Kolkata-based UCO Bank has revised its interest rates on savings deposits and fixed deposits linked to repo rate. This announcement comes after RBI kept the repo rate unchanged at 4% for the 11th time in a row. A retired employee senior citizen will be the biggest beneficiary in the fixed deposit below 2 crores.
Repo Rate Linked Savings Deposits:
After RBI’s first bi-monthly monetary policy for FY23, UCO Bank Revises the repo rate linked to savings bank deposit rates. From April 10, UCO Bank offers 2.60% p.a. on savings deposits linked to repo rate 10 lakhs. The interest rate is 2.75% on deposits above 10 lakh, however, they are not linked to the repo rate.
Retired Employees Senior Citizens:
Further, UCO Bank has revised the additional interest benefits on domestic fixed deposits as below 2 crore for retired employees (senior citizens). The bank has increased the interest rates for this category by 5-25 basis points with effect from April 11 for various tenors.
A senior citizen who is a former employee in UCO Bank will earn 6.60% interest rate on fixed deposits below 2 crore from the present 6.40%. Whereas the bank will offer 6.50% each at the rate of 6.6% on tenure of more than 1 year but up to 2 years and more than 2 years for 3 years.
Bank will offer 6.80% interest rate to retired senior citizen employees from the current 6.55% on tenure of more than 3 years and less than 5 years. 6.6% will also be given to retired elders on tenure of 5 years and above from the present 6.55%.
Meanwhile, interest rates on tenures less than 1 year have been kept unchanged. Bank rates at 4.05% for tenure of 7 days to 29 days, 4.9% for tenure of 30 days to 45 days, 5.05% for tenure of 46 days to 90 days and 5.20% for tenure of 91 days to 180 days rate of . A rate of 5.90% is offered on a tenure of 181 to 364 days.
Non-Retired Employees:
For non-staff general citizen, UCO Bank offers 2.55% to 4.4% interest rate on tenures ranging from 7 days to 364 days. 5.10% interest rate is offered on tenures of 1 year to 3 years, while 5.3% is offered for tenures ranging from 3 years to 5 years and above.
Also, for non-staff senior citizens, the bank offers rates ranging from 2.8% to 4.65% on tenures ranging from 7 days to 364 days. 5.35% is offered on 1 year tenure, 5.6% for 1 year to more than 3 years and 5.8% for 3 years to 5 years and above.
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