In the dynamic landscape of financial investments, Fixed Deposits (FDs) stand out as a preferred choice for many investors due to their stability and assured returns. Among the multitude of banks offering FDs, UCO Bank emerges as a prominent player, offering competitive interest rates to its customers. In this comprehensive guide, we delve into UCO Bank's FD interest rates for the year 2024, exploring the various features and benefits of investing in UCO Bank FDs.
About UCO Bank:
Established in 1943, UCO Bank has a rich legacy of providing banking services to its customers across India. Over the years, it has garnered a reputation for reliability, customer-centricity, and innovation in financial products. With a widespread network of branches and a strong digital presence, UCO Bank continues to be a trusted name in the banking sector.
Introduction to UCO Bank FD Interest Rates 2024:
UCO Bank offers Fixed Deposit schemes with varying tenures and interest rates tailored to suit the diverse needs of investors. The interest rates for FDs are revised periodically to align with market conditions and regulatory requirements. As of 2024, UCO Bank continues its tradition of providing competitive FD interest rates, making it an attractive option for both short-term and long-term investors.
UCO Bank FD Interest Rates Highlights for 2024:
| Tenure | Interest Rate (%) |
|------------—--|-------------------|
| Highest slab | 7.05% (for 400 days) |
| 1 year | 6.50% |
| 2 years | 6.50% |
| 3 years | 6.30% |
| 4 years | 6.20% |
| 5 years | 6.20% |
| Tax-Saving FD| 6.20% |
Here's an overview of the key highlights of UCO Bank's FD interest rates for the year 2024:
-Highest Interest Rate: UCO Bank offers an attractive interest rate of 6.20% for FDs with a tenure of 5 years, making it one of the highest rates available in the market.
-Varied Tenures: Investors can choose from a range of tenures, starting from as short as 7 days to as long as 10 years, allowing flexibility in investment options.
-Senior Citizen Benefit: Senior citizens are eligible for additional interest rate benefits, providing them with enhanced returns on their investments.
-Tax-Saving FDs: UCO Bank offers Tax-Saving FDs, allowing investors to avail tax benefits under Section 80C of the Income Tax Act, 1961, while earning attractive returns on their investments.
UCO Bank FD Interest Rates Table for 2024:
Fixed Deposit Rates on Domestic deposits of less than Rs 2 crore effective from 1 October 2023
| Tenure | Interest Rates (% p.a.) |
|----------------------|---------------------------------------------------------------------------|
| | Regular Citizens | Senior Citizens |
| 7 days - 14 days | 2.90 | 3.15 |
| 15 days - 29 days | 2.90 | 3.15 |
| 30 days - 45 days | 3.00 | 3.25 |
| 46 days - 60 days | 4.00 | 4.25 |
| 61 days - 90 days | 4.00 | 4.25 |
| 91 days - 120 days | 4.50 | 4.75 |
| 121 days - 150 days | 4.50 | 4.75 |
| 151 days - 180 days | 5.00 | 5.25 |
| 181 days - 364 days | 5.50 | 5.75 |
| 1 year | 6.50 | 6.75 |
| Above 1 year - 443 days | 6.50 | 7.00 |
| 445 days - 2 years | 6.50 | 7.00 |
| Above 2 years - 3 years | 6.30 | 6.80 |
| Above 3 years - 5 years | 6.20 | 6.70 |
| Above 5 years | 6.10 | 6.60 |
| 400 days | 7.05 | 7.55 |
UCO Bank Tax Saver Deposit (UCO Tax Saver Scheme)
| Tenure | Regular Citizens | Senior Citizens |
|---------|--———----------------|--------------—-|
| 5 years | 6.20 | 6.70 |
Interest Rates on UCO Bank Fixed Deposits for Different Categories:
Here's a breakdown of the interest rates offered by UCO Bank for various types of fixed deposits as of April 24, 2024:
1. Domestic Bulk Fixed Deposits (Rs 2 crore to Rs 10 crore)
| Tenure | Interest Rates (% p.a.) |
|-------------------------|-------------------------------|
| 7 days to 14 days | 5.90 |
| 15 days to 30 days | 5.90 |
| 31 days to 45 days | 6.15 |
| 46 days to 90 days | 6.15 |
| 91 days to 180 days | 6.15 |
| 181 days to 210 days | 6.15 |
| 211 days to 270 days | 6.15 |
| 271 days to 1 year | 6.75 |
| Above 1 year to 2 years | 6.50 |
| Above 2 years to 3 years | 6.00 |
| Above 3 years to 5 years | 5.50 |
| Above 5 years | 5.50 |
2. Non-Resident External (NRE) Fixed Deposits (less than Rs 2 crore)
| Tenure | Interest Rates (% p.a.) |
|-------------------------------|--------------------------------|
| 1 year | 6.50 |
| Above 1 year to 443 days | 6.50 |
| 445 days to 2 years | 6.50 |
| Above 2 years to 3 years | 6.30 |
| Above 3 years to 5 years | 6.20 |
| Above 5 years | 6.10 |
| 444 days | 7.05 |
3. FCNR (B) Deposits:
| Currency 1 Yr To<2 Yr | 2 Yr To < 3 Yr |3 Yr To < 4 Yr | 4 Yr To < 5 Yr | 5 Yr only |
|------------|--------------------|----------------------|----------------------|------—|
| USD | 5.10 | 3.75 | 3.00 | 3.65 | 3.65
| GBP | 3.50 | 2.80 | 2.30 | 2.30 | 2.30
| EUR | 2.00 | 1.30 | 0.50 | 0.50 | 0.50
| JPY | 0.11 | 0.13 | 0.13 | 0.14 | 0.17
| CAD | 4.00 | 3.80 | 2.80 | 2.80 | 2.80
| AUD | 3.30 | 3.00 | 2.10 | 2.20 | 2.25
| CHF | 0.00 | 0.02 | 0.07 | 0.07 | 0.07
| SGD | 0.75 | 0.90 | 1.90 | 0.90 | 0.90
| HKD | 0.75 | 0.85 | 0.85 | 0.85 | 0.85
4. RFC Deposits:
| Currency| 1 yr to < 2 yr | 2 yr to < 3 yr | 3 yr to < 4 yr | 4 yr to < 5 yr | 5 yr only |
|----------|---------------------|-------------------|----------------------|-----------—|
| USD | 5.10 | 5.00 | 3.60 | 3.65 | 3.65 |
| GBP | 4.00 | 2.80 | 2.30 | 2.30 | 2.30 |
| EUR | 2.00 | 1.30 | 0.50 | 0.50 | 0.50 |
| JPY | 0.11 | 0.13 | 0.13 | 0.14 | 0.17 |
| CA | 4.00 | 3.80 | 2.80 | 2.80 | 2.80 |
| AUD | 3.30 | 3.00 | 2.10 | 2.20 | 2.25 |
| CHF | 0.00 | 0.02 | | | |
Benefits of Investing in UCO Bank FDs:
Investing in UCO Bank FDs offers several benefits:
1. Stability: FDs provide stable returns, making them a reliable investment option, especially for risk-averse investors.
2. Assured Returns: With predetermined interest rates, investors can calculate their returns in advance, offering peace of mind.
3. Tax Benefits: Tax-Saving FDs help investors save on taxes by allowing deductions under Section 80C of the Income Tax Act.
4. Flexibility: UCO Bank offers a wide range of tenures, allowing investors to choose the option that best aligns with their financial goals.
5. Senior Citizen Advantage: Senior citizens enjoy higher interest rates, ensuring enhanced returns on their investments.
Types of UCO Bank FD Schemes:
Kuber Yojana (Regular Fixed Deposit with reinvestment of interest component)
- Minimum deposit amount: Rs 1,000
- Tenure: 6 months – 10 years
- Interest compounded at quarterly intervals, facilitating the power of compounding.
CO 400 Days Fixed Deposit Scheme:
- Minimum deposit amount: Rs 5,000 (in multiples of Rs.1,000 thereafter)
- Scheme valid till 30 June 2024
- FD Interest rate: 7.05% p.a.
- Option for interest pay-out at quarterly rests (QIS) or monthly rests (MIS).
- Additional senior citizen FD rates up to 0.50% p.a. over regular FD rates.
- Nomination and loan/overdraft against deposit facilities available.
- No auto-renewal facility.
UCO Monthly Income Scheme:
- Deposit amount: Minimum: Rs. 50,000 (in multiples of Rs.10,000 thereafter); Maximum: Rs 1 crore
- Tenure: 5 years
- Simple interest paid without discounting, credited on the first day of the following month.
- Nomination facility available.
- Loan/Overdraft facility against deposits permitted.
- 1% lower interest rate on premature withdrawals if regular fixed deposit remains with the bank.
Flexible Fixed Deposit Scheme:
- Deposits taken under a reinvestment plan, allowing partial withdrawal without affecting the remaining account.
- Withdrawal permitted in multiples of Rs.5,000.
UCO Tax Saver Deposit Scheme – 2006
- Deposits eligible for deduction up to Rs 1.5 lakhs under section 80C of Income Tax Act.
- Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs/year (1st April- 31st March).
- Nomination facility available.
- Transfer from one branch to another allowed.
- No loan against deposit or pledging of deposit receipt.
MACTDA (Motor Accident Claim Term Deposit Account)
- Eligibility: Beneficiaries/Victims of Motor Accidents.
- Simple interest for the first 6 months, followed by compound interest.
- Transfer and premature closure not permitted.
- No loan/advance allowed.
Foreign Currency Non-resident (FCNR-B) Deposits
- Deposits available in 9 foreign currencies.
- Minimum deposit: USD 2,000 or equivalent.
- Tenure: 1 year – 5 years.
- Principal and interest fully repatriable.
- Automatic renewal and nomination facility available.
- Loans against deposits permitted.
Resident Foreign Currency (RFC) Deposits
- Deposits available in 9 foreign currencies.
- Minimum deposit: USD 2,000 or equivalent.
- Deposits can be transferred to FCNR (B) or NRE accounts.
Conclusion:
UCO Bank's FD interest rates for 2024 present a compelling opportunity for investors looking to park their funds securely while earning attractive returns. With its reputation for reliability and customer-centricity, UCO Bank stands as a trusted partner in helping investors achieve their financial goals through Fixed Deposits. Before investing, it's advisable to carefully evaluate your investment objectives and consider consulting with a financial advisor to make informed decisions.
In summary, UCO Bank FDs offer a winning combination of stability, attractive returns, and tax benefits, making them a preferred choice for savvy investors in 2024.
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