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UCO Bank which was formerly known as United Commercial Bank is a public sector bank in India. UCO bank offers a variety of value added banking services to its customers which also includes international banking services such as NRIs deposit scheme, loan scheme, etc.
UCO Bank’s Tax Saver FD is entitled to tax saving benefits under Section 80C of the IT Act of 1961. The bank also allows its customers to avail loan against their FDs. This loan is attractive because of the limited interest rate that is charged. UCO Bank allows premature withdrawals of fixed deposits.
UCO bank offers fixed deposit interest rates of 2.90%-6.50% per annum to regular citizens and 3.15%-7% per annum to senior citizens on tenor that range from 7 days to 5+ years. While the rate of interest for tax saving FDs is 6% p.a. for the general public, the UCO Bank FD rates for senior citizens stand at 6.50% p.a.
The UCO bank FD interest rates for senior citizens and non-senior citizens for different schemes are as follows:
Maturity Period |
Non-Senior citizens |
Senior Citizens |
7-14 days |
2.90% p.a. |
3.15% p.a. |
15-29 days |
2.90% p.a. |
3.15% p.a. |
30-45 days |
3.00% p.a. |
3.25% p.a. |
46-60 days |
4.00% p.a. |
4.25% p.a. |
61-90 days |
4.00% p.a. |
4.25% p.a. |
91-120 days |
4.00% p.a. |
4.25% p.a. |
121-150 days |
4.50% p.a. |
4.75% p.a. |
151-180 days |
5.00% p.a. |
5.25% p.a. |
181-364 days |
6.00% p.a. |
6.25% p.a. |
1 year |
6.35% p.a. |
6.60% p.a. |
Above 1 year to up to 443 days |
6.20% p.a. |
6.70% p.a. |
Above 445 days to up to 665 days |
6.20% p.a. |
6.70% p.a. |
Above 667 days to up to 2 years |
6.20% p.a. |
6.70% p.a. |
Above 2 years and up to 3 years |
6.00% p.a. |
6.50% p.a. |
Above 3 years and below 5 years |
6.00% p.a. |
6.50% p.a. |
5 years and above |
6.00% p.a. |
6.50% p.a. |
444 days |
6.25% p.a. |
6.75% p.a. |
666 days |
6.50% p.a. |
7.00% p.a. |
The UCO Bank Fixed Deposit interest rates are subject to change at the discretion of the bank. The interest rates given in this table are valid as of 2 December 2022.
Maturity |
Non-Senior Citizens |
7 - 14 days |
5.90% p.a. |
15 - 30 days |
5.90% p.a. |
31 - 45 days |
6.15% p.a. |
46 - 90 days |
6.15% p.a. |
91 - 180 days |
6.15% p.a. |
181 - 210 days |
6.15% p.a. |
211 - 270 days |
6.15% p.a. |
271 - 1 year |
7.20% p.a. |
More than 1 year to 2 years |
7.20% p.a. |
More than 2 years to 3 years |
5.50% p.a. |
More than 3 years to 5 years |
5.50% p.a. |
5 years and above |
5.50% p.a. |
The UCO Bank Fixed Deposit rates are subject to change at the discretion of the bank. The interest rates given in this table are valid as of 14 October 2022.
Tenor |
Non-senior Citizens |
Senior Citizens |
5 years |
6.00% p.a. |
6.50% p.a. |
Tenor |
Interest Rate |
1 year |
6.35% p.a. |
More than 1 year to 2 years |
6.20% p.a. |
More than 2 years to 3 years |
6.00% p.a. |
More than 3 years to 5 years |
6.00% p.a. |
Above 5 years |
6.00% p.a. |
The UCO Bank NRE FD interest rates tend to change with time. The rates given here are valid as of 2 December 2022.
Tenor |
Interest Rate |
1 year |
6.35% p.a. |
More than 1 year to 2 years |
6.35% p.a. |
More than 2 years to 3 years |
5.00% p.a. |
More than 3 years to 5 years |
5.00% p.a. |
Above 5 years |
5.00% p.a. |
The UCO Bank NRE FD interest rates tend to change with time. The rates given here are valid as of 2 December 2022.
Tenor |
GBP |
USD |
JPY |
EUR |
AUD |
CAD |
SGD |
CHF |
HKD |
1 - 2 years |
1.37 |
1.18 |
0.11 |
0.02 |
0.64 |
0.78 |
0.76 |
0.00 |
0.77 |
2 - 3 years |
1.74 |
1.60 |
0.13 |
0.13 |
1.08 |
1.73 |
0.93 |
0.02 |
0.89 |
3 - 4 years |
1.86 |
1.83 |
0.13 |
0.28 |
1.43 |
1.96 |
1.19 |
0.07 |
1.09 |
4 - 5 years |
1.88 |
1.95 |
0.14 |
0.38 |
1.68 |
2.02 |
1.40 |
0.14 |
1.27 |
5 years |
1.85 |
2.03 |
0.17 |
0.43 |
1.81 |
2.06 |
1.53 |
0.21 |
1.41 |
The UCO Bank FCNR (B) FD interest rates tend to change with time. The rates given here are valid as of 10 May 2022
The benefits and features of UCO Bank FDs are:
The fixed deposit tenor ranges from 7 days to 10 years.
Nomination facility is available.
Loan facility of up to 90% is available on the deposit.
Renewal is done at the interest rate prevailing on maturity date.
An additional 0.5% interest rate is provided for senior citizens.
The bank provides different fixed deposit schemes such as FD scheme, Monthly Income Scheme, Tax Saver Deposit scheme, Flexible FD scheme, Kuber Yojana, etc.
It is a long term fixed scheme in which the interest received is reinvested thereby, helping in deriving the benefit of compounding. The minimum amount to be deposited is Rs.1,000 under this scheme. The tenor ranges from 6 months to 10 years.
In this scheme, the simple interest is paid out without discount and will be credited on the first of every month after the month in which the account is opened. The minimum amount to be deposited is Rs.5,000 and maximum is Rs.1 crore under this scheme. The tenor is 5 years. Nomination and overdraft/loan facility is available. In case of withdrawals that are premature the interest will be paid out at 1% below the card rate.
Under this scheme, the deposits are under a reinvestment scheme, that means that a portion of this deposit can be withdrawn earlier without it affecting the remainder of the account that continues to earn interest at the agreed upon rate. The withdrawals are allowed in multiples of Rs.5,000.
Under Section 80C of the IT Act, the deposits are allowed for deduction of up to Rs.1.5 lakhs. The minimum deposit amount is Rs.100 and maximum is Rs.1.5 lakhs in a year and the tenor of this scheme is 5 years. Nomination and transfer from one branch to another is allowed.
In this scheme, the interest for the first six months will be paid, after that the compound interest will be given for the remaining period. The eligibility criteria for this scheme are victims/ beneficiaries of motor accidents. Advance/loan, premature closure and transfer of deposit account is not allowed.
The investors can hold deposits in one of the nine foreign currencies- Pound sterling (GBP), Canadian Dollar (CAD), US dollar (USD),Hong Kong dollar (HKD) Japanese Yen (JPY), Euro (EUR), Swiss franc (CHF), and Australian Dollar (AUD). The minimum deposit is 2,000 USD or its equivalent in any of the above mentioned currencies. The tenor is 1-5 years. The interest earned as well as the principal is fully repatriable. Loans against deposits are allowed.
The investors can hold deposits in one of the nine foreign currencies- Pound sterling (GBP), US dollar (USD),Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), Swiss franc (CHF), Hong Kong dollar (HKD) and Australian Dollar (AUD). The minimum deposit is 2,000 USD or its equivalent in any of the above mentioned currencies. These deposits can be transferred into the NRE or FCNR(B) account.
The following entities can open a FD at UCO Bank:
Indian citizens
Non-Resident Indians
Resident individuals
Hindu Undivided Family (HUFs)
To open a UCO Bank fixed deposit account, you should-
Visit the nearest branch of UCO bank
Request an application for FD.
Fill out the necessary details in the form and submit it to the bank for processing.
Deposit a cheque along with the application form.
After the verification is a success, your UCO bank fixed deposit account will be opened.
You need to submit the following documents to open a FD account at UCO Bank.
KYC documents- PAN card, Aadhaar card, Driving Licence, telephone bill, electricity bill, etc
Passport-size photos
UCO Bank FD application form.
Bank statement, along with a cheque that acts as an income proof.
Any investment in UCO Bank’s Tax Saver FD is entitled to tax saving benefits under Section 80C of the IT Act of 1961. With this, one can claim returns while filing income tax. Kindly note that other fixed deposits of UCO Bank do not benefit from tax savings.
The income from interest from UCO Bank FDs are subject to taxes according to income tax slab rates. The income from the interest is also subject to tax deducted at source if 10% if the income exceeds Rs.40,000 per annum. This limit is Rs.50,000 for senior citizens. In case, the investor does not provide PAN card details to the bank, then TDS will be 20%.
The bank allows its customers to avail loan against their FDs. This facility however, is not available for tax-saving fixed deposit plans. UCO bank offers a loan amount of up to 90% of the fixed deposit value for all other FD schemes.
This loan is attractive because of the limited interest rate that is charged. For investors of FD from this bank, the rate of interest on these loans range from 5.5%-7.3%.
UCO Bank allows premature withdrawals of fixed deposits. However, a penalty of 1% interest below the agreed upon interest rate will be levied.
The maturity amount of the fixed deposit from UCO Bank can be checked by the investors using the various UCO Bank FD calculators that are available online. The investors have to enter the deposit amount, preferred tenor, rate of interest to know how much they will get at maturity.
The different types of UCO Bank FD schemes are:
UCO Monthly Income Scheme
Flexible FD Scheme
Kuber Yojana
UCO Tax Saver Deposit Scheme
Motor Accident Claim Term Deposit Account (MACTDA)
Resident Foreign Currency Deposits (RFC)
Foreign Currency Non-resident Deposits (FCNR-B)
UCO Bank allows premature withdrawals of fixed deposits. A penalty of 1% interest below the agreed upon interest rate will be levied.
Yes, a fixed deposit account holder can easily get a loan against a fixed deposit in UCO Bank.
Yes, the UCO Bank FD rates for senior citizens range from 3.15% p.a. to 7% p.a across tenors.
Once an FD is opened, the tenor can not be changed but you can open a new FD with the tenor you wish.