UCO Bank Fixed Deposit Rate
UCO Bank Fixed Deposit Rate - FD Rate in India
The first choice for any conservative investor in India is a Fixed Deposit (FD) account. A fixed deposit account is a traditional form of savings which has a higher rate of interest than a regular savings account. It is considered a safe and reliable investment option as it promises a guaranteed return and is free from volatility / market risks. If you have some idle money, opening an FD account is the simplest way to earn a fixed interest income.
FD is a popular mode for investment with the general population in India, as it offers a guaranteed return, free from market risks. The benefit to opening an FD account is that you can choose how much you want to deposit and for what time period you want to deposit the amount.
Fixed deposits tenures usually range from a period of seven days to as long as ten years. The banks are free to set their own interest rates, which depends on the deposit amount and the tenure among other factors. In India, the interest rate generally ranges from 4% to 8% per annum.
Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened. The documentation process is hassle-free and simple, making it easy even for a first-time investor.
Apart from banks, NBFCs and corporates too offer fixed deposits.
UCO Bank Deposit Rates
As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future.UCO Bank Interest Rates typically range from 4% - 7% per annum.
UCO Bank FD rates
Following is an overview of UCO Bank Term Deposit Rates and UCO Bank Short-Term Fixed Deposit Interest Rates.
UCO Bank Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with UCO Bank directly.)
Domestic Term Deposit rates for less than Rs. 1 Crore
|Time Period||Interest Rate|
|7 - 14 Days||4.50%|
|15 - 29 Days||5.00%|
|30 - 45 Days||5.50%|
|46 - 60 Days||6.00%|
|61 - 90 Days||6.50%|
|91 - 120 Days||6.75%|
|121 - 150 Days||6.75%|
|181 to 364 days||7.25%|
|More than 1 year up to 2 Years||7.25%|
|Above 2 Years up to 3 Years||7.25%|
|Above 3 Years and less than 5 Years||7.25%|
|5 years and above||7.25%|
Term Deposits of Rs. 1.00 Crore and above - upto & including Rs. 5.00 Crore
|Deposit period||Single Term Deposit Rs. 1 Cr and above upto & including Rs. 5.00 Crore|
|181 days to less than 1 year||6.70|
|1 year & above but less than 2 years||6.70|
|2 year & above but less than 3 years||6.60|
|3 year & above but less than 5 years||6.50|
|5 Years & above||6.50|
Bulk Term Deposits above Rs. 5.00 Crores
|Deposit period||Single Term Deposit above Rs. 5 Cr and less than Rs. 25.00 Cr||Single Term Deposit Rs. 25 Cr & above upto Rs 250 Cr||Single Term Deposit above Rs 250 Cr|
|7 - 14 Days||5.00||5.00||5.00|
|15 - 30 Days||5.30||5.30||5.30|
|46 – 90 Days||6.20||6.20||6.20|
|91 - 180 Days||6.30||6.30||6.25|
|181 - 210 Days||6.40||6.40||6.25|
|211- 270 days||6.60||6.60||6.25|
|271 days - < 1 year||6.70||6.70||6.25|
|1 year & above but less than 2 years||6.70||6.70||6.25|
|2 Years & above but less than 3 Years||6.60||6.60||6.25|
|3 years & above but less than 5 Years||6.50||6.50||6.25|
|5 Years & above||6.50||6.50||6.25|
UCO Bank FD Interest Rates for Senior Citizens
UCO Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates applicable on a regular FD and provide seniors with that extra buffer for their retirement years. For the most up to date interest rates for senior citizens, it is better to check with the bank directly.
How to Calculate UCO Bank Fixed Deposit Interest
You can use online FD calculators to help compute the amount of interest you will earn on a certain principal amount. Using the calculator is simple and easy; you just need to enter the following numbers:
- Principal amount,
- Rate of Interest, and,
- Period (in No. of Months) or years (as specified in the calculator)
The calculator will do the number crunching and present you with a breakup of the interest earned and the maturity amount. There are many online websites that have easy-to-use FD calculators that allow you to instantly calculate the interest earned.
Using such online resources comes in handy while deciding on the principal amount for investment. You can use the calculator any number of times to help arrive at your final principal deposit. Using an online resource helps in determining how much you want to save and invest and eliminates all the hassles of manual calculation.
While using online FD calculators, you can refer to the bank’s most recent interest rates and tenures for the most accurate results. You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate UCO Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
UCO Bank FD Premature Withdrawal Penalty
Life can be uncertain at times, when you might be in urgent need of funds, such as with a medical crisis. Hence, it is always advisable to invest wisely. With an FD, you cannot prematurely withdraw money except upon payment of a penalty. While FDs are among the most liquid of investments, keep in mind that the bank might take some time to process your request. Also, breaking an FD might affect the interest payout.
The bank typically charges a nominal penalty which is communicated to you at the time of application of FD Deposit.
Alternatively, you can choose to avail a loan against your FD. Make sure to check with the bank for the prevailing rates at the time of application of the FD so that you are prepared, should an emergency arise.
UCO Bank FD – FAQS
Who is eligible to apply for a fixed deposit account?
Any Resident Individual – individually, or jointly with two or more people are eligible to book an FD with UCO Bank. Also eligible to open an FD account are Minors, Associations, Clubs, Societies, Partnership Firms, Trusts, etc.
What is the duration of an FD account held with UCO Bank?
You can opt for deposits for periods of 15 days to 120 months depending on the kind of FD.
What is the minimum amount I can deposit in an UCO Bank FD account?
The minimum amount required to open an FD account is Rs. 1,000.