Established in 1943, UCO Bank is a Government Undertaking bank, spreading pan India with a network of 2500 branches and 45 Zonal offices. It offers facilities like opening Savings Bank Deposit, Current Deposit, Recurring Deposit, and Fixed Deposit accounts. In addition, account holders in UCO Bank are facilitated with numerous well thought out deposit schemes tailor-made to suit the needs of Indian customers.
When it comes to savings, everyone has their own preferences. The saving scheme is an individual choice that depends on various factors, including the amount one wishes to save, the time limit, the purpose of saving, and more.
Fixed deposit accounts have been a go-to choice for Indians who wish to save money since they do not rely on market variations and come with a substantial interest rate guaranteed at maturity. Also, UCO bank FD rates are some of the best in the market, maximizing the benefits for the depositor.
What is a Fixed Deposit (FD) Account?
Fixed deposits are a type of investment scheme offered by banks and other financial institutions. Under such an account, an individual would deposit a lump sum over a period of time. In return, they would receive a fixed interest rate throughout the investment plan.
Generally, the interest rate offered on Fixed deposits accounts is much higher than that of regular savings bank accounts. Also, once the tenure of the fixed deposit ceases, investors are free to withdraw their investment. On the contrary, they also have a choice to reinvest their money for another term.
UCO Bank FD Rates November 2021
|Time Period||General||For Senior Citizen|
|7 – 14 Days||2.55%||2.80%|
|15 – 29 Days||2.55%||2.80%|
|30 – 45 Days||2.80%||3.05%|
|46 – 60 Days||3.55%||3.80%|
|61 – 90 Days||3.55%||3.80%|
|91 – 120 Days||3.70%||3.95%|
|121 – 150 Days||3.70%||3.95%|
|181 to 364 days||4.40%||4.65%|
|More than 1 year but upto 2 Years||5.00%||5.50%|
|Above 2 Years upto 3 Years||5.00%||5.50%|
|Above 3 Years and less than 5 Years||5.05%||5.55%|
|5 years and above||5.05%||5.55%|
Types of UCO Bank Fixed Deposit Schemes
UCO Bank allows deposits from a range of customers in fixed term accounts, paying regular interest on the funds managed. In most cases, returns and deposit periods under these accounts are fixed and rates differ according to the holding periods. Depositors are free to choose among different fixed deposits schemes offered by the bank to maintain funds for a short, medium, or long period. Moreover, these schemes also offer various sorts of value-added benefits, such as renewal, nomination, overdraft facilities, and loans against fixed deposits.
- Kuber Yojana
- UCO Monthly Income Scheme
- UCO Tax Saver Deposit Scheme – 2006
- Flexible Fixed Deposit Scheme
UCO Kuber Yojana
UCO Bank’s Kuber Yojna is a long-term fixed deposit scheme. In this scheme, UCO bank FD rates are compounded quarterly in the wake of reinvestment. Such a thing generates a large sum of money and puts it in your wallet at the time of maturity. It is considered a safe long term investment.
The key features of the UCO Kuber Yojana scheme include:
- The minimum deposit amount is ₹ 1,000.
- There is no limit on the maximum deposit amount.
- The deposit period ranges from 6 Months to 10 Years.
- The interest rates are compounded quarterly.
- Total interest payable after the completion of tenure.
UCO Monthly Income Scheme
The UCO monthly income scheme allows depositors to earn monthly income by letting investors yield interest every month. Following are the salient features of the scheme:
- It comes with a tenure of 5 years.
- Starts with a maximum deposit amount of Rs.50,000.
- On the first day of every month, payments are made to the depositors.
- Premature withdrawals are allowed with a 1% penalty charge.
- Loans, Overdraft, Nomination facilities are permissible against the deposit available.
UCO Tax Saver Deposit Scheme – 2006
The UCO tax saver deposit scheme – 2006 is a fixed deposit scheme that provides tax benefits under Section 80C of the Income Tax Act, 1961. If the deposits are made under a joint account, only the first account holder will be eligible for tax benefits. Also, account holders can claim a deduction for up to Rs.1.5 lakh. However, it should be noted that the interest income earned under this scheme is eligible for taxation under the IT Act.
Key features of this scheme are:
- It offers you a fixed interest rate which is compounded annually.
- The interest rate remains the same for the whole tenure, i.e. for 5 years.
- Interest earned on the principal amount is entirely taxable from your end. According to your income slab, interest will be added to your income and taxed at the income tax rates.
- This scheme also offers a higher interest rate to senior citizens, between 0.25% to 1% higher than general FDs.
UCO Flexible Fixed Deposit Scheme
The UCO Flexible Fixed Deposit Scheme comes under the reinvestment plan and allows you to make premature withdrawals without paying any penalty. In addition, the remaining amount shall continue to fetch interest at the usual rate. Moreover, you can make withdrawals only in multiples of INR 5,000 to manage any emergency needs.
Key features of this scheme are:
- It’s a reinvestment Plan.
- Partial withdrawals are allowed in all cases.
- You can withdraw money in multiples of Rs.5,000.
- After the withdrawal, the funds in the account will continue to earn interest.
Benefits of UCO Bank Fixed Deposit
- Competitive interest rates are offered with flexible tenures to suit everyone’s investment needs.
- You can open an FD account by visiting the nearest branch or the official UCO bank website.
- Availability of fast and easy liquidity options.
- Nomination facility.
- No cap on the Maximum Amount of FD.
- Flexible FD Tenures from 7 days to 10 years.
- Senior citizens can enjoy higher interest rates.
Partial withdrawal facilities and auto-renewal facilities are also available.