UCO Bank hikes FD rates by up to 45 bps, launches 2 special deposit schemes

UCO Bank FD Rates

On FDs maturing in 7-29 days, the bank has increased the interest rate by 35 bps from 2.55% to 2.90% and on those maturing in 30-45 days, UCO Bank has increased the interest rate by 20 bps to 2.80% has increased by 3.00% from Rs. , UCO Bank is now offering an interest rate of 3.50% on FDs maturing in 46-90 days and the bank has increased the interest rate on FDs maturing in 91-180 days by 5 bps from 3.70% to 3.75%.

Deposits maturing in 181-364 days will now offer an interest rate of 4.65% which was earlier increased by 25 bps from 4.40% and those maturing in 1 year but up to 2 years will now offer an interest rate of 5.75% Will get the rate which was earlier 5.30 an increase of 45 bps. For FDs maturing in more than two years and up to three years, the bank has increased interest rates by 30 basis points from 5.30% to 5.60%, while for UCO Bank deposits maturing in more than three years Is offering an interest rate of 5.60% for FD. less than five years. On FDs maturing in 5 years or more, UCO Bank increased interest rates by 20 basis points from 5.30% to 5.50%.

For Staff / Ex-employees, UCO Bank is offering an additional interest rate of 1.00% and for Ex-Staff Senior Citizens, the bank offers an additional interest rate of 1.50%.

UCO Bank has launched two exclusive fixed deposit products UCO 444 and UCO 666. As the name suggests, the period of deposit is 444 days and 666 days. The scheme will be valid till 31-12-2022. Minimum deposit amount to open this particular FD scheme 10000 / (Subsequently in multiples) 1000) with a maximum limit of less than Rs. 2 crore is required. The applicable interest rate is 5.65% for UCO 444 and 5.75% for UCO 666 and the interest will be compounded quarterly.

On “UCO 444” deposit scheme, senior citizens will get an interest rate of 6.15%, employees will get an interest rate of 6.65% and ex-employees and senior citizens will get an interest rate of 7.15%. While the interest rate on “UCO 666” deposit scheme, senior citizens will get an interest rate of 6.25%, employees an interest rate of 6.75% and ex. Employees and senior citizens will get an interest rate of 7.25%. “Senior Citizen/Employee/Senior Citizen and Ex-employee will be allowed additional interest as per extant norms. The overall limit of amount for Ex-Employee/Ex-Employee Senior Citizen to be eligible for higher rate under the scheme terminal benefits will be equal to 10 lakh as usual,” UCO Bank mentioned on its website.

The interest rate will be determined using the existing fixed deposit scheme. According to the bank, it will have the option of Monthly Income Scheme (MIS) and Quarterly Income Scheme (QIS). The scheme also allows the option of premature withdrawal, however, the rate applicable will be 1% lower than the rate that was in force at the time of inception of the deposit by the bank, or the prevailing rate, whichever is lower.