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Fixed Deposit

UCO Bank  offers a variety of Fixed Deposit Schemes to cater to the requirement of every individual whether it is for a short term or for long term tenure. Deposits like a regular Fixed Deposit Account or a Tax-saving Fixed Deposit Account or even a Recurring Deposit account where the customer can make small monthly investments and enjoy the interest rate of fixed deposits are offered by UCO Bank. Let’s take a look at the various types of deposits on offer and the features and benefits of each type of deposits.
 

UCO Bank FD Rates 2018

FD Tenure

Interest Rate (in %)

7 – 14 Days 4.50%
15 – 29 Days 4.50%
30 – 45 Days 5.00%
46 – 60 Days 5.50%
61 – 90 Days 5.50%
91 – 120 Days 6.00%
121 – 150 Days 6.00%
151-180 Days 6.00%
181 to 364 days 6.35%
1 year 6.50%
More than 1 year upto 2 Years 6.50%
Above 2 Years upto 3 Years 6.40%
Above 3 Years and less than 5 Years 6.25%
5 years and above 6.25%

Note: Interest rates effective from 18.09.2017 are applicable on investments below Rs 1 Crore. These rates are subject to change without prior information.

Types of Fixed Deposit Scheme offered by UCO Bank

  1. UCO Bank Thousand Fixed Deposit Scheme
  2. UCO Bank KuberYojana
  3. UCO Bank DhanVarsha Fixed Deposit Scheme
  4. UCO Bank Monthly Income Scheme
  5. UCO Bank Double Fixed Deposit Scheme
  6. UCO Bank Tax Saver Deposit Scheme
  7. UCO Bank Flexible Fixed Deposit Scheme
  8. UCO Bank Sowbhagya Recurring Deposit Scheme
  9. UCO Bank Sunshine Recurring Deposit Scheme

UCO Bank Thousand Fixed Deposit Scheme

Is a special deposit scheme which has the following features and benefits:
 

  • The deposit is made for a tenure of 1000 days
  • To open the deposit scheme the minimum amount required is Rs.5000 and then in Rs.1000 multiples with a maximum of Rs.500 lakhs
  • Interest is compounded quarterly and paid along with the principal amount at the time of maturity. However, the customer may also choose to receive interest quarterly or monthly as per his requirement
  • Interest earned will be subject to TDS
  • There is a facility of premature withdrawal of the deposit without the application of any penalty on withdrawal. Interest in this case will be paid at the contracted rate or at the rate prevailing at the time of withdrawal whichever is lower only for the period for which the deposit was held with the bank
  • Loan or overdraft facility is available against the deposit
  • Nomination can be done in the account
  • If the accountholder dies, the proceeds would be payable to the nominee and in his absence to the legal heir
  • If no instructions are given otherwise, the deposit will be automatically renewed on maturity at the original terms and conditions either at the original rate or the rate prevailing at that time
  • The accountholder can easily transfer his deposit from one branch to another branch
  • Senior citizens and staff members or ex-staff members if the bank earn a rate of interest which is higher than that given to the normal public

Eligibility-
 

  • Any existing or new customer who complies with the bank’s KYC norms can open the Deposit Account

UCO Bank KuberYojana

A scheme for a long tenure with attractive rate of interest. The features and benefits that the scheme has are as follows:
 

  • Interest is calculated on a compounded basis every quarter and is then reinvested in the account with the principal so that future interest would accrue on the earned interest
  • Rs.1000 is the minimum requirement to open this deposit account and there is no maximum limit on the amount that can be deposited
  • The minimum and maximum tenure of the deposit is 6 months and 120 months respectively
  • The total interest and principal is paid at maturity

UCO Bank DhanVarsha Fixed Deposit Scheme

Is a fixed deposit scheme which has the following features and benefits:
 

  • The deposit is made for a fixed period of 444 days
  • The minimum requirement to open a deposit account is Rs.5000 and in Rs.1000 multiples thereafter limited to maximum of Rs.100 lakhs
  • Interest is compounded quarterly and paid along with the principal amount at the time of maturity. However, the customer may also choose to receive interest quarterly or monthly as per his requirement
  • Interest earned will be subject to TDS
  • There is a facility of premature withdrawal of the deposit without the application of any penalty on withdrawal. Interest in this case will be paid at 1% lower than the applicable rate or at the rate prevailing at the time of withdrawal whichever is lower and not at the contracted rate only for the period for which the deposit was held with the bank
  • Loan or overdraft facility is available against the deposit
  • Nomination can be done
  • If the depositor dies, the proceeds will be payable to then nominee or the legal heir
  • If there are no other instructions given, the deposit will be automatically renewed on maturity at for a term of 1 year either at the original rate or the rate prevailing at that time of maturity
  • Senior citizens and staff members or ex-staff members of the bank earn a rate of interest which is higher than that given to the normal public

Eligibility-
 

  • Any existing or new customer who complies with the bank’s KYC norms can open the Deposit Account

UCO Bank Monthly Income Scheme

Is a deposit scheme promising income every month which would be the interest for the month on the deposit made. The features and benefits the scheme possesses are:
 

  • The deposit is made for a fixed tenure of 5 years
  • The minimum amount which is required to open a deposit account is Rs.50, 000 with multiples of Rs.10, 000 thereafter to a maximum of Rs.100 lakhs
  • Simple interest is calculated and paid monthly on the deposit amount
  • Loan or overdraft facility is available against the deposit
  • The accountholder can nominate any person to receive the proceeds in case of his death
  • On death, the proceeds will be payable to then nominee or the legal heir
  • If the depositor does not give any other instructions, on maturity, the deposit will either be transferred to the savings or current account of the depositor or renewed at the applicable rate prevailing at the time of maturity
  • TDS will be applicable on the earned interest
  • Senior citizens and staff members or ex-staff members of the bank earn a rate of interest which is higherthan that given to the normal public

Eligibility-
 

  • Any existing or new customer who complies with the bank’s KYC norms can open the Deposit Account

Documentation-
 

  • KYC documents like proof of residence and proof of identity will be required along with the photographs of the depositor

UCO Bank Double Fixed Deposit Scheme

Is a deposit scheme which doubles the original investment within a specified tenure. The features and benefits of the scheme include:
 

  • The tenure required to make the investment double is 112 months for general public, 105 months for senior citizens and 96 months for staff members, ex-staff members & senior citizens
  • The minimum amount required to open a deposit account is Rs.5000 and in multiples of Rs.1000 thereafter to a maximum of Rs.500 lakhs
  • Interest is compounded quarterly and paid along with the principal amount at the time of maturity.
  • There is a facility of premature withdrawal of the deposit without the application of any penalty on withdrawal. Interest in this case will be paid at 1% lower than the applicable rate or at the rate prevailing at the time of withdrawal whichever is lower and not at the contracted rate only for the period for which the deposit was held with the bank
  • Loan or overdraft facility is available against the deposit
  • If the depositor dies, the proceeds will be payable to then nominee or the legal heir
  • If no instructions are given, the deposit will be automatically renewed on maturity at the original terms and conditions either at the original rate or the rate prevailing at that time
  • Senior citizens and staff members or ex-staff members of the bank earn a rate of interest higher than that given to the normal public
  • TDS will be applicable on the earned interest

Eligibility-
 

  • Any existing or new customer who complies with the bank’s KYC norms can open the Deposit Account

Documentation-
 

  • KYC documents like proof of residence and proof of identity will be required along with the photographs of the depositor

UCO Bank Tax Saver Deposit Scheme

This deposit scheme has been designed for tax saving purposes in accordance to Section 80C under the Income Tax rules. The important aspects which the scheme has are mentioned below:
 

  • The deposit can be made with a minimum amount of Rs.100 while the maximum allowable amount is Rs.1.5 lakhs as per the norms under Section 80C
  • The deposit is to made for a minimum term of 5 years which is also the lock-in period preventing any premature withdrawals
  • The accountholder can make a nomination under this scheme
  • The deposit might be transferred form one branch to the other easily
  • Loan against the deposit of pledging the deposit as security is not permitted

Eligibility-
 

  • An individual can opt for the account
  • HUFs can opt for the account
  • The account can be opted jointly by two adults or one adult and one minor and proceeds payable to either of the holders or to the survivor

UCO Bank Flexible Fixed Deposit Scheme

Is a deposit scheme which has the following features and benefits:
 

  • The deposits are accepted under the reinvestment plan
  • Deposits can be withdrawn prematurely without affecting the remainder of the deposit and it will continue to earn rate of interest of the fixed deposit account
  • Withdrawals for the above purpose can be done in multiples of Rs.5000

UCO Bank Sowbhagya Recurring Deposit Scheme

A recurring scheme which possesses the undermentioned features and benefits:
 

  • The monthly installments can be varied as per the discretion of the individual making the deposit
  • The minimum installment every month should be Rs.100 and in Rs.100 multiples to a maximum of Rs.10 lakhs
  • After depositing the minimum amount, the depositor can deposit any additional amount he or she likes subject to it not exceeding Rs.10 lakhs in a month
  • Deposits are accepted for a minimum term of 12 months and then in multiples of 12 months for a maximum period of 60 months
  • Senior citizens and staff members or ex-staff members if the bank earn a rate of interest higher than that given to the normal public
  • Loans can be availed for a maximum of 90% of the amount deposited and interest will be charged on loan at the rate of 2% above the applicable deposit rate

Eligibility-
 

  • The account can be opened by an individual either singly or jointly with the provision that the proceeds will be paid to either of the holders or survivor in case of joint application
  • Natural guardians or court appointed guardians can open an account on behalf of a minor
  • Clubs, societies, associations, trusts, educational institutions, firms, partnerships and registered companies can also avail of the account
  • Resident individuals above 18 years of age can open the account and for minors the age limit is 10 years and above provided they can read and write

UCO Bank Sunshine Recurring Deposit Scheme

A unique account which is endowed with the following characteristics:
 

  • The account provides for additional facilities like anywhere banking, standing instructions, etc. to enable the customer to plan a systematic investment plan for higher earnings
  • To start the deposit, the minimum requirement of deposit is Rs.500 per month and then in multiples of Rs.500. The maximum limit of this deposit is Rs.10 lakhs
  • Deposits are accepted for a minimum term of 12 months and in multiples of 12 months for a maximum period of 60 months
  • Senior citizens and staff members or ex-staff members if the bank earn a higher rate of interest than that given to the normal public
  • This account allows the facility of nomination
  • Loans can be availed for up to 90% of the deposited amount provided the minimum amount of loan is Rs.2500 and at least 6 monthly installments have been paid

Eligibility-
 

  • The account is available to individuals who can open it singly or jointly with the provision that the proceeds will be paid to either of the holders or survivor in case of joint application
  • Natural guardians or court appointed guardians can avail of the account on behalf of a minor
  • Resident individuals above 18 years of age and up to 65 years can open the account and for minors the age limit is 5 years and above provided they are represented by their guardians