UCO Bank Fixed Deposit

⋆ Interest Rate 9.99% ⋆

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      UCO Bank Fixed Deposit

      In 1943, UCO Bank was established in Kolkata. Often known as the United Commercial Bank. It is also one of the country’s largest government-owned commercial banking institutions. UCO Bank is reported to operate over 4000 service units across the country as of March 2017, while also having a presence in Hong Kong and Singapore. UCO Bank Fixed Deposit provides the best interest rates and makes your life smoother and stress-free

      Customers may expand their wealth in a variety of ways with UCO Bank Fixed Deposit schemes. These plans offer better returns than traditional savings account while still ensuring the investment’s protection.

      Advantages of a UCO Bank Fixed Deposit Strategy

      Here are some of the benefits that have made UCO Bank Fixed Deposits so common.

      • Income collection services are available on a quarterly and monthly basis, enabling you to withdraw your investment’s received interest on a daily basis.
      • Investors may name a family member or successor to earn investment returns if they die before the investment matures.
      • Interest rates that are attractive to both normal and senior citizens.
      • A loan against a savings account is open.

      UCO Bank Fixed Deposit

      UCO Bank Fixed Deposit Eligibility Criteria

      Individuals who meet the requirements mentioned below are entitled to invest in UCO Bank Fixed Deposits.

      • You must be an Indian resident.
      • Hindu Undivided Family Member
      • A UCO Bank Fixed Deposit scheme may be applied for by businesses, trusts, and societies.

      Required Documents for a UCO Bank Fixed Deposit

      Investors must have the following details:

      • KYC records function as evidence of identification and address. Some of the approved KYC documents include the Aadhaar card, PAN card, driver’s license, energy bill, and telephone bill.
      • A bank statement, along with a receipt, serves as evidence of income.
      • Photographs that are the size of a passport.
      • Type for applying for a fixed deposit at UCO Bank.

      FD Rates at UCO Bank

      Regular investors should expect to earn a good return on their money. The rate of interest for terms ranging from 7 days to less than one year is between 4.50 percent and 6.00 percent per year. These short-term investments yield returns ranging from 4.75 percent to 6.25 percent for senior citizens.

      Long-term fixed deposit schemes at UCO Bank, on the other hand, yield returns of 6.25% for regular investors and 6.75% for senior citizens. These plans have a maturity period ranging between 5 years and 10 years.

      Tenure non-senior citizen and NRO FD (%) Senior Citizen FD (%)
      7-29 days 4.50% 4.75%
      46-90 days 5.50% 5.75%
      3-12 months 6.00% 6.25%
      1 year 6.50% 6.75%
      1-2 years 6.40% 6.90%
      5-10 years 6.25% 6.75%

      Different Types of UCO Bank Fixed Deposit Plans

      UCO Bank offers a variety of FD products, each suitable for a special section of society. Listed below are a number of the FD options on offer from the bank.

      • UCO Bank Fixed time deposit account – A scheme offering flexible tenure starting from 7 days to 10 years, investors choosing this plan can start with a deposit of just Rs. 1,000. Interest is either compounded monthly at discounted rates or quarterly.
      • Kuber Yojna – Another flexible fixed deposit scheme, the Kuber Yojna FD’s minimum maturity period is 6 months, while the utmost tenure is 10 years. Here, too, investors can start with investments as small as Rs. 1,000.
      • UCO Monthly Income Scheme – Individuals looking to require avail of this plan must invest a minimum of Rs. 50,000. The upper limit for this scheme is about Rs. 1 Crore. The tenure is fixed at 5 years. Interest pay-out is out there on the primary day of every month.
      • UCO Tax Saver Deposit Scheme – This UCO Bank Fixed Deposit scheme comes with a 5-year lock-in period. Investments can range between Rs. 1,000 and Rs. 1.5 Lakh. this is often a superb option for people seeking tax rebates on their investment.
      • Flexible Fixed Deposit Scheme – this is often a reinvestment scheme, where investors cannot claim the returns from the FD. Instead, the sum is invested directly into shares and stocks for further growth.

      Premature Withdrawal Terms and Conditions

      Premature withdrawal may be a foreclosure of an FD before its tenure ends. A UCO Bank Fixed Deposit offers premature withdrawal in most cases. UCO Tax Saver Deposit isn’t applicable for such early fund removal, thanks to its 5-year mandatory lock-in.

      However, any premature withdrawal is susceptible to draw penalty charges under UCO Bank terms and conditions. The penalty charges are 2.00% less than the speed at which the bank held it on the deposit date.

      Special Forms to Fill

      Interest earned through UCO Bank fixed deposit schemes is subject to TDS deductions. TDS is deducted if the entire interest income of an investor is Rs. 40,000 (Rs. 50,000 for senior citizens) or above. you’ll submit Form 15G (15H just in case of senior citizens) if your interest income doesn’t cross the mentioned threshold.

      Loan against UCO Bank Fixed Deposit

      UCO Bank allows investors to avail loans against their fixed deposits. However, this facility is unavailable for the tax-saving FD scheme. For all other plans, the bank offers a loan quantum of up to 90% of the FD value.

      These loans are attractive thanks to the limited rate of interest charged. For UCO Bank Fixed Deposit investors, the rate of interest on these loans ranges from 5.5% to 7.3%.

      For more details visit Dialabank official site.


      What is the utmost FD rate available for UCO Bank fixed deposit?

      Individuals below 60 years can earn a maximum interest of up to six .25% once a year.

      Are senior citizens eligible for higher interest rates on their investment?

      Yes. UCO Bank provides additional interest to investors older than 60 years. For these people, the utmost rate of interest from FDs is 6.75%.

      What is the shortest UCO Bank Fixed Deposit tenure?

      UCO Bank fixed deposit tenures start from just 7 days.

      What is the present rate of interest bracket for UCO Bank Fixed Deposits?

      Investors today can hope to earn interest at rates ranging between 4.50% and 6.30% once a year. Senior citizens, on the opposite hand, are eligible for interest rates between 4.75% and 6.75% on their FDs.

      What is the minimum investment quantum for UCO Monthly Scheme?

      Investors curious about the UCO Monthly Scheme got to invest a minimum of Rs. 50,000 within the plan.