UCO Bank revises FD rates upwards by up to 50 bps. Check new rates here

2 min read . Updated: 11 Jan 2023, 03:50 PM IST Vipul Das

UCO Bank has hiked the interest rate by 10 bps from 6.20% to 6.30% on a deposit tenor of above 2 years and up to 3 years and the bank has kept the interest rate unchanged at 6.20% on a deposit tenor of above 3 years and below 5 years.

UCO Bank, one of the leading public sector lenders, raised its interest rates on fixed deposits under ₹2 crore.

UCO Bank FD Rates

The bank will continue to pay 2.90% interest on deposits maturing in the next seven to nine days, and 3.00% on deposits maturing in the next thirty to forty-five days. UCO Bank will continue to provide interest rates of 4% on deposits maturing in the next 46–120 days and 4.50% on deposits maturing in the following 121–150 days.

Deposits maturing between 151 and 180 days will continue to pay 5.00% interest, and deposits due between 181 and 364 days will continue to pay 6.00% interest. On deposits maturing in 1 year, the bank has hiked the interest rate by 25 bps from 6.50% to 6.75%, and for those maturing from above 1 year to upto 2 years, UCO Bank has hiked the interest rate by 20 bps from 6.30% to 6.50%.

UCO Bank has hiked the interest rate by 10 bps from 6.20% to 6.30% on a deposit tenor of above 2 years and up to 3 years and the bank has kept the interest rate unchanged at 6.20% on a deposit tenor of above 3 years and below 5 years. Deposits maturing in 5 years and above will continue to fetch an interest rate of 6.10% and those maturing in 444 days will now fetch an interest rate of 7.00% which is 50 bps higher than the previous rate of 6.50%. On deposits maturing in 666 days, the bank has hiked the interest rate from 6.75% to 7.15% representing a hike of 40 bps.

Staff citizens will get an additional rate of 1%, retired staff senior citizens will get an additional rate of 1.25% on a tenor of up to 1 Year and on tenure above 1 Year, retired staff senior citizens will get an additional rate of 1.50% from UCO Bank fixed deposits.

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Meanwhile, Indian Overseas Bank (IOB) on 10th Jan, announced an interest rate hike of 45 bps on a tenor of 444 days and now offers 7%. While the Bank of India (BOI) raised interest rates on special term deposits for accounts under Rs. 2 crores on a tenor of 444 days beginning on January 10, 2023. The bank currently offers a special term deposit bucket in compliance with the amended, with an interest rate of 7.05% for non-senior citizens and 7.55% for senior citizens.

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).