• UCOVAXI-999 Fixed Deposit Scheme

    UCO Bank has introduced a new fixed deposit scheme where the interest rate offered is 30 basis points (bp) higher than present interest rate offered by the lender for a period of 999 days which is 5.30%. However, you can be eligible for this scheme only if you have been Covid-19 vaccinated. The minimum amount that you can deposit is Rs.5,000.

    Minimum deposit amount Rs.5,000
    Interest rate 5.30%
    Validity of the scheme 30 September 2021. However, the bank has the right to withdraw the scheme anytime.
    Tenure 999 days

    Things to know about UCOVAXI-999 Fixed Deposit Scheme

    • The maximum amount you can deposit is less than Rs.2 crore.
    • The interest will be paid at the time of maturity along with the principal amount. The interest will be calculated on a compounding effect and the payout will be done quarterly.
    • The payment of interest amount can be subject to Tax Deducted at Source (TDS) if applicable.
    • Loan/Overdraft facilities against this FD scheme will be made available as per the guidelines set by the bank.
    • In case of premature withdrawal, interest payable 1% below the applicable rates will be chargeable for deposits up to Rs.1 crore. For deposits more than Rs.1 crore and less than Rs.2 crore, interest payable 2% below the applicable rates will be charged by the bank in case of premature withdrawal.
    • Nomination facility will be available under the scheme.
    • Auto-renewal of the scheme will be permitted once your FD account is matured.

    Eligibility criteria

    • You can avail this scheme only if you have been Covid-19 vaccinated. You will have to submit the relevant documents and obtain a declaration from the depositor stating that you have been vaccinated.
    • Apart from that, you must meet the eligibility criteria set for other depositors availing Fixed Deposit Scheme offered by the lender.

    How to apply for COVAXI-999 Fixed Deposit Scheme

    Online:

    • Click on the link https://www.ucobank.com/english/fixeddeposit.aspx.
    • Click on the ‘Apply Now’ button.
    • Enter details such as your name, address, mobile number, email ID, preferred processing branch, etc.
    • Tick the box where you authorise the lender to contact you with reference to your application for the FD scheme. Enter the code to generate a One-Time Password (OTP) which will be sent to your registered mobile number.
    • Enter the OTP.
    • A representative from the bank will get in touch with you to and assist you with the application process.

    Offline:

    You can visit the nearest branch of UCO Bank along with all the relevant documents and application form to apply for this FD scheme. You must note that you will have to submit the proof of you getting Covid-19 vaccinated. A representative from the bank will help you with the application process.

    FAQs on UCOVAXI - 999 Fixed Deposit Scheme

    1. Can senior citizens and Ex-staff members apply for this fixed deposit scheme?

      Yes, senior citizens and Ex-staff members can apply for this fixed deposit scheme provided they have been vaccinated for Covid-19. Current staff members can also avail this FD scheme.

    2. What is the interest rate offered if senior citizens or Ex-staff members apply for this fixed deposit scheme?

      An interest of 5.80% will be offered for senior citizens, 6.30% for current members of staff, and 6.55% for Ex-staff members.

    3. I have got only the first dose of Covid-19 vaccination. Can I avail this FD scheme?

      Yes, you can apply for the COVAXI-999 Fixed Deposit Scheme if you have got the first dose of vaccination.

    4. Can a nominee claim the deposit amount in case of my death?

      In the event of your death, the nominee can claim the deposit amount as per the existing rules.

    5. What are the documents I will have to submit to avail this FD scheme?

      You will have to submit the relevant KYC documents and a proof of you having been Covid-19 vaccinated to avail this FD scheme.

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