UCO Bank is considered to be one of the trusted banks in India, especially for its competitive FD rates. Currently, the UCO bank FD interest rates 2023 are 2.90 to 7.05% per annum to general citizens. For senior citizens, the rates are 3.15 to 7.55% on tenures that range from a minimum of seven days to a maximum of five years or above.
For UCO bank tax saving, fixed deposit rates are 7.20% for general citizens and 7.70% for UCO bank FD rates for senior citizens. The bank also offers various fixed deposits such as- NRE, FCNR(B), NRI, and RFC.
UCO Bank FD Rates for less than Rs. 2 crores w.e.f 12th June 2023
Below given table is the UCO Bank fixed deposit interest rates for amount less than Rs.2 crores:
|Tenure||Regular Citizens||Senior Citizens|
|7 to 29 days||2.75%||3%|
|30 to 45 days||3.%||3.25%|
|46 to 60 days||3.75%||4%|
|61 to 90 days||3.75%||4%|
|91 to 180 days||3.90%||4.15%|
|181 to 364 days||4.70%||4.95%|
|365 days or 1 year||4.90%||5.15%|
|1 year, 1 day to 2 years||5%||5.50%|
|2 years, 1 day to 3 years||5%||5.50%|
|3 years, 1 day to 4 years, and 364 days||5%||5.50%|
|5 years to 10 years||5%||5.50%|
UCO bank has certain eligibility criteria that customers must make a note of before deciding to appeal for the UCO Bank FD account. The individuals that fall under the following categories are eligible to open an account:
· Citizens of India
· Residents of India
· Non-Residents of India
· Undivided Hindu Families
· Companies, Societies, or Trusts
To start their UCO bank investments and open their FD accounts, investors must provide the documents listed below:
· KYC documentation serving as proof of identity and address. Aadhaar card, PAN card, individual’s driving license, electricity bill (from the past 3 months), and telephone bills will be allowed as proof.
· Bank statement as well as a cheque to serve as income proof.
· Passport-size photographs of the investor.
· Completed application form with correct details.
NRE (Non-Resident External) deposit allows Non-Resident Indians (NRIs) to deposit and maintain their foreign earnings. Here are the FD rates for NRE or Domestic account holders:
|7 to 14||5.90%|
|15 to 30||5.90%|
|31 to 45||6.15%|
|46 to 90||6.15%|
|91 to 180||6.15%|
|181 to 210||6.15%|
|211 to 270||6.15%|
|271 to 1||7.20%|
|Above 1 year to 2 years||7.20%|
|Above 2 years to 3 years||5.50%|
|Above 3 years to 5 years||5.50%|
|5 years and more||5.50%|
UCO bank has exciting FD rates for deposits below Rs. 2 crores, which investors must make a note of. The following chart shows the rates for FD:
|Tenure||Regular Citizens||Senior Citizens|
|7 to 14 days||2.90%||3.15%|
|15 to 29 days||2.90%||3.15%|
|30 to 45 days||3.00%||3.25%|
|46 to 60 days||4.00%||4.25%|
|61 to 90 days||4.00%||4.25%|
|91 to 120 days||4.50%||4.75%|
|121 to 150 days||4.50%||4.75%|
|151 to 180 days||5.00%||5.25%|
|181 to 364 days||6.00%||6.25%|
|Above 1 year to 443 days||6.50%||7.00%|
|Above 445 days to 2 years||6.50%||7.00%|
|Above 2 years to 3 years||6.30%||6.80%|
|Above 3 years to below 5 years||6.20%||6.70%|
|5 years and more||6.10%||6.60%|
|Period||Revised Rate of NRE Term Deposits Less than Rs. 2 Crs w.e.f 13.06.2023|
|Above 1Year – 443 days||6.50%|
|445 days -2 Yrs||6.50%|
|Above 2 Years – 3 Years||6.30%|
|Above 3 Years – 5 Years||6.20%|
|5 Year and above||6.10%|
UCO Bank FCNR (B) Interest Rates
|Tenure||1 Year to less than 2 Years||2 Years to less than 3 Years||3 Years to less than 4 Years||4 Years to less than 5 Years||5 Years only|
How to Avail a Loan Against Your FD?
UCO bank offers investors the option to obtain loans using their Fixed Deposits (FDs), in addition to providing a tax-saving FD scheme. For all other FD plans, the bank offers a loan amount of up to 90% of the FD value.
The UCO bank FD interest on these loans is highly appealing, ranging from 5.5% to 7.3% for UCO bank FD investors. This facility allows customers to access funds conveniently while benefiting from favorable interest rates.
The following chart shows the penalties charged for the premature closure of the account or in case of premature withdrawal of funds.
|Less than Rs. 15 lacs||1% below the appropriate rate at which the bank retained the deposits counting from the deposit date, or the current rate, whichever is lower.|
|Rs. 15 lacs to lesser than Rs. 1 crore||1% below the appropriate rate at which the bank retained the deposits counting from the deposit date, or the current rate, whichever is lower.|
|Rs. 1 crore and more||2% less than the relevant rate at which the bank retained term deposits of at least Rs. 1 crore counting from the deposit date, or the current rate as of the premature termination date, whichever is lower.|
The following points denote the nomination facilities available for investors of UCO Bank:
· Deposit accounts in the bank include Safe Deposit of articles and locker accounts.
· Nomination is mandatory for all individual(s) and sole proprietor accounts.
· Nomination facility is available free of cost for individual(s) and sole proprietor accounts.
· The depositor can have the nominee’s name printed on the passbook and term deposit receipt.
· Thumb impression of the account holder in the nomination form needs to be attested by a witness.
· The nominee, in the event of the depositor’s death, acts as a trustee for the legal heirs and receives the balance outstanding in the account.
· Nomination continues on renewal of term deposits.
· Separate nomination is required for pension accounts as per Pension Rules 1983.
· Nomination can only be made in favor of individuals.
· In joint deposit accounts, the nominee’s rights arise only after the death of all depositors.
UCO Bank Fixed Deposit Rates FAQ’s :-
As per revised rules, the minimum tenure for FDs in UCO Bank is 7 days or 1 week, and the maximum is 10 years.
Among the various exciting UCO bank FD interest rates, the highest rate is 5% on fixed deposits.
Investment in UCO bank Tax Saver FD offers benefits under Section 80C. UCO FD interest rates for regular UCO bank fixed deposits are taxable according to tax slab rates, with a 10% TDS if exceeding Rs. 40,000 p.a. (or Rs. 50,000 p.a. for senior citizens). Without PAN Card details, the TDS rate is 20%.
To calculate interest rates on FD, use the UCO bank FD calculator for correct results.