UCO Bank offers various types of fixed deposit schemes to both regular individuals and senior citizens at attractive interest rates. The bank provides fixed deposit schemes for a period of 7 days (short-term) to 10 years (long-term). Let’s look at the UCO Bank FD Rates below.
UCO Bank FD Rates 2020
|FD Tenure||Interest Rate (in %) on Deposits less than Rs 2 crore|
|For Regular Citizen||For Senior Citizen|
|7 – 14 Days||4.50%||4.75%|
|15 – 29 Days||4.50%||4.75%|
|30 – 45 Days||5.00%||5.25%|
|46 – 60 Days||5.50%||5.75%|
|61 – 90 Days||5.50%||5.75%|
|91 – 120 Days||6.00%||6.25%|
|121 – 150 Days||6.00%||6.25%|
|181 to 364 days||6.35%||6.60%|
|More than 1 year up to 2 Years||6.40%||6.90%|
|Above 2 Years up to 3 Years||6.40%||6.90%|
|Above 3 Years and less than 5 Years||6.40%||6.90%|
|5 years and above||6.40%||6.90%|
Note: Figures mentioned in the above table are subject to change without prior information. The above-mentioned interest rates are applicable w.e.f. from 10th August 2019
|FD Tenure||Interest Rate (in %) on Deposit of Rs. 2 crore up to Rs. 5 crore|
|For Regular Citizen|
|7 – 14 Days||4.75%|
|15 – 30 Days||4.75%|
|31 – 45 Days||4.75%|
|46 – 90 Days||4.75%|
|91 –120 Days||4.75%|
|121 – 180 Days||4.75%|
|181 days-1 year||4.75%|
|More than 1 year up to 2 Years||4.75%|
|Above 2 Years up to 3 Years||4.75%|
|Above 3 Years to 5 Years||4.75%|
|Above 5 years||4.75%|
UCO Bank NRE FD Interest Rates
|FD Tenure||Less than Rs. 2 Crore|
|More than 1 year but up to 2 years||6.40%|
|Above 2 years and up to 3 years||6.40%|
|Above 3 years and less than 5 years||6.40%|
|5 years and above||6.40%|
UCO Bank FCNR (B) and RFDC Interest Rates
|Currency||1 year to less than 2 years||2 years to less than 3 years||3 years to less than 4 years||4 years to less than 5 years||5 years only|
Note: The above-mentioned interest rates are applicable with effect from 9th August 2019.
Types of UCO Bank Fixed Deposit Schemes
1. UCO Bank Fixed Deposit Account
|Features & Benefits of UCO Bank Fixed Deposit|
|The minimum period of fixed deposit account is 7 days and the maximum period is 10 years|
|The minimum deposit amount required to open a fixed deposit account is Rs. 1,000|
|Under this scheme, the senior citizens (above the age of 60 years) get an additional 0.50% over UCO Bank FD Rate for regular individuals|
|Nomination facility is available|
|The facility of renewal is carried out at the UCO Bank FD rate prevailing on the date of maturity provided over does not exceed the limit 14 days from the date of maturity|
|Premature withdrawal is permitted|
|The interest is paid either monthly at discounted rate/quarterly for Fixed Deposit|
|Loan against FD is available|
Eligibility Criteria –
Any resident individual, joint-stock companies, executors and administrators, partnership firms, educational institutions, Trusts, sole proprietorship are eligible.
2. Kuber Yojna
|Features & Benefits of UCO Bank Kuber Yojana|
|The minimum amount of deposit is Rs. 1,000|
|The minimum deposit period ranges from 6 months to 120 months|
|The interest is compounded at quarterly intervals under this scheme|
|The total amount of interest is paid at maturity|
3. UCO Monthly Income Scheme
|Features & Benefits of UCO Bank Monthly Income Scheme|
|The minimum deposit amount under this scheme is Rs. 50,000|
|The maximum deposit amount is up to Rs. 100 lakh|
|The facility of nomination is available|
|The facility of loan/overdraft against fixed deposit is available as per the bank’s existing guidelines|
|Premature withdrawal is permitted and the interest would be payable at 1% below the applicable card rate|
4. UCO Tax Saver Deposit Scheme
|Features & Benefits of UCO Bank Tax Saver Deposit Scheme|
|The minimum deposit is Rs. 100 and the maximum deposit amount is Rs. 1.5 lakh|
|This scheme has a lock-in period of 5 years|
|Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act, 1961 up to a maximum limit of Rs.1.5 lakh|
|The premature withdrawal is not allowed|
|Loan against the deposit is not permitted|
|Nomination facility is available|
Eligibility Criteria –
- Resident Individual
- Hindu Undivided family (HUF)
- Jointly by two adults or jointly by an adult and a minor
5. Flexible Fixed Deposit Scheme
|Deposits are accepted under the reinvestment plan|
|This scheme helps to cater to the emergency needs of the customers|
|Under this scheme, a part of the deposit can be prematurely withdrawn in multiples of Rs. 5,000|
UCO Bank Premature Withdrawal Facility
UCO Bank’s premature withdrawal facility means that the depositor can withdraw the fixed deposit amount before maturity. Fixed Deposit is classified into two types:
- With the premature withdrawal facility
- Without premature withdrawal facility (For instance – Tax Saving FD that comes with a lock-in period of 5 years)
However, individuals who want to make premature withdrawals will be required to pay penalty for the same, which will be charged on the UCO Bank FD Rate. The premature closure penal charges will be 2.00% less than the applicable rate for which the term deposit was held by the branch as on the date of deposit or the prevailing rate of interest as on the date of premature closure whichever is lower.
UCO Bank Loan against Fixed Deposit
The loan against UCO Bank fixed deposit scheme is available as per the existing guidelines for availing loan against Bank’s own Fixed Deposits.
UCO Bank FD Calculator
Investors can check the maturity amount of their UCO Bank Fixed Deposits using Paisabazaar’s FD Calculator. The investors need to enter the amount they wish to deposit, preferred tenure of investment and the rate of interest to know how much their investment will be worth at maturity. Alternatively, customers can check the interest and maturity amount for reinvestment schemes using Paisabazaar’s compound interest calculator.
Documents Required for UCO Bank Fixed Deposit
How to Apply for UCO Bank Fixed Deposit?
Customers can visit the nearest UCO Bank branch to apply for any type of fixed deposit accounts offered by the bank.
Frequently Asked Questions (FAQs)
Q. What is the minimum & maximum period for the UCO Bank Fixed Deposit account?
A. The minimum & maximum period for UCO Bank Fixed Deposit account is 7 days & 10 years respectively.
Q. What is the minimum deposit amount under UCO fixed deposit scheme?
A. The minimum deposit amount under UCO fixed deposit scheme is Rs. 1,000.
Q. What are the various types of UCO Bank fixed deposit schemes?
A. The various types of UCO Bank fixed deposit schemes are:
- UCO Bank Fixed Deposit Account
- Kuber Yojna
- UCO Monthly Income Scheme
- UCO Tax Saver Deposit Scheme
- Flexible Fixed Deposit Scheme
Q. Can an account holder close his/her UCO Bank FD anytime?
A. Yes, an account holder can close his/her UCO Bank FD anytime except for the UCO Tax Saver Deposit Scheme which comes with a lock-in period of 5 years.
Q. Is there a penalty for premature withdrawal?
A. Yes, UCO Bank charges 2% as premature withdrawal penalty. The premature withdrawal penalty will be deducted from the applicable rate for which the term deposit was held by the branch as on the date of deposit or the prevailing rate of interest as on the date of premature closure whichever is lower.
Q. Can an account holder avail loan against FD in UCO Bank?
A. Yes, an account holder can easily avail loan against FD in UCO Bank.