UCO Bank is part of the public-sector banking space in India and brings to its customers retail fixed deposit products which come with varying tenors and competitive interest rates.
Changes in market conditions and banks asset-liability management requirements can lead to fluctuations in interest rates offered on a banks fixed deposits. This poses a problem for customers who wish to invest for optimum returns because tracking changes over time is difficult, especially with multiple accounts.
The above table always reflects the latest rates on UCO Banks FDs. This enables real-time comparison of maturities.
The updated list of UCO Bank FD Rates 2017, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|181 days to less than 1 year||6.5||6.5|
|1 year & above but less than 2 years||6.75||6.75|
|2 year & above but less than 3 years||6.75||6.75|
|3 year & above but less than 5 years||6.75||6.75|
|5 Years & above||6.5||6.5|
Rates on short-term holdings vary between 5.60% and 7.35% with the 30-day scheme at the lower-end of the spectrum and the 9-month scheme at the higher-end. Filling in the gaps are the 60 and 90-day schemes in the 6-point range at 6.10% and 6.60% respectively while the 120-day and 6-month schemes feature rates in the 7-point range at 7.10% and 7.35%.
Medium and long-term rates are pegged at a constant 7.75% for tenors more than 1 year to 3 years beyond which there is a marginal dip by 0.25% for the 5-year scheme to 7.50%.
Senior citizens are offered a 0.25% increase on short and medium-term holdings i.e. for deposit-periods of 30 days to 1 year, putting rates in the range of 5.85% to 8.00% for this period. Senior citizens, however, benefit more on longer term holdings i.e. above 2 year up to 5 years with a 0.5% increase on existing rates; this puts rates for this period in the range of 8.25% to 8.00%.
Interest rates on UCO Banks fixed deposits are attractive vis-a-vis its peers on short and medium-term holdings which makes them good investment options for those with near to short-term liquidity requirements.
All rates are indicated on a per-annum basis with a quarterly compounding frequency.
One of the popular public sector banks in India, UCO Bank offers retail fixed deposits at competitive interest rates, having varying tenures. Reflecting RBI’s repo rate cut, UCO bank has revised its rate of interest for term deposits.
Fixed deposit with time period of 1 year has an interest rate of 7.70%. This rate revision is effective from March 28, 2016.
1st April 2016
UCO Bank has made changes to its fixed deposit interest rates with effect from February 8. The interest rate for deposits of less than Rs. 1 crore for 1 year have been reduced to 7.6 percent from the earlier 7.75 percent. The rate for FDs of over 1 year up to 2 years has been brought down to 7.5 percent from 7.75 percent earlier.
All other interest rates remain as per the bank’s last change, which was made on January 7 this year.
23rd February 2016
UCO Bank has lopped off a few figures from its interest rates both on deposits as well as loans following the directive of the Reserve Bank of India post the repo rate reduction. While loans have become more lucrative and savings accounts have stayed more or less consistent on the interest rates scenario, fixed deposits have faced cuts throughout the last quarter. The rates offered on fixed deposits from UCO Bank are now more or less on the same level compared with most operational banks.
As of December 2015, the lowest interest rate available in fixed deposits with UCO Bank is 4.85% per annum. This interest rate is applicable for deposit tenures of 7 days to 14 days and for 15 days to 29 days, the interest rate jumps up a fractional notch of 0.5% to 5.35% per annum. From 30 days to 45 days, the interest rate available is 5.60% per annum while from 46 days to 60 days, deposits earn an interest rate of 6.10% per annum and from 61 days to 90 days the rate applicable is 6.60% per annum. For tenures of 91 days to 150 days, the interest rate is 7.10% per annum. From 151 days to 364 days, the interest rate is 7.35% per annum. The rate remains 7.75% per annum for a tenure range from 1 year to 2 years. That is the maximum rate of interest that is applicable. From 2 years and above, general interest rate slips down 0.25% to 7.50% per annum.
16th December 2015
UCO Bank has been a trustworthy name for many salaried professionals, especially in the government sector, due to the ease of availability of products. Post the repo rate reduction and subsequent directive of the Reserve Bank of India to reduce base rates of banks, UCO Bank has brought down its interest rates on all of its products. While loans have become more lucrative, savings accounts have more or less remained consistent, fixed deposits have suffered some blows. The current rates on offer from UCO Bank, pertaining to fixed deposits range in the better, if the best of rates in the banking market.
As of November 2015, the lowest interest rate on offer by UCO Bank is at 5% per annum for deposit tenures of 1 to 2 weeks. A 0.50% increase happens for the next tenure slab of 15 to 29 days and then an additional 0.25% increase for the tenure of 30 to 45 days, bringing the interest rate to 5.75% per annum. Interest rates keep on increasing by 0.50% for the next three tenure slabs, making the tally to 7.25% per annum for deposit tenures of 91 to 150 days. For 151 to 364 days, the interest rate is available at 7.5% per annum and the maximum interest rate is achieved at 7.90% per annum for deposits of 1 year. The interest rate slides down a few figures to 7.75% per annum for deposits that exceed the 1 year term.
4th November 2015