional deposits until the account has been opened. There are numerous advantages to opening an FD with UCO Bank, which you can read about further down this list.

      UCO Bank FD Features

      UCO Bank FD Interest Rates

      UCO Bank FDs are one of the best investment options available for depositors seeking a fixed income instrument with better returns than a savings account. The following are some of the main features of a UCO Bank FD:

      • Deposit Number: A UCO Bank FD can be opened with any amount between zero and one thousand dollars.
      • The tenure of FDs varies from 7 days to 10 years.
      • Interest Rates: 2.75 percent per annum to 5.00 percent per annum
      • FD Prices for Senior Citizens: 3.00 percent to 5.50 percent per annum
      • Highest Interest Rate: Based on today’s rate, UCO Bank’s highest FD interest rate is 5.00 percent for a 10-year term.
      • Deposits in UCO Bank are safe because they are protected by the RBI’s Deposit Insurance Scheme, which ensures up to 5 lakh of a depositor’s total deposits.
      • Loan against FD: UCO Bank offers a loan against FD to its depositors to help them fulfill their liquidity needs without having to split their FD.
      • Auto-renewal service is available.
      • A nomination service is available.
      • Common FD Plans: Fixed-Income Account

      UCO Bank FD Interest Rates

      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%

       UCO Bank FD Schemes

       Kuber Yojana Scheme:

      • For this scheme, a minimum deposit of Rs. 1000 is required.
      • Interest is multiplied every three months.
      • The maturity lasts six months to ten years.
      • It offers a total interest payment.
      • Interest rates range from 4.50 percent per annum to 6.75 percent per annum.
      • Under this scheme, the highest UCO Bank FD interest rate is 6.75 percent per annum (above 1 year to 10 years)

       UCO Monthly Income Deposit Scheme:

      • In this UCO Bank FD scheme, To open an account under this scheme, a minimum deposit of Rs. 1000 is required.
      • Quarterly interest is multiplied.
      • A minimum deposit of Rs. 50,000 is required to open an account under this scheme.
      • The maximum sum that can be deposited is Rs. 1 crore.
      • Every month on the 1st, interest is paid out.
      • Premature withdrawals are permitted with a 1% penalty.
      • The deposit can be used to get a loan or an overdraft.
      • It is possible to nominate yourself.
      • There is an option for auto-renewal.
      • According to the Income Tax Act of 1961, interest received is subject to TDS.

      UCO Tax Saver Fixed Deposit Scheme:

      • As the name suggests, the depositor would be liable for tax deductions under Section 80C of the Income Tax Act of 1961.
      • A minimum deposit of Rs.100 is required to open a tax saver account.
      • The maximum amount that can be deposited is Rs. 1.50 lakh.
      • There is a 5-year lock-in cycle.
      • Withdrawals that are made too soon are not permitted.
      • Loans are not given out on the basis of a deposit.
      • It can be opened by one person, two adults together, or an adult and a minor
      • A nomination facility is available.
      • The Income Tax Act would levy a tax on interest.

      Flexible Fixed Deposit Scheme:

      • Deposits are approved under this system as part of a reinvestment strategy.
      • Customers’ emergency needs are met by this program.
      • This scheme allows a portion of the deposit to be withdrawn early in multiples of Rs. 5,000.

      Documents Required For UCO Bank FD 

      The following documents must be sent to UCO Bank for a fixed deposit:

      • Photographs in passport scale
      • Aadhar card, visa, PAN card, and driver’s license are examples of identification proofs.
      • Passports, ration cards, and energy bills (water, gas, or electricity) are all acceptable forms of identification.
      • Birth certificates, matriculation passing certificates, and voter ID cards are examples of age verification.
      • Information about your bank account, such as your passbook and account number.

      Premature Withdrawal of UCO Bank FD

      Premature withdrawal is when a depositor takes money out of a fixed deposit before it matures. Although the UCO bank provides a premature withdrawal option, the bank imposes a standard penalty. UCO bank charges a premium of 2% less than the applicable rate for which the FD was kept by the branch on the date of deposit or the prevailing rate of interest on the date of premature closure, whichever is lower.

      Loan against Fixed Deposit UCO Bank

      UCO Bank provides loans up to 90% secured through its own deposits. Notice that UCO Bank will not lend you money if you have an FD with another bank. UCO Bank provides a loan against a fixed deposit (FD) at a cost of 3.75 percent to 6%.

      The maximum loan tenure is limited to the FD’s maximum term.

      Example – Mr. Rahul has deposited Rs. 100,000 in UCO Bank for a two-year fixed deposit. Later, the creditor agreed to take out a loan against his FD. The bank has approved a 90 percent credit cap against his FD, with a ten percent interest rate. Today, if the borrower takes out a loan for Rs. 90,000 on the first of the month and repays it on the first of the next month, he must pay interest on the Rs. 90,000 lent for one month only. After one month, he must repay a total of Rs. 90,744. As a result, the interest rate on the loan taken is 744.

      UCO Bank FD Calculation

      If you want to figure out how much your FD will be worth when it matures, you can use the UCO Bank FD calculator, which is easily accessible on the internet. All you have to do is include basic information about your FD accounts, such as the tenure, interest rate, and deposit number.

      Opening Process at UCO Bank FD Account

      You can visit the official website of UCO Bank and login into your account to open a Fixed Deposit account. Pick Fixed Deposit from the menu, then the Form of FD you want to open and click Next. After that, fill in the deposit sum and, if you are over 60, select the ‘Senior Citizen’ choice. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, press Submit to open the UCO Bank FD.

      Nomination Facility on UCO Bank FD

      UCO Bank FD provides a nomination option that allows the depositor’s family to demand the money in the event of the depositor’s death. A nominee may be appointed by a person, a single account holder, or a joint account holder. No more than one person may be named as a candidate. When you open a UCO Bank fixed deposit, you can fill out nominee details. At the time of argument, the nominee must have identity evidence.

      UCO Bank News

      2020-12-17: Revised FD rates for UCO bank

      UCO Bank has updated its FD rates, which will take effect on December 10, 2020. The current rate of interest is 2.75 percent for 7 to 29 days, 3 percent for 30-45 days, 3.75 percent for 46 to 90 days, 3.90 percent for 91 to 180 days, and 4.70 percent for 181 to 364 days. Furthermore, the rate for a longer term of one year is 4.90 percent, and the rate for a period of one year one day to ten years is 5%.

      2020-08-04: UCO Bank reports Rs. 21.46 crore PAT in Q1

      UCO Bank made a net profit of Rs.21.46 crores for the six months ending June 30, 2020, compared to Rs.16.78 crores for the six months ending March 31, 2020. During the quarter ended June 30, 2020, the bank posted a total income of Rs.4436.57 crores, aided by retail loans such as a house, personal, motorcycle, two-wheeler, and gold loans, as well as business and mudra loans. Furthermore, total deposits, which include FDs, RDs, current and savings accounts, grew by 1.4 percent to Rs 1,95,119.60 crore.

      2019-09-13: UCO Bank revises its FD rates

      UCO Bank has updated its FD rates with effect from September 10, 2019. The current rate of interest is 4.50 percent for 7-29 days, 5 percent for 30-45 days, 5.50 percent for 46-90 days, and 6 percent for 91-364 days. For a one-year tenure, the average is 6.50 percent; for a period of 1-3 years, it is 6.40 percent; and for three years or more, it is 6.25 percent.

      2019-01-18: UCO Bank revises interest rate on fixed deposits by 10 basis points

      On January 11, 2019, UCO Bank changed the interest rate on fixed deposits. The interest rates on fixed deposits of less than Rs. 1 crore have been increased. The interest rate on one-year fixed deposits has been reduced to 6.60 percent from 6.70 percent previously. Although the thresholds for those who have been working for more than one year have been reduced to 6.50 percent from 6.75 percent previously.

      Visit the Dialabank official page for more details.

      FAQs on UCO Bank FD Interest Rates

      What is the highest FD rate for UCO Bank?

      On a UCO Bank fixed deposit, you can receive up to 5.00 percent in interest.

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

      Yes, as opposed to FD rates, senior citizens receive a higher return on their deposits. Standard FDs have rates ranging from 2.75 percent to 5.00 percent. In comparison, the FD rate for senior citizens ranges from 3.00 percent to 5.50 percent.

      ✅ Can I deposit an additional amount in my FD account?

      No, you are not permitted to deposit any new funds into your current FD account because you are only permitted to deposit once at the time of account opening. You must open a new FD account if you want to invest any additional funds in an FD.

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

      No, once a fixed deposit account is opened, it is not possible to change the tenure chosen. You can, however, close your current fixed deposit account and open a new one with the duration you want.

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

      Yeah, you can request an application for an FD account on the UCO Bank website. After submitting the application, a bank representative will contact you to complete the next steps, which include filling out an application and submitting KYC documents.

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