Kolkata, May 29: Uco Bank today said it has decided to realign the interest rate on deposits and advances with effect from June 2, more than a month after RBI reduced CRR rates by 0.25 per cent in its credit policy for 2003-04. The new rates on deposits with maturity of two years and above would be six per cent, and more than one year but less than two years 5.75 per cent, the bank said in a release.
The rate of interest on deposit with maturity between 180 to 364 days, 91-179 days, 46 to 90 days and 15 to 45 days would be 5.50 per cent, 5.25 per cent, five per cent and 4.50 per cent respectively.
Interest on UCO's special deposit scheme 'Diamond Deposit' would be 6.25 per cent while the senior citizens would continue to receive additional 0.50 per cent on deposit with maturity of one year and above, the release said. On advances side, rate of interest in most of the retail finance schemes have been changed from 0.50 per cent to one per cent making them more attractive.
The rate of interest on Uco Pension (for pensioners) and Uco Narishakti had been slashed to 12 per cent while priority sector small borrowers in SSI and agriculture sector and also self help groups would be eligible to avail finance at the rate of two per cent below PLR, i.e., 9.50 per cent. Interest on priority sector advances (SSI, agriculture) for borrowers with credit facilities upto to Rs 25 lakh would be 13.50 per cent, the Uco release said. Bureau Report