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** Disclaimer: UCO Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

 

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.

UCO Bank FD Rates 

The UCO bank FD interest rates for senior citizens and non-senior citizens for different schemes are as follows:

Domestic Term Deposit Rates: Below Rs.2 crores 

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.

Domestic Term Deposit Rates: Above Rs.2 crores up to Rs.10 crores

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.

Tax Saver FD Rate

Tenor

Non-senior Citizens

Senior Citizens

5 years

6.00%  p.a.

6.50% p.a.

NRE Term Deposit Rates: Below Rs.2 crores

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.

NRE Term Deposit Rates: Above Rs.2 crores up to Rs.10 crores

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.

FCNR (B) Fixed Deposit Rates

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

Benefits and Features of UCO Bank FD

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.

Types of UCO Bank FD Schemes

  • Kuber Yojana (Regular Fixed Deposit with reinvestment of interest component)

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.

  • UCO Monthly Income Scheme

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.

  • Flexible Fixed Deposit Scheme

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.

  • UCO Tax Saver Deposit Scheme – 2006

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. 

  • MACTDA (Motor Accident Claim Term Deposit Account)

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.

  • Foreign Currency Non-resident (FCNR-B) Deposits

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. 

  • Resident Foreign Currency (RFC) Deposits

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.

Eligibility Criteria 

The following entities can open a FD at UCO Bank:

 

  • Indian citizens

  • Non-Resident Indians

  • Resident individuals

  • Hindu Undivided Family (HUFs)

Steps to Invest in FD of UCO Bank 

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.

Documents Required to Open UCO Bank FD

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.

Tax on UCO Bank Fixed Deposit

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%.

Loan against UCO Bank FD

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%.

Premature Withdrawal of UCO Bank FDs

UCO Bank allows premature withdrawals of fixed deposits. However, a penalty of 1% interest below the agreed upon interest rate will be levied.

UCO Bank FD Calculator

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.

FAQs

  • ✔️What are the different types of FD schemes that are provided by UCO Bank?

    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) 

  • ✔️Does UCO Bank allow premature withdrawals? Is there any penalty for the same?

    UCO Bank allows premature withdrawals of fixed deposits. A penalty of 1% interest below the agreed upon interest rate will be levied.

  • ✔️Can an FD account holder get a loan against a fixed deposit in UCO Bank?

    Yes, a fixed deposit account holder can easily get a loan against a fixed deposit in UCO Bank.

  • ✔️What is the UCO Bank fixed deposit interest rate for senior citizens?

    Yes, the UCO Bank FD rates for senior citizens range from 3.15% p.a. to 7% p.a across tenors.

  • ✔️Can I change the tenor of my fixed deposit account in UCO Bank?

    Once an FD is opened, the tenor can not be changed but you can open a new FD with the tenor you wish.