UCO Bank FD Rates

The UCO Bank, one of India’s top financial institutions, is renowned for its superior deposit offerings. The United Commercial Bank, founded in 1943, offers a user-friendly net banking facility with a thorough preview of its numerous programmes and services.

The UCO bank offers two deposit options – fixed and recurring deposits, which are incredibly well-liked by its clients. The UCO Bank fixed deposit offers interest rates between 2.55% to 5.30% for regular citizens, while senior citizens get an additional 0.5% interest rate.

UCO Bank FD Interest Rates Aug 2022 (API)

UCO Bank fixed deposit interest rates for regular residents differ from the interest rate offered to senior citizens. The UCO FD rates can be found below for both age groups.

UCO Bank Fixed Deposit Rates for Regular Citizens

The UCO bank FD rates for regular citizens (aged less than 60 years) are:

Tenure	Interest Rate
7 days to 29 days	2.55%
30 days to 45 days	2.80%
46 days to 60 days	3.55%
61 days to 90 days	3.55%
91 days to 180 days	3.70%
181 days to 364 days	4.40%
1 year	5.30%
1 year 1 day to 2 years	5.30%
2 years 1 day to 3 years	5.30%
3 years 1 day to 4 years 364 days	5.60%
5 years to 10 years	5.30%

UCO Bank Fixed Deposit Rates for Senior Citizens

The UCO bank FD rates for senior citizens aged 60 or above are:

Tenure	Interest Rate For Senior Citizens
7 days to 29 days	2.80%
30 days to 45 days	3.05%
46 days to 60 days	3.80%
61 days to 90 days	3.80%
91 days to 180 days	3.95%
181 days to 364 days	4.65%
1 year	5.55%
1 year 1 day to 2 years	5.80%
2 years 1 day to 3 years	5.80%
3 years 1 day to 4 years 364 days	6.10%
5 years to 10 years	5.80%

UCO Bank Fixed Deposit – Schemes

This section talks in detail about the UCO bank fixed deposit scheme. The schemes are:

Kuber Yojana Scheme

Kuber Yojana scheme is designed for those who wish to invest less and get returns quickly. Start by investing an amount as low as INR 1000. This scheme compounds interest quarterly and provides a cumulative interest payout.

UCO Monthly Income Deposit Scheme

UCO monthly income deposit scheme can be started by making a minimum investment of INR 50,000 and a maximum deposit of INR 1 crore. The tenure of the deposit is five years.

Flexible Fixed Deposit Scheme 

This scheme is designed to understand a customer’s emergency needs. A withdrawal in multiples of INR 5,000 is allowed.

UCO Tax-Saver Fixed Deposit Scheme – 2006

The UCO Tax Saver Deposit Scheme of 2006 is a term deposit plan with a lock-in period of five years and a maturity of at least five years. The benefit under section 80C of the Income Tax Act is only available to the first deposit holder in the case of deposits held in joint names.

Features and Benefits of UCO Bank FDs

• Compound interest is calculated every three months.
• At maturity, interest is paid out.
• A wide variety of plans for various needs
• Under Section 80C of the Income Tax Act, Tax Saver FD offers income tax advantages.
• Premature withdrawals in multiples of INR 5,000 are permitted under the flexible fixed deposit plan without impacting the agreed-upon interest rate for the remaining money.

Eligibility Criteria for UCO Bank FD

• Indian citizens
• Resident individuals
• Non-Resident Indians
• Individuals
• Hindu Undivided Family (HUF)

How is the interest rate calculated on UCO bank Fixed Deposit?

The amount of income received from an investment in a UCO Bank fixed deposit depends on several factors, including the amount invested, the term, the frequency of compounding, and the interest rate. Let’s use a method as an example to understand better how to compute interest and maturity amounts.

The formula to calculate UCO Bank FD rates is given below:

A = P (1+r/n) ^ (n * t)

Here, 

• ‘A’ is the Maturity Amount,
•  ‘P’ is the principal amount,
•  ‘r’ is the rate of interest, 
• ‘t’ is the tenure
• ‘n’ is the number of time interest is compounded,

For instance, You invest INR 1 lakh for ten years. According to the UCO Bank FD interest rates, the rate of interest the bank offers will be 5.3%. Interest is compounded yearly.

Maturity value = P (1+r/n) ^ (n * t) = 100000 (1+0.053/1) ^ (1 * 10) = 1,67,604

Interest Amount = Maturity Amount – Principal Amount = 167604 – 100000 = 67,604

Tax on UCO bank FD

Investors enjoy tax benefits of up to INR 1.5 lakhs as per Section 80C of the Income Tax Act, 1961, when they invest in the tax-saver scheme of UCO Bank FD. This benefit can be utilised at the time of filing taxes. However, an investor does not find this appreciative business in other UCO Bank fixed deposits.

There are tax implications on the interest rates. The income earned from the UCO Bank FD rates will be taxable per the Income Tax slab rate. 10% tax on the source or TDS will be deducted if the income earned exceeds INR 40,000 in the case of general residents and INR 50,000 in the case of senior citizens. If an investor fails to provide the bank with their PAN card information, then the TDS deducted will be 20%.

UCO Bank FD Minimum/ Maximum Deposit Amount

The minimum deposit amount to be invested to avail of the best UCO FD interest rates is INR 1,000. There is no maximum limit on the UCO bank FD. The UCO bank fixed deposit tenure is between seven days and ten years. The lock-in period will differ according to the FD type you choose. UCO bank’s tax-saver fixed deposit scheme allows an investment of up to INR 1 lakh.

Compare UCO bank Fixed Deposit Returns with Top Banks 

A comparison has been drawn between UCO bank fixed deposit interest rate and other banks’ interest rates.

Name of the Bank	General Citizens (Aged less than 60)	Senior Citizen (Aged 60 or Above)
UCO Bank	2.55% – 5.05%	3.80% – 6.30%
Axis Bank	2.50% – 5.75%	2.50% – 6.50%
Bandhan Bank	3.00% – 5.00%	3.75% – 5.75%
Bank of Baroda	2.80% – 5.25%	3.30% – 6.25%
Bank of India	2.85% – 5.05%	3.35% – 5.55%
Canara Bank	2.90% – 5.40%	2.90% – 5.90%
Central Bank of India	2.75% – 5.00%	2.90% – 3.25%
DBS Bank	2.50% – 5.50%	3.50% – 6.00%
HDFC Bank	2.50% – 5.60%	3.00% – 6.35%
IDFC Bank	2.50% – 6.00%	3.00% – 6.50%
Indian Bank	2.90% – 5.15%	3.40% – 5.65%
Indian Overseas Bank	3.40% – 5.20%	3.90% – 5.70%
IndusInd Bank	2.50% – 6.00%	3.00% – 6.50%
Punjab National Bank	2.90% – 5.25%	3.50% – 5.75%
State Bank of India	5.30% – 5.40%	5.80% – 6.20%
Yes Bank	3.25% – 6.25%	3.75% – 7.25%

How to Open a UCO bank FD Account

UCO bank fixed deposit can be opened in a few minutes using either online or offline methods. Below are mentioned the steps for each method.

Offline Method

To open the UCO bank FD offline, you can follow the below-mentioned steps:

• Visit the nearest branch of UCO bank
• Ask a bank representative to guide you through the FD application forms
• Attach the self-attested copies of the required documents
• Make an initial deposit and your FD will be opened 

Online Method

Follow the steps listed below to open a UCO Bank Fixed Deposit online:

• Go to UCO Bank’s official website and log in to your FD account.
• Select the Fixed Deposit option from the menu, the FD Type you want to open, and click Proceed.
• If you are over 60, enter the deposit amount and choose “Senior Citizen.”
• Select the deposit duration and interest payment frequency now.
• Finally, after reviewing the terms and conditions, click Submit to open the UCO Bank FD.