UCO bank Fixed Deposit Interest rates
1. About UCO Bank Bank
UCO bank is an Indian Public sector bank, formerly called “United Commercial Bank”. This Public sector bank was Headquartered in Kolkata and was founded by G D Birla on Jan 6th, 1943. UCO Bank also traded in NSE and BSE which offers various financial services to its customers.
2. Features and Benefits of UCO Bank FD
1. UCO Bank Regular FD ranges from 7 days to 10 years.
2. Can avail Loan of up to 90% of your FD amount.
3. Nomination facility is available.
4. Senior Citizens will get an additional 0.5% rate of interest as compared to Regular citizens.
3. Benefits of UCO Bank Fixed deposit schemes
1. You can choose Interest payment frequency i.e. Monthly, Quarterly, Half-Yearly, and Annual.
2. If you want to Save tax by depositing money in a Fixed Deposit, You can do so under Section 80C of the Income Tax Act Act,1961 up to Rs.1,50,000/- per Financial Year.
3. Senior Citizens, ex-staff, and staff members of UCO Bank will get an Additional 0.5%, 1.5%, and 1% rare of interest respectively as compared to regular citizens.
4. Features of UCO Bank standard FD
1. Can start with a Minimum Investment of Rs.100/- rupees.
2. Tenure of FD ranges from 7 days to 10 years
3. You can avail of Loans against your Regular FD.
5. Features of UCO bank Special FD
1. Special Fixed Deposits are made for Special periods.
2. You can get higher interest rates in special fixed deposits as compared to regular FDs.
3. UCO Bank Special fixed deposit has different durations. Currently, UCO bank has special Fixed deposits for 444 days, 666 days, and 1000 days.
6. Types of UCO Bank FD Schemes
UCO Bank offers 4 FD schemes which are given below
1. Kuber Yojana Scheme
2. UCO Monthly Income Deposit Scheme
3. UCO Tax Saver Fixed Deposit Scheme – 2006
4. Flexible Fixed Deposit scheme
Let’s get into the details.
1. Kuber Yojana Scheme
Kuber Yojana scheme is a Long-term Investment scheme. it allows you to start your investment with a Minimum amount of Rs.1,000/-
You can hold this deposit for a period ranging from 6 months to 5 years.
Under this scheme, you can make the re-investment of your interest component and one of the greatest advantages of this scheme is that you can earn Compounding Interest.
The interest will be compounded at Quarterly Intervals.
| Particualrs | Description |
|---|---|
| Minimum Deposit | Starts with Rs.1,000/- |
| Maximum Deposit | No Limit |
| Type of Interest | Compounding Interest |
| Period of Deposit | 6 months to 5 years |
2. UCO Monthly Income Deposit Scheme
1. Under this scheme, You can earn Simple interest, and it facilitates Monthly pay-out of your interest earned.Â
2. A minimum investment of Rs.50,000/- deposit is required and the Maximum deposit is up to Rs.1 Crore.
3. You can hold this deposit for 5 years.
4. You will be paid Simple Interest without any discounting and Interest will be credited on the First day of the next month of opening this scheme.
5. This scheme is specially designed for Senior Citizens and also for people who need a fixed stream of cash flows.
6. You can avail Loan / Overdraft against this FD.
7. Nomination facility is available.
8. If the depositor has not specified any Automatic Renewals at the time of opening this FD, then, all the Maturity proceedings will be transferred to your UCO Bank Savings / Current account.
| Particulars | Description |
|---|---|
| Minimum Deposit | Starts with Rs.50,000/- |
| Maximum Deposit | Rs. 1 Crore |
| Type of Interest | Simple Interest |
| Period of deposit | 5 Years |
| To Whom | For Senior Citizens only |
3. UCO Tax Saver Fixed Deposit Scheme – 2006
Under this scheme, the investors should hold their deposit for a Minimum period of up to 5 years i.e. a lock-in period of 5 Years.
Simply, the Depositor will get Maturity benefits at the maturity time i.e at the end of 5 years only.
Usually in the regular FD’s, you can prematurely Withdraw your fixed deposit but the same is not possible under this Tax Saver FD Scheme.
The main advantage is that you can avail of Income tax Deduction under Section 80C of the Income Tax Act,1961 up to Rs.1,50,000/- per Financial year (1st Apr – 31st Mar)
The Drawback of this UCO Bank Tax Saver Deposit scheme is that you cannot avail Loan against your fixed deposit and the Pledging of Term deposit receipt is also not allowed.
| Tenure | Interest Rate (% p.a.) | Interest Rate (% p.a.) |
| Regular Citizens | Senior Citizens | |
| 5 Years | 5.00% | 5.50% |
4. Flexible Fixed Deposit scheme
It is a Re-Investment scheme. The main advantage is that a part of your deposit can be prematurely encashed without affecting the balance portion which continues to earn interest at the pre-agreed rate.
This scheme helps you in case of emergency money needs of customers and also provides Compounding benefits by re-investing the interest earned.
It allows withdrawal money in multiples of Rs.5,000/- rupees only in case of emergency requirements of the depositor.
Also Read: How I Lost Money by paying Fuel bills with Credit Cards
7. UCO Bank Fixed deposit Interest rates 2024 List: Below Rs.2 crore
The Rate(s) of Interest on Domestic Term Deposits less than Rs. 2 Crores W.e.f 01-10-2023 is as follows.
| Deposit Period | Interest Rate (% p.a.) | Interest Rate (% p.a.) |
| Regular Citizens | Senior Citizens | |
| 7-14 days | 2.90% | 3.15% |
| 15-29 days | 2.90% | 3.25% |
| 30-45 days | 3.00% | 4.25% |
| 46-60 days | 4.00% | 4.25% |
| 61-90 days | 4.00% | 4.25% |
| 91-120 days | 4.50% | 4.75% |
| 121-150 days | 4.50% | 4.75% |
| 151-180 days | 5.00% | 5.25% |
| 181-364 days* | 5.50% | 5.75% |
| 1 Year | 6.50% | 7.00% |
| Above 1 Yr – 2 Yrs** | 6.50% | 7.00% |
| Above 2 Yr – 3 Yrs | 6.30% | 6.80% |
| Above 3 Yr – 5 Yrs | 6.20% | 6.70% |
| Above 5 Yrs | 6.10% | 6.60% |
| *300 days (w.e.f 11.01.24) | 7.25% | |
| **400 days (w.e.f 08.10.23) | 7.05% |
Additional interest will be paid to Staff and Retired Staff of UCO Bank is given below
| Tenure | Interest Rate (% p.a.) | Interest Rate (% p.a.) |
| For Up to 1 Year Tenure | For above 1 Year Tenure | |
| Staff | 1% | 1% |
| Retired Staff | 1.25% | 1.50% |
8. UCO Bank Fixed deposit Interest rates: Above Rs.2 crore up to Rs.10 Crore
| Deposit Period | Interest Rate (% p.a.) |
| 7-14 days | 5.90% |
| 15-30 days | 5.90% |
| 31-45 days | 6.15% |
| 46-90 days | 6.15% |
| 91-180 days | 6.15% |
| 181-210 days | 6.15% |
| 211-270 days | 6.15% |
| 271 days to 1 Year | 6.75% |
| Above 1 Year to 2 Year | 6.50% |
| Above 2 Year to 3 Year | 6.00% |
| Above 3 Year to 5 Year | 5.50% |
| Above 5 Years | 5.50% |
9. UCO Bank Fixed deposit Interest rates [For Regular Citizens]
Short-term Deposits
1. It ranges from 7 days to 12 Months i.e. Less than 1 Year
2. Applicable Interest rate is around 2.90% to 5.50% p.a.
Medium-term
1. It ranges from 1 year to 5 years period.
2. The Maximum applicable Interest rate is 6.50% p.a. i.e. for 1 Year period
Long term
1. It ranges from 5-10 years period.
2. The Maximum applicable Interest rate is 6.10% p.a. i.e. for above 5 Years period.
10. Variants of UCO Bank Non-resident Indian (NRI) Term Deposits
- UCO Bank Non-Resident External (NRE) Deposits
- UCO Bank Non-Resident Ordinary (NRO) Deposits
- UCO Bank Foreign Currency Non-Resident (Bank) (FCNR (B)) Deposits
11. UCO Bank Fixed deposit Interest rates for NRE: Below Rs.2 crore
The Rate(s) of Interest on NON-RESIDENT EXTERNAL (NRE) TERM DEPOSITS less than Rs. 2 Crores W.e.f 13-06-2023 as under
| Deposit Period | Interest Rate (% p.a.) |
| 1 Year | 6.50% |
| Above 1Year – 443 days | 6.50% |
| 445 days -2 Yrs | 6.50% |
| Above 2 Years – 3 Years | 6.30% |
| Above 3 Years – 5 Years | 6.20% |
| 5 Year and above | 6.10% |
| 444 days | 7.05% |
12. UCO Bank Fixed deposit Interest rates for NRE: Above Rs.2 crore up to Rs.5 crore
For Single NRE Term Deposit of Rs. 2 Cr and above and up to Rs. 10 Crore rupee, the interest rates are as follows
| Deposit Period | Interest Rate (% p.a.) |
| 1 year | 6.75% |
| From 1 – 2 years | 6.50% |
| From 2 – 3 years | 5.50% |
| From 3 – 5 years | 5.50% |
| 5 Years & above | 5.50% |
13. How to Invest in UCO Bank FD?
In case if you already have a savings bank account or current account with UCO Bank then if fixed deposit can be opened under the below methods
1. UCO Bank Mobile application
UCO Bank customers can create a Fixed Deposit by sitting at home by using UCO Bank Mobile app.
Steps:
1. Login to “UCO M-banking Plus” Mobile app
2. Go to the “Banking” section.
3. Now click on “Fixed / Recurring deposits” option.
4. Click on “Open Fixed Deposits”.
5. After that you will get an Online form which you will be required to select your fixed deposit then you should enter the “Deposit amount”.
6. After filling out that form, you can submit all the details
7. Now, you can create a fixed deposit successfully.
2. UCO Bank Internet banking Website
The UCO Bank customers can also create a Fixed deposit by using the Internet banking website.
Steps:
1. Login into the UCO Internet banking website
2. You should navigate to “Online Deposit” tab.
3. Then, you will get the Menu here. From the menu, you should select the “Fixed Deposits” and click on “Apply now” option.
4. After that it will generate an Online form.
5. Here, you need to select your FD tenure and also you should enter the “Deposit amount”.
6. After filling out that form, you can submit all the details and you can create a Fixed deposit in UCO Bank.
3. New customer
If you are a new UCO Bank customer and you don’t have any UCO bank account, then you can visit the nearest UCO bank branch with your PAN and Aadhar card.
Then, the bank staff will help you to directly Open a Fixed deposit, even though you don’t have any savings account or current account.
14. Eligibility to Open a UCO Bank FD Account
The following persons are eligible to open a UCO Bank FD Acount.
1. Persons Must be an Indian citizen i.e. Individuals
2. Partnership Firms
3. Hindu Undivided Family (HUF)
4. Companies
5. Trusts
6. Societies
7. Charitable / Educational Institutes
8. Professionals
9. Corporates
are eligible to apply for it.
15. Documents Required to Open UCO Bank FD
Before opening a Fixed Deposit, the Depositor should submit the below-mentioned documents
| Particulars | Type of Proof |
| For Identification Proof | Aadhar Card, PAN Card, Voter’s ID Driving License, Passport, Government /Défense ID card or ID Card issued by a Reputed employer. |
| For Address Proof | Aadhar Card, Bank account statement Electricity Bill Ration Card Telephone Bill Letter from a reputed employer, Letter from any recognised public authority /local body, Income tax/wealth tax Assessment order |
16. Tax on UCO Bank Fixed Deposit
The depositor of UCO Bank can claim Income Tax deduction of up to Rs.1,50,000/- rupees per financial year. If you make any deposits of more than Rs.1,50,000/- rupees in a Financial year but you cannot claim any deduction in your Income Tax return (ITR).
Moreover, if you are a Regular Citizen and earns more than Rs.40,000/- in the form of Interest income in a single Financial Year, then, the Banks will deduct TDS @10% on your Interest earnings.
if you are a Senior Citizen and earns more than Rs.50,000/- in the form of Interest income in a single Financial Year, then, the Banks will deduct TDS @10% on your Interest earnings.
In case the depositor, fails to submit the PAN Copy to the Bank, then Banks can deduct TDS @20% on your Interest earnings.
17. How to close your FD [By Visiting Bank]
- Visit the nearest UCO Bank branch
- Fill out the premature FD closure form
- Attach your KBC documents
- Submit your fixed depository Sita certificate along with these documents
18. Premature Closure of UCO Bank Fixed Deposit
If you close your UCO Bank fixed deposit prematurely, then you will be levied with a penalty of 0.5% or 1% as a premature charge. These penalty rates change according to the bank’s terms and conditions from time to time.
19. Frequently Asked Questions [FAQ]
1. Who all are eligible to open an FD account in UCO Bank?
In UCO bank, Indian resident Individuals, Partnership Firms, Hindu Undivided Family (HUF), Companies, Trusts, Societies, Charitable / Educational Institutes, Professionals, Corporates are eligible to open an FD account.
2. What is the minimum deposit amount required to open an FD account in UCO Bank?
The Minimum deposit amount required to open an FD account in UCO Bank is Rs.100/- rupees.
3. Is there any minimum amount that I have to give for opening a Fixed Deposit with UCO Bank?
The Minimum deposit amount required to open an FD account in UCO Bank is Rs.100/- rupees.
4. What are the minimum and maximum tenure of UCO Bank Fixed Deposit?
The UCO Bank customers can hold their deposit for a Minimum tenure of 7 days and up to the Maximum tenure of10 years period.
5. What are the different types of Fixed deposit schemes provided by UCO Bank?
1. Kuber Yojana Scheme.
2. UCO Monthly Income Deposit Scheme.
3. UCO Tax Saver Fixed Deposit Scheme – 2006.
4. Flexible Fixed Deposit Scheme.
5. UCO Bank Non-Resident Indian (NRI) Term Deposits.
6. Kuber yojana deposit scheme maximum limit ?
Under UCO Bank Kuber yojana deposit scheme, there is no maximum limit. You can make a Minimum deposit of Rs.1,000/- and No maximum deposit Limit
7. What is the highest FD rate provided by UCO Bank FD?
The Maximum FD rate provided by UCO Bank for Regular Citizens is 6.50% and for Senior citizens 7% for a period of 1 year. If you deposit for 300 days period under Special deposit, the Regular Citizens will earn upto 7.25% interest.
8. In how many years FD will double in UCO Bank?
The thumb rule to divide 72 by the present Interest rate. For example, if the Interest rate is 6.50%, the FD will double in 11.07 Years (72/6.5)
9. Can I withdraw my FD amount before maturity?
If you withdraw your UCO Bank fixed deposit prematurely, then, you will be levied with a penalty of 0.5% or 1% as a premature charges.
10. Does UCO Bank provide deposit options to NRIs?
Non Residents of India (NRI’s) can also deposit money in the below schemes of UCO bank.
1. UCO Bank Non-Resident External (NRE) Deposits
2. UCO Bank Non-Resident Ordinary (NRO) Deposits
3. UCO Bank Foreign Currency Non-Resident (Bank) (FCNR (B)) Deposits
Thanks for your time 🙂
