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UCO Bank Fixed Deposit Interest Rates 2022

Home Fixed Deposit UCO Bank FD Rates

UCO Bank offers FD interest rates of 2.55-6.02% p.a. to regular citizens and 2.55- 6.02% p.a. to senior citizens on tenures ranging from 7 days to 5 years and above. The interest rate on UCO Tax Saving FDs is 6.02% p.a. for the general public and 6.02% for the senior citizens. The bank also offers various fixed deposit products for NRIs, such as NRE, RFC and FCNR (B) fixed deposits. UCO Bank accepts FCNR (B) fixed deposits and RFC fixed deposits in US Dollars (USD), British Pound Sterling (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Singapore dollar (SGD) and Hong Kong dollar (HKD).

हिंदी में पढ़े
Updated: 20-05-2022 07:01:28 AM

UCO Bank FD Interest Rates (p.a.) Highlights

Highest slab rate6.02% (for 5 years and above)
For 1 year5.20%
For 2 years5.20%
For 3 years5.33%
For 4 years5.70%
For 5 years6.02%
Tax-Saving FD6.02%

The interest rates are updated as of 19th May 2022

UCO Bank FD Rates

Fixed Deposit Rates on Domestic deposits of less than Rs 2 crore w.e.f. 10 May, 2022

TenureInterest Rates (% p.a.)
Regular CitizensSenior Citizens
7 days to 14 days2.552.55
15 days to 29 days2.552.55
30 days to 45 days2.802.80
46 days to 60 days3.553.55
61 days to 90 days3.553.55
91 days to 120 days3.703.70
121 days to 150 days3.713.71
151 days to 180 days3.713.71
181 days to 364 days4.424.42
1 year5.205.41
More than 1 year to 2 years5.205.41
Above 2 years to 3 years5.335.55
Above 3 years to less than 5 years5.706.05
5 years and above6.026.02

UCO Bank Tax Saver Deposit (UCO Tax Saver Scheme)

Tenure

Interest Rate (% p.a.)

Regular CitizensSenior Citizens
5 years6.026.02

Interest Rates on Domestic Bulk Fixed Deposits from Rs 2 crore to Rs 5 crore w.e.f. 6 April, 2022

TenureInterest Rate (% p.a.)
7 days to 14 days3.05
15 days to 30 days3.50
31 days to 45 days3.50
46 days to 90 days3.50
91 days to 180 days3.05
181 days to 210 days3.05
211 days to 270 days3.05
271 days to 1 year3.90
Above 1 year to 2 years3.90
Above 2 years to 3 years3.00
Above 3 years to 5 years3.00
Above 5 years3.00

Interest rates on Non-Resident External (NRE) Fixed Deposits of less than Rs 2 crore w.e.f 10 May, 2022

TenureInterest Rates (% p.a.)
1 year5.30
Above 1 year to 2 years5.30
Above 2 years to 3 years5.30
Above 3 years to less than 5 years5.60
5 years and above5.30

Interest rates on FCNR (B) deposits w.e.f. 31 March, 2022

CurrencyInterest Rates (% p.a.)
1 year to less than 2 years2 years to less than 3 years3 years to less than 4 years4 years to less than 5 years5 years only
USD1.181.601.831.952.03
GBP1.371.741.861.881.85
EUR0.020.130.280.380.43
JPY0.110.130.130.140.17
CAD0.781.731.962.022.06
AUD0.641.081.431.681.81
CHF0.000.020.070.140.21
SGD0.760.931.191.401.53
HKD0.770.891.091.271.41

Interest rates on RFC Deposits w.e.f. 31 March, 2022

CurrencyInterest Rates (% p.a.)
1 year to less than 2 years2 years to less than 3 years3 years to less than 4 years4 years to less than 5 years5 years only
USD1.181.601.831.952.03
GBP1.371.741.861.881.85
EUR0.020.130.280.380.43
JPY0.110.130.130.140.17
CAD0.781.731.962.022.06
AUD0.641.081.431.681.81
CHF0.000.020.070.140.21
SGD0.760.931.191.401.53
HKD0.770.891.091.271.41

Types of UCO Bank FD Schemes

Kuber Yojana (Regular Fixed Deposit with reinvestment of interest component)

  • This is a long-term fixed deposit in which the interest component is reinvested and thereby, helps in deriving the power of compounding
  • Minimum amount of deposit: Rs 1,000
  • Tenure: 6 months – 10 years
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UCO Monthly Income Scheme

  • Deposit amount: Minimum: Rs. 50,000 (in multiples of Rs.10,000 thereafter); Maximum: Rs 1 crore
  • Tenure: 5 years
  • The simple interest rate will be paid without discounting and credited on the first day of the month following the month in which the account was opened
  • Nomination facility is available
  • Loan/Overdraft facility against the deposits is permitted
  • In case of premature withdrawals, interest will be paid at 1% below the applicable card rate if the regular fixed deposit remains with the bank as on the date of the deposit, and not at the contractual rate
  • This scheme is not transferable

Flexible Fixed Deposit Scheme

  • In this scheme, deposits are taken under a reinvestment plan, which means that a portion of the deposit can be withdrawn early without affecting the remainder of the account, which continues to earn interest at the agreed rate
  • Withdrawal is permitted in multiples of Rs.5,000

UCO Tax Saver Deposit Scheme – 2006

  • Deposits are eligible for deduction of up to Rs 1.5 lakhs under section 80C of the Income Tax Act
  • Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs in a year (1st April- 31st March)
  • Tenure: 5 years
  • Nomination facility is available
  • Transfer from one branch to another is allowed
  • Loan against deposit and pledging of deposit receipt is not permitted

MACTDA (Motor Accident Claim Term Deposit Account)

  • Eligibility: Beneficiaries/Victims of Motor Accidents
  • Simple interest will be paid for the first 6 months, after which compound interest will be paid for the remaining months
  • Transfer of deposit account and premature closure is not permitted
  • Loan/advance is not allowed
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Foreign Currency Non-resident (FCNR-B) Deposits

  • Depositors can hold deposits in any of the 9 foreign currencies: US dollar (USD), Pound sterling (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss franc (CHF), Singapore dollar (SGD) and Hong Kong dollar (HKD)
  • Minimum amount of deposit: USD 2,000 or its equivalent in any of the hard currencies
  • Tenure: 1 year – 5 years
  • The principal as well as interest earned are fully repatriable
  • Automatic renewal and nomination facility is available
  • Loans against deposits is permitted

Resident Foreign Currency (RFC) Deposits

  • Depositors can hold deposits in any of the 9 foreign currencies: US dollar (USD), Pound sterling (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss franc (CHF), Singapore dollar (SGD) and Hong Kong dollar (HKD)
  • Minimum amount of deposit: USD 2,000 or its equivalent in any of the hard currencies
  • The deposits can be transferred into an FCNR (B) or NRE account

Premature Closure Of Fixed Deposits-Penalty Charges

S. No. Term DepositsPenal Charges
1Less than Rs. 15 lakhs1% less than the applicable interest rate for the period of deposit at the time of FD opening or the current interest rate for the period during which the FD remained with the bank, whichever is lower
2Rs. 15 lakhs to less than Rs. 1 crore1% less than the applicable interest rate for the period of deposit at the time of FD opening or the current interest rate for the period during which the FD remained with the bank, whichever is lower
3Rs. 1 crore and above2% less than the applicable rate for which the deposit of Rs. 1 crore and above remained with the bank as on the date of deposit or the current rate for the same period as on the date of premature closure, whichever is lower

UCO Bank Loan against Fixed Deposit

The loan against fixed deposit scheme is available as per the existing guidelines for availing loan against Bank’s own Fixed Deposits.

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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.

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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 maximum 2% as a 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.

 

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