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    Overview of UCO Bank Fixed Deposit

    UCO bank was established by Ghanshyam Das Birla in 1943 under the name of United Commercial Bank. The bank was established in Kolkata and started out with just 14 branches and an initial investment of ₹ 2 Cr. UCO Bank was quick to open branches outside India just as World War II came to an end. They started out with branches in Rangoon, London, Malaysia, Singapore and Hong Kong.

    Today the bank maintains a strong presence in India with over 2500 branches across the country. Even today the bank has its headquarters in Kolkata, India and 45 zonal offices spread all over the country. They continue to operate with the vision to become India’s most trusted and admired bank.

    UCO Bank Fixed Deposits

    UCO Bank accepts deposits from a wide variety of customers in fixed term accounts, paying interest on the funds maintained therein. Returns under these FDs are fixed and rates differ according to the holding periods. Deposit periods are also pre-determined. Depositors have the option under different schemes offered by the bank to maintain funds for short, medium or long periods of time. These schemes come with different kinds of value-add benefits such as renewal, nomination and overdraft facilities.

    Eligibility - Who can open an FD account with UCO Bank?

    Any individual, company, private ltd, Hindu Unified Family, society, club, public undertaking, NRI, etc. may apply to open a fixed deposit with UCO Bank.

    What Fixed Deposit Schemes does UCO Bank offer?

    With such a wide base of customers it is but natural that UCO Bank has a multitude of schemes that are put in place to provide its customers with fixed deposit schemes that are best suited to their needs. Some of these schemes are:

    UCO THOUSAND Fixed Deposit

    This is a special fixed deposit scheme for which any existing customer or even a new customer can apply. This deposit can be opened for 1000 days at a time and the minimum amount that is invested is ₹ 5000. Any future investments are made in multiples of ₹ 1000 and the limit for investment in this scheme is ₹ 5 Cr. The interest earned is paid only at the time of maturity and investors can take loans against this FD.

    Kuber Yojana

    This is a long term investment fixed deposit where the interest is compounded every quarter. The minimum investment in this scheme has to of ₹ 1000 and the tenure can be from 6 months to 10 years. The interest earned is only paid at the time of maturity.

    UCO Dhan-Varsha Fixed Deposit

    This is a fixed deposit scheme that is available for a short time and may end by March 31st 2015. Under this scheme investors can deposit a minimum of ₹ 5000 for a period of 444 days. The maximum amount that can be invested in this scheme is ₹ 1 Cr. The interest earned is compounded for the first four quarters and the payment of the interest can be done every month at discounted rates.

    UCO Monthly Income Scheme

    This is again a scheme which will be around only till the 31st of March 2015. Those opting for this scheme will be required to make a minimum deposit of ₹ 50,000 for a period of 5 years. Further investments will need to be made in multiples of ₹ 10,000 and the maximum amount that can be invested is ₹ 1 Cr. The interest earned in this scheme can be paid out on a monthly basis.

    UCO Double Fixed Deposit

    This is yet another scheme that will be over by March 31st, 2015. Under this scheme depositors can deposit a minimum of ₹ 5000 and a maximum of ₹ 1 Cr. for a period of 8 years and 4 months. Premature withdrawal of the FD is permitted but the depositor may have to pay a penalty for it.

    UCO Tax Saver Deposit – 2006

    As the name suggests, this fixed deposit is aimed at people who are looking to save money and get tax benefits at the same time. Under this scheme, investors can invest a minimum of ₹ 100 to a maximum of ₹ 1.5 lakhs in a year. The minimum tenure for this deposit is 5 years. No premature withdrawals are permitted before the 5 year period has run out and investments made under this scheme can be shown under section 80C for tax benefits.

    Flexible Fixed Deposit

    This is a fixed deposit that is similar to a reinvestment plan. Under this scheme a part of the deposit is made available to the depositor for withdrawal in case of emergencies. The money that the depositor withdraws will be in multiples of ₹ 5000 and it will not affect the remaining balance of the FD which continues to earn the same interest.

    What is the minimum amount required to open an FD account with UCO Bank?

    The minimum amount required to invest in an FD with UCO Bank depends on the scheme you opt for. Form most schemes it is ₹ 1000 but in the case of the tax saver scheme it is ₹ 100. In some cases it is even ₹ 5000 or ₹ 50,000.

    What is the maximum amount that can be deposited in a UCO Bank FD account?

    The maximum amount that can be deposited in an FD account with UCO Bank depends on the fixed deposit scheme. In most cases the maximum amount for deposit is ₹ 1 Cr but in some cases it is also ₹ 5 Cr and above.

    What is the minimum / maximum period for which funds can be held in as fixed deposits with UCO Bank?

    The minimum and maximum tenures for fixed deposits with UCO Bank vary from one scheme to another. The absolute minimum, however, is 15 days and the maximum period is 10 years.

    What is the procedure to open a fixed deposit account at UCO Bank?

    You can use BankBazaar’s website to help you decide on the fixed deposit you want to make with UCO Bank. When on the BankBazaar website, you will be provided with a Fixed Deposit Calculator which will help you decide on the amount you want to invest and the tenure of the FD. It will also tell you what the approximate maturity value of the fixed deposit will be.

    To open the fixed deposit account all you have to do is to download the account opening form, fill it up and submit it to the nearest UCO Bank branch with the appropriate supporting documents like ID and address proof.

    What are the interest rates offered on UCO Bank fixed deposits?

    The interest rates offered by UCO Bank on fixed deposits depends on the scheme you opt for and the tenure of the deposit. It also depends on the deposit amount since they categorise that into 3 categories, deposits up to ₹ 1 Cr, deposits between ₹ 1 Cr and ₹ 5 Cr and deposits of ₹ 5 Cr and above.

    The lowest interest rate offered by them is 5% per annum and the highest is 8.75% per annum. Apart from this they even offer special interest rates for senior citizens, employees and ex-employees of UCO Bank.

    Does UCO Bank offer tax saver fixed deposits?

    Yes, UCO Bank does offer tax saver fixed deposits. It is are called the UCO Tax Saver Deposit – 2006 scheme. Under this scheme depositors are eligible to claim tax benefits under section 80C. They can also deposit a minimum of ₹ 100 and a maximum of ₹ 1,50,000 in a year in that account.

    Are FD accounts with UCO Bank taxable?

    Yes. The interest earned on the FD’s held with UCO Bank may be taxed under the applicable laws. The tax may be deducted at source. In case a person does not come in any tax bracket or he or she is not liable to pay taxes, then they can submit the relevant forms and receive the appropriate tax exemption.

    What are the main features of UCO Bank fixed deposit schemes?

    The feature of the fixed deposits may change according to the scheme you opt for but in general some of these features are:

    • Nomination facility
    • Tax savings under section 80C
    • Loans against fixed deposits
    • Special interest rates for senior citizens
    • Special interest rates for employees and ex-employees

    Are loans provided against FDs at UCO Bank?

    Yes. Loans are provided against fixed deposits maintained with UCO Bank but the amount of loan provided may depend on the scheme you have chosen. The loan provided will be a certain percentage of the deposited amount.

    Does UCO Bank offer senior citizens special rates on their fixed deposits?

    Yes. UCO Bank offers an extra 0.5% interest rate for senior citizens. This rate is applicable over and above the prescribed interest rates for the tenure or the scheme.

    Does UCO Bank issue credit cards against fixed deposits held at UCO Bank?

    No. UCO Bank does not offer credit cards against fixed deposits maintained with UCO Bank.

    Does UCO allow premature withdrawals of fixed deposits?

    Yes, premature withdrawals of fixed deposits are allowed by the bank but there may be a penalty that you’ll have to pay for them. In the case of tax saver fixed deposits, premature withdrawals will not be possible before the initial 5 years of the deposit.

    In case the deposit is an NRE fixed deposit and the amount deposited is in excess of Rs. 5 crores than a premature withdrawal will attract a penalty of reduction of the interest rates by 2%. The interest paid will also be calculated for the time for which the deposit was actually held.

    Can NRIs open fixed deposits at UCO Bank?

    Yes, NRIs can open fixed deposits with UCO bank as NRE or FCNR deposits. NRE deposits can be used to invest in Indian Rupees and the FCNR deposit to invest in foreign currencies.

    The minimum duration of an NRE deposit can be 1 year and the maximum 10 years. The interest rates can range from 7.9% per annum to 8.5% per annum depending upon the amount that is deposited.

    With FCNR deposits the interest will depend on the currency and the duration of the deposit. These deposits can be opened for 1 year to 5 years and funds can be held in 10 different currencies which are USD, GBP, Euro, JPY, CAD, AUD, CHF, SEK, SGD and HKD.

    UCO Bank Fixed Deposit Reviews

    • UCO Fixed Deposit
      "FD account"
      0.5 5.0/5 "Blown Away!"
      I am using UCO bank FD. I dont get any tax benefits here. The rate of interest is 9.75% which is applicable for me . ( Normal interest + the staff rate is 1%) therefore I had been offered 9.75% interest rate. For a normal customer interest rate on FD is 8.25% and for senior citizen they are offering around 8.75%.
      Was this review helpful? 10
      , indore
      Reviewed on Dec 03, 2016
    • UCO Fixed Deposit
      "Offering the best interest rate"
      0.5 5.0/5 "Blown Away!"
      UCO Bank FD is as same as other banks. In case if a customer wishes to open a FD online. The first check point would be, a customer has to hold an account with the same bank, after checking the KYC information probably after which they can open a FD. Tax saver plan is really good, however I am not allowed to preclose the FD.
      Was this review helpful? 6
      , guntur
      Reviewed on Nov 02, 2016
    • UCO Fixed Deposit
      0.5 4.0/5 "Great!"
      UCO bank is giving 9.2% interest rate for the fixed deposit with the minimum lock in period of five years. In case we plan to liquid the cash in between the liquid period there is no any extra charges. I visited the branch and avail the service
      Was this review helpful? 16
      , bhubaneshwar
      Reviewed on Dec 21, 2015
    • UCO Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      My grand parents were doing all their transactions with UCO bank only. So I have opened an fixed deposit account with them. Every month I am with drawing 10 k from this account. They are providing 10.30% as the interest rate which is good in market. I am loyal customer to them so there were no additional charges.
      Was this review helpful? 7
      , bangalore
      Reviewed on Nov 14, 2015
    • UCO Fixed Deposit
      0.5 3.0/5 "Satisfactory"
      My feedback for UCO FD is fine. Its neither good nor bad. The reason why I have opened a FD with UCO Bank is because I am holding a savings account with them. Interest rate offered by them was okay and its a single account and I have got FD certificate as well.
      Was this review helpful? 6
      , kolkata
      Reviewed on Sep 29, 2015
    • UCO Fixed Deposit
      "Good interest rate"
      0.5 5.0/5 "Blown Away!"
      I have 3-4 Fixed Deposit account in UCO Bank. Interest rate offered from UCO Bank for Fixed Deposit varies between 9.75%-10.0%. Most of my Fixed Deposits are at compound yearly deposits. Best thing from UCO Bank is: they do not have any additional charges for closing the Fixed Deposit before maturity.
      Was this review helpful? 3
      , lucknow
      Reviewed on Aug 25, 2015
    • UCO Fixed Deposit
      "Excellent options for FD opening"
      0.5 5.0/5 "Blown Away!"
      I opened one under UCO Thousand Scheme and other i opened UCO RDUSS in which you can put variable account in RD. I got very good interest till now. And the customer service they are providing is excellent since young officers are coming in bank nowadays
      Was this review helpful? 10
      , margao
      Reviewed on May 22, 2015
    • UCO Fixed Deposit
      "Good !!"
      0.5 4.0/5 "Great!"
      At any time we can walk in to the branch of UCO bank to close the Fixed deposit and there is no extra charge as well. Employees are good and they listen to customer queries and rectifying it as earlier. I am unable to recall the interest rate but it is affordable and gets accumulated in every six months period. UCO bank is well organized in all the aspects.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 02, 2015
    • UCO Fixed Deposit
      "Good !!"
      0.5 5.0/5 "Blown Away!"
      First thing is reachability, secondly customer service and third the behavior of employees so everything is with UCO bank and they are deserving. Interest rate on Fixed Deposit is 9% and this is one time deposit where the rate will accumulate on end of every year.
      Was this review helpful? 9
      , lucknow
      Reviewed on Mar 12, 2015
    • UCO Fixed Deposit
      "Fixed deposit superb"
      0.5 5.0/5 "Blown Away!"
      uco bank fixed deposit gives me best maturity value as on date bank is giving rate of interest more than 8.75%. now days customer service of bank is good staff is giving quick response and now a days with ebanking facility we can fix our money sitting at home.
      Was this review helpful? 11
      , balotra
      Reviewed on Jan 07, 2015
    • UCO Fixed Deposit
      "uco bank fixed deposit"
      0.5 4.5/5 "Excellent!"
      uco bank fixed deposit gives me best maturity value as on date bank is giving rate of interest 8.75%. now days customer service of bank is good staff is giving quick response and now a days with ebanking facility we can fix our money sitting at home.
      Was this review helpful? 7
      , amethi
      Reviewed on Dec 20, 2014
    • UCO Fixed Deposit
      "Very easy to access"
      0.5 4.0/5 "Great!"
      UCO Bank fixed deposit is really good. They provide an inters rate of 8.75%. I am happy with the interest rate offered by them. Setting up this account was very easy. All I have to do is, I have to visit the Branch produce my documents and the best part is, they only asked for basic documents like Voters id and photo id and that is all my account was set up.
      Was this review helpful? 8
      , bhubaneshwar
      Reviewed on Dec 18, 2014
    • UCO Fixed Deposit
      0.5 5.0/5 "Blown Away!"
      The experience with UCO bank when I opted for a fixed deposit was not so good initially. In the later part when I got connected with the manager for the services it was good and co-operative. They helped me with all the details. The rate of interest provided was also satisfiable. The services was satisfactory on the whole.
      Was this review helpful? 6
      , bangalore
      Reviewed on Dec 07, 2014
    • UCO Fixed Deposit
      "UCO bank "
      0.5 5.0/5 "Blown Away!"
      I taken a fixed deposit with UCO bank. They offered Tax saver fixed deposit with very good interest. UCO Bank is very easy to access Fixed deposit...................UCO bank is good to customer support..................... Kept up UCO bank.............
      Was this review helpful? 21
      , hyderabad
      Reviewed on Aug 31, 2014
    • UCO Fixed Deposit
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      Fixed Deposit with UCO Bank they offered best interest rate at 9.10% when compare to other banks. My tenure plan for 5 years, on line facility is not available, i got receipt immediately, their is no charges, break facility is available. Usually they used to charge 1% of fees when we breaking our fixed deposit within 1 year
      Was this review helpful? 6
      , hyderabad
      Reviewed on Aug 27, 2014
    • UCO Fixed Deposit
      "Good customer service"
      0.5 4.0/5 "Great!"
      I am having my fixed deposit with UCO bank whereas they are very good. I have to renew the maturity amount. I am using locker facility. Needs more proper service on customer care wherein to get more customer satisfactions. No suggestions .
      Was this review helpful? 9
      , chennai
      Reviewed on Jul 15, 2014
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