UCO Bank Launches Special Term Deposit Plans, Hikes FD Interest Rates

UCO Bank, one of the most reputable lenders in the public sector, raised the interest rate on fixed deposits under Rs 2 crore. On November 8, 2022, the new rates became effective after being posted on the bank's official website. UCO bank raised FD interest rates by up to 45 bps in reaction to the adjustment. For fixed-term deposits (FDs) maturing in 7 days to 5 years or more, the bank is now offering interest rates in the range of 2.90% to 5.5%, and 3.15% to 6% for senior people. On its website, UCO Bank mentioned, “Rate of Interest On Domestic Term Deposit Less Than 2 crores Stands Revised With Effect From 08.11.2022.”

For 7 – 14 days: The existing interest rate calculated was at 2.55% per annum and got revised to 2.90% per annum. For senior citizens, the existing interest rate was at 2.80%, which got revised to 3.15% per annum for the same tenure.

For 15 – 29 days: The existing interest rate calculated was at 2.55% per annum and got revised to 2.90% per annum. For senior citizens, the existing interest rate was at 2.80%, which got revised to 3.15% per annum for the same tenure.

For 30 – 45 days: The existing interest rate calculated was at 2.80% per annum and got revised to 3% per annum. For senior citizens, the existing interest rate was at 3.05%, which got revised to 3.25% per annum for the same tenure.

For 46 – 60 days: The existing interest rate calculated was at 3.55% per annum and got revised to 3.50% per annum. For senior citizens, the existing interest rate was at 3.80%, which got revised to 3.75% per annum for the same tenure.

For 61 – 90 days: The existing interest rate calculated was at 3.55% per annum and got revised to 3.50% per annum. For senior citizens, the existing interest rate was at 3.80%, which got revised to 3.75% per annum for the same tenure.

For 91 – 120 days: The existing interest rate calculated was at 3.70% per annum and got revised to 3.75% per annum. For senior citizens, the existing interest rate was at 3.95%, which got revised to 4% per annum for the same tenure.

For 121 – 150 days: The existing interest rate calculated was at 3.70% per annum and got revised to 3.75% per annum. For senior citizens, the existing interest rate was at 3.95%, which got revised to 4% per annum for the same tenure.

For 151 – 180 days: The existing interest rate calculated was at 3.70% per annum and got revised to 3.75% per annum. For senior citizens, the existing interest rate was at 3.95%, which got revised to 4% per annum for the same tenure.

For 181 – 364 days: The existing interest rate calculated was at 4.40% per annum and got revised to 4.65% per annum. For senior citizens, the existing interest rate was at 4.65%, which got revised to 4.90% per annum for the same tenure.

For 1 year: The existing interest rate calculated was at 5.30% per annum and got revised to 5.75% per annum. For senior citizens, the existing interest rate was at 5.55%, which got revised to 6% per annum for the same tenure.

For more than a year but up to 2 years: The existing interest rate calculated was at 5.30% per annum and got revised to 5.75% per annum. For senior citizens, the existing interest rate was at 5.80%, which got revised to 6.25% per annum for the same tenure.

For above 2 years and up to 3 years: The existing interest rate calculated was at 5.30% per annum and got revised to 5.60% per annum. For senior citizens, the existing interest rate was at 5.80%, which got revised to 6.10% per annum for the same tenure.

For above 3 years and less than 5 years: The existing interest rate calculated was at 5.60% per annum and got revised to 5.60% per annum. For senior citizens, the existing interest rate was at 6.10%, which got revised to 6.10% per annum for the same tenure.

For 5 years and above: The existing interest rate calculated was at 5.30% per annum and got revised to 5.50% per annum. For senior citizens, the existing interest rate was at 5.80%, which got revised to 6% per annum for the same tenure.

Moreover, UCO Bank is also offering an additional interest rate of 1.00% to staff and ex-staff, and an additional interest rate of 1.50% to ex-workers who are senior citizens.

Additionally, two unique term deposit products, UCO 444 and UCO 666, have been introduced by UCO Bank. The deposit term for these is 444 and 666 days and the programs are valid till December 31, 2022. To open this particular FD program, a minimum deposit of Rs. 1000 (followed by multiples of Rs. 1,000) and a maximum limit of Rs. 2 crores are needed. The interest will be compounded every three months at a rate of 5.65% for UCO 444 and 5.75% for UCO 666.

According to the bank, there would be the choice between a Monthly Income Scheme (MIS) and a Quarterly Income Scheme (QIS). Premature withdrawals are also permitted under the program, however the rate that applies will be 1% less than the rate that was in force when the deposit was formed by the Bank, or the current rate, whichever is lower.

Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the fixed deposit interest rates mentioned above. Please invest at your own discretion.