UCO Bank 2024 Interest Rate For FD- Interest on FDs at UCO Bank ranges from 2.90 to 7.15 percent annually. to common people and 3.15-7.25 percent per year. to seniors with tenures of seven days to five years or more. UCO Tax Saving FDs have an annual interest rate of 6.110 percent. for the general population and 6.60 percent for seniors. NRIs can also take advantage of the bank’s NRE, RFC, and FCNR (B) fixed deposit options. The US dollar (USD), British pound sterling (GBP), euro (EUR), Japanese yen (JPY), Canadian dollar (CAD), Australian dollar (AUD), Singapore dollar (SGD), and Hong Kong dollar (HKD) are all accepted by the bank for FCNR (B) and RFC fixed deposits.
The interest rate is determined by the bank’s overall financial health, including its assets, liabilities, and liquidity levels. The higher the bank’s capitalization, the higher the likelihood that it will be able to maintain its existing dividend payment level and pay higher interest rates on deposits. A UCO Bank 2024 Interest Rate For FD can help you plan for future financial needs and save for retirement or other goals. Additionally, if you have a UCO account with another financial institution, you may be able to transfer your funds into your UCO account at a competitive fee.
UCO Bank 2024 Interest Rate For FD
For both residents and non-residents of Indian Country, UCO Bank offers fixed deposits. Domestic term FD interest rates range from 2.90 percent per annum. to 7.15% p.a. with repayment terms that can be as short as seven days or as long as five years and beyond. Seniors can get an additional interest rate of up to 0.50% per year. more than the public at large. For both short-term and long-term FDs, UCO Bank has a variety of options. Savings accounts at the bank have interest rates that are higher than UCO Bank deposit rates. Additionally, the bank offers senior citizens higher interest rates on their FD investments. We have discussed UCO Bank FDs and their interest rates in this article.
Under Section 80C of the IT Act of 1961, the Tax Saver FD of UCO Bank is eligible for tax savings benefits. Customers of the bank can also borrow against their FDs. The relatively low interest rate on this loan makes it appealing. Fixed deposit withdrawals are permitted by UCO Bank. For regular citizens and seniors, UCO bank offers fixed deposit interest rates ranging from 2.90 percent to 6.50 percent annually for tenors of seven days to five years or more. In contrast, the annual interest rate on tax-saving FDs is 6%. The UCO Bank FD rates for senior citizens are 6.50% per annum for the general public.
UCO Bank 2024 Interest Rate For FD Details
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About UCO Bank Fixed Deposit
One of India’s largest government-owned banks is UCO Bank, formerly United Commercial Bank. The Bank has expanded its customer base and expanded the scope of its financial service offerings since 2012. It has a wide range of products and services, but its fixed deposit program is one of the most well-liked.
Millions of Indians prefer to invest in fixed deposits due, in part, to their safety and security. As a result, putting extra money in such a FD account can be very advantageous for low-risk investors. However, doing so irrationally may be harmful to the investor’s overall financial situation. A handy online calculator for fixed deposits that can make investing in FDs easier is called a fixed deposit calculator. The profitability for an investor is shown by this calculator based on the principal amount, interest rate, and duration that the investor selects.
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Types of UCO Bank FD Schemes
In general, an UCO bank FD scheme involves the conversion of a bank’s existing FDs into UCOs (unconstrained convertible bonds). In return for providing the lender with protection against losses in the event of a decline in the value of its underlying assets, the borrower pays a fee in the form of a spread, which is typically based on the volatility of the assets underlying the UCO. The interest rate paid on these UCOs is typically linked to the performance of a benchmark index (such as the S&P 500). This effectively provides a guaranteed yield for investors holding these UCOs in their accounts, with limited risk associated with changes in market conditions.
Kuber Yojana (Regular Fixed Deposit with reinvestment of interest component)
- This is a long-term fixed deposit in which the interest component is reinvested and thereby, helps in deriving the power of compounding
- Minimum amount of deposit: Rs 1,000
- Tenure: 6 months – 10 years
UCO Monthly Income Scheme
- Deposit amount: Minimum: Rs. 50,000 (in multiples of Rs.10,000 thereafter); Maximum: Rs 1 crore
- Tenure: 5 years
- In the event of premature withdrawals, interest will be paid at 1% below the applicable card rate if the regular fixed deposit remains with the bank as on the date of the deposit, and not at the contractual rate.
- This scheme is not transferable.
- Nomination facility is available.
- The simple interest rate will be paid without discounting and credited on the first day of the month following the month in which the account was opened.
Flexible Fixed Deposit Scheme
Deposits in this plan are taken under a reinvestment plan, which allows for early withdrawals without affecting the rest of the account, which continues to earn interest at the agreed-upon rate. Withdrawals can be made in multiples of Rs. 5,000.
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UCO Tax Saver Deposit Scheme 2006
- Stores are qualified for allowance of up to Rs 1.5 lakhs under segment 80C of the Annual Assessment Act
- Store sum: Least Rs 100; Greatest Rs 1.5 lakhs in a year (first April-31st Walk)
- Residency: 5 years
- Selection office is accessible
- Move starting with one branch then onto the next is permitted
- Credit against store and promising of store receipt isn’t allowed
MACTDA (Motor Accident Claim Term Deposit Account)
- Qualification: Recipients/Casualties of Engine Mishaps
- Straightforward interest will be paid for the initial a half year, after which self multiplying dividends will be paid for the leftover months
- Move of store account and untimely conclusion isn’t allowed
- Credit/advance isn’t permitted.
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Foreign Currency Non-resident (FCNR-B) Deposits
- Contributors can hold stores in any of the 9 unfamiliar monetary standards: US dollar (USD), Pound real (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (computer aided design),
- Australian Dollar (AUD), Swiss franc (CHF), Singapore dollar (SGD) and Hong Kong dollar (HKD)
- Least measure of store: USD 2,000 or it’s identical in any of the hard monetary standards
- Residency: 1 year – 5 years
- The head, as well as revenue procured, are completely repatriable
- A programmed recharging and selection office is accessible
- Advances against stores are allowed
Resident Foreign Currency (RFC) Deposits
- Contributors can hold stores in any of the 9 unfamiliar monetary forms: US dollar (USD), Pound authentic (GBP), Euro (EUR), Japanese Yen (JPY), Canadian Dollar (computer aided design), Australian Dollar (AUD), Swiss franc (CHF), Singapore dollar (SGD) and Hong Kong dollar (HKD)
- Least measure of store: USD 2,000 or its comparable in any of the hard monetary forms
- The stores can be moved into a FCNR (B) or NRE account
Click here- Central Bank 2024 Interest Rate For FD
UCO Bank Domestic Term Deposit Rates Below Rs.2 crore
| Maturity Period | General Public (p.a.) | Senior Citizens (p.a.) |
| 7-14 days | 2.90% | 3.15% |
| 15-29 days | 2.90% | 3.15% |
| 30-45 days | 3.00% | 3.25% |
| 46-60 days | 4.00% | 4.25% |
| 61-90 days | 4.00% | 4.25% |
| 91-120 days | 4.50% | 4.25% |
| 121-150 days | 4.50% | 4.75% |
| 151-180 days | 5.00% | 5.25% |
| 181-364 days | 6.00% | 6.25% |
| 1 year | 6.75% | 6.75% |
| Above 1 Yr to up to 443 days | 6.50% | 6.80% |
| above 445 days to up to 665 days | 6.50% | 6.80% |
| Above 667 days to up to 2 yrs | 6.50% | 6.80% |
| Above 2 yrs and up to 3 yrs | 6.30% | 6.70% |
| Above 3 yrs and below 5 yrs | 6.20% | 6.70% |
| 5 yrs and above | 6.10% | 6.60% |
| 444 days | 7.00% | 7.00% |
| 666 days | 7.15% | 7.25% |
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UCO Bank Term Deposit interest Rates Above Rs.2 crore up to Rs.5 crore
| Tenure | General Public (p.a.) |
| 7 days to 14 days | 5.90% |
| 15 days to 30 days | 5.90% |
| 31 days to 45 days | 6.15% |
| 46 days to 90 days | 6.15% |
| 91 days to 180 days | 6.15% |
| 181 days to 210 days | 6.15% |
| 211 days to 270 days | 6.15% |
| 271 days to 1 year | 7.20% |
| More than 1 year to 2 years | 7.20% |
| More than 2 years to 3 years | 5.50% |
| More than 3 years to 5 years | 5.50% |
| 5 years and above | 5.50% |
Also Read- HDFC Bank 2024 Interest Rate For FD
UCO Bank FD Calculator
Using the FD Calculator, investors can determine the maturity amount of their UCO Bank Fixed Deposits. To determine how much their investment will be worth at maturity, investors must enter their desired deposit amount, preferred investment term, and interest rate. Alternately, customers can use a compound interest calculator to determine the interest rate and maturity amount of reinvestment plans. A significant quantum is typically involved in fixed deposits. Additionally, when investing in FDs, depositors frequently formulate a long-term investment strategy. As a result, investors may find it extremely helpful to use a UCO Bank FD rates calculator to estimate the returns on such an investment when it matures.
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