UCO Bank hikes FD rates by up to 25 bps, senior citizens can now get up to 7.25%

3 min read . Updated: 19 Dec 2022, 05:06 PM IST Vipul Das

As of today's announcement, UCO Bank is now providing deposits maturing in 666 days at a maximum interest rate of 6.75% for the general public and 7.25% for senior citizens. (REUTERS) — As of today's announcement, UCO Bank is now providing deposits maturing in 666 days at a maximum interest rate of 6.75% for the general public and 7.25% for senior citizens. **(REUTERS)**

The public sector lender UCO Bank has hiked interest rates on fixed deposits of less than ₹2 Cr.

UCO Bank FD Rates

The bank is now offering an interest rate of 2.90% on deposits that mature in the next 7 to 29 days, and it will continue to give a 3.00% interest rate on deposits that mature in the next 30 to 45 days. On deposits maturing in 46 to 120 days, UCO Bank will continue to give an interest rate of 4.00%, and on deposits maturing in 121 to 150 days, the bank will continue to offer an interest rate of 4.50%.

Deposits with maturities between 151 and 180 days will continue to pay 5.00% interest, and deposits with maturities between 181 and 364 days will continue to pay 6.00% interest. The bank increased interest rates on deposits maturing in 1 year by 15 basis points, from 6.35% to 6.50%, and by 10 basis points, from 6.20% to 6.30%, on deposits maturing within a year and up to two years. On deposits maturing in between 2 and 5 years, UCO Bank increased interest rates by 20 basis points (bps), moving them from 6.00% to 6.20%.

On deposits maturing in 5 years or longer, the bank increased interest rates by 10 bps, moving them from 6.00% to 6.10%. Deposits maturing in 444 days will now pay interest at a rate of 6.50% (up from 6.25% previously), representing a 25 basis point increase, while those maturing in 666 days will now pay interest at a rate of 6.75% (up from 6.50% previously), indicating a 25 basis point increase.

UCO Bank will pay additional interest on deposits made by staff at a rate of 1.00%, 1.25%, and 1.50%, respectively, for tenures up to one year and longer made by retired staff senior citizens.

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Meanwhile, today PNB and Indian Bank also hiked interest rates on retail fixed deposits of less than ₹2 Cr which is in line with the repo rate hike of RBI by 0.35% from 5.9% to 6.25% in its monetary policy meeting held on December 7, 2022. PNB increased FD rates by 40 bps on tenors over three years to 10 years and by 95 bps on 666 days. PNB will start giving a maximum interest rate of 7.25% for the general public, 7.75% for senior citizens, and 8.05% for super senior citizens on deposits that mature in 666 days, according to the release. The "IND SHAKTI 555 DAYS" special retail term deposit instrument, which has a minimum amount of Rs. 5000 and operates for 555 days with an interest rate of 7.00% for the general public and 7.15% for senior citizens, has been made available by Indian Bank today.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).