UCO Bank FD Calculator

The online UCO Bank FD calculator is a practical instrument for estimating the return on fixed deposits that can make the process of investing in FDs much easier. Based on the principal amount, interest rate, and tenure the investor chooses, the UCO Bank FD calculator estimates the profitability of the investment. The UCO Bank FD calculator is available to people who want to park their money in UCO Bank fixed deposits. The calculator helps depositors to make better decisions regarding investments in a fixed deposit


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Features of UCO Bank Fixed Deposit

At UCO Bank, fixed deposit interest rates are higher than the interest earned on savings accounts. These are the main characteristics of UCO Bank fixed deposits:

  • Tenure: The fixed deposit term offered by UCO Bank spans from seven days to ten years. The UCO Bank FD investment’s duration cannot be changed once it has been made. Investors may, however, take their money out early. Additionally, investors can start a new fixed deposit with the required term after closing their current UCO Bank FD.
  • Deposit Amount (Minimum and Maximum): Depending on the form of fixed deposit, there are minimum and maximum investment amounts. The minimum investment amount is Rs 1,000 and the maximum amount is Rs 1 crore.
  • Interest Rate on FDs at UCO Bank: For terms ranging from seven days to ten years, UCO Bank fixed deposits provide interest rates between 2.75% and 5%. Additionally, the UCO FD calculator can be used to determine the return amount on UCO Bank fixed deposits.
  • Rates of Preferential Interest: On UCO Bank’s fixed deposit investments, senior citizens are given higher interest rates. For fixed deposits with a term of less than a year, they are granted an additional interest rate of 0.25%. Additionally, FDs with a duration longer than a year receive a 0.5% bonus rate. As a result, the interest rate on senior citizen FDs ranges from 3% to 5.5%.
  • Safety: All term deposits with UCO Bank are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5,00,000 under the Deposit Insurance Scheme of the Reserve Bank of India (RBI).
  • Early Withdrawal: UCO Bank permits early withdrawal of fixed deposits with a penalty of 1% below the agreed-upon interest rate.
  • Nominations Facility: There is a nomination option available for all fixed deposit accounts with UCO Bank. Any close relative, friend or apparent heir can be appointed as a nominee for a fixed deposit. This helps in securing fixed deposits in the right hands.
  • Auto Renewal: For fixed deposits, UCO Bank provides depositors with the option of auto renewal. This can be done after the tenure of a particular fixed deposit ends.

Benefits of UCO Bank Fixed Deposit Interest Calculator

Here are a few noteworthy advantages of using the online UCO Bank FD calculator:

  • Practical and handy: For quick and accurate interest calculation, use the UCO Bank FD calculator. Due to its complete automation, manual calculations are no longer necessary. This calculator accurately shares the estimated amount and time you must invest for the desired return amount.
  • Free of charge: The best thing about utilising the UCO Bank FD calculator is that there are no usage charges or limitations, and it is easily accessible. It can be applied several times to help you decide how to invest more wisely in fixed deposits.
  • Simple Calculations: The UCO Bank fixed deposit offers a variety of interest rates according to the selected duration. By just entering the total amount, interest rate and tenure, the investor can find out the estimated sum that will be received at the time of maturity.

How is UCO Bank FD Interest Rate Calculated?

There are two forms of fixed deposits provided by UCO Bank: simple interest fixed deposits and compound interest fixed deposits.

The formula to determine a simple interest amount is:

Simple Interest: M = P + {(PXRXT/100)}

Where,

M stands for the maturity amount

P is the investment amount

T stands for the length of the investment

R is the interest rate

The following equation must be used to determine the maturity amount for compound interest:

Compound Interest: A = P (1+ R/N) N*T

Using the provided formula,

The quantity at maturity is A

N is the point in a period when interest rate starts to compound

Principal amount is determined by the letter P

T represents the investment term

R represents UCO Bank’s fixed deposit interest rate

Considering the personal preferences of individuals, UCO Bank offers various options for fixed deposit schemes. With its newly revised fixed deposit interest rates, UCO Bank now offers interest rates for deposits under Rs 2 crores that range from 2.90% to 6.75% per annum for regular citizens and from 3.15% to 7.25% for senior citizens.

You may effectively calculate the interest amount that your money will receive when maintained in a fixed deposit account by using the online UCO Bank FD calculator.

What are UCO Bank FD Interest Rates?

UCO Bank interest rates for regular citizens for investments less than Rs 2 crore in 2023 are:

Tenure or Period

Interest Rates for Regular Citizens (%)

7-14 days

2.55

15-29 days

2.55

30-45 days

2.8

46-60 days

3.55

61-90 days

3.55

91-120 days

3.7

121-150 days

3.7

151-180 days

3.7

181-364 days

4.4

365 days or 1 year

5.3

More than 1-2 years

5.3

More than 2-3 years

5.3

More than 3-5 years

5.6

For 5 years and above

5.3

 

UCO Bank interest rates for senior citizens for investments less than Rs 2 crore in 2023 are:

Tenure or Period

Interest Rates for Senior Citizens (%)

7-14 days

2.8

15-29 days

2.8

30-45 days

3.05

46-60 days

3.8

61-90 days

3.8

91-120 days

3.95

121-150 days

3.95

151-180 days

3.95

181-364 days

4.65

365 days or 1 year

5.55

More than 1-2 years

5.8

More than 2-3 years

5.8

More than 3-5 years

6.1

For 5 years and above

5.8

UNO Bank FD Calculator : FAQs

Is there any premature withdrawal facility available on UCO Bank fixed deposits?

Yes, a premature withdrawal facility is available for UCO Bank fixed deposits, where investors can withdraw their money before the maturity period.

What is the minimum investment amount in a UCO Bank fixed deposit?

The minimum investment amount in UCO Bank fixed deposits is Rs 1,000.

What is the maximum investment amount in a UCO Bank fixed deposit?

The maximum amount in a UCO Bank fixed deposit is Rs 10 crores.

Are there any special interest rates for senior citizens?

Yes, senior citizens enjoy an additional interest rate of 0.50% than the general category individuals.