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UCO Bank hikes FD rates & launches two special schemes: Check new interest rates along with other key details
RBI continues to rise the repo rate from previous financial quarters in tranches. As a result, banks hike the FD rate. Following suit, UCO Bank also hikes the rate and launches two special FD schemes. Find out the new rates and key details about the newly launched plans by going through his article.
Highlights
- The bank hikes interest rate for FDs under Rs 2 crore.
- The new rate went into effect on November 8, 2022.
- UCO Bank launches two special schemes namely UCO 444 & UCO 666.
New Delhi: One of the top lenders in the public sector, UCO Bank, increased the interest rate for fixed deposits under Rs 2 crore. The updated rates were published on the bank's official website and went into effect on November 8, 2022. In response to the revision, the bank raised FD interest rates by up to 45 bps. The bank is currently giving an interest rate range of 2.90 percent to 5.5 percent for FDs going to mature in 7 days to 5 years and above for the general public and 3.15 percent to 6 percent for senior citizens.
UCO Bank stated on its website that "Rate of Interest On Domestic Term Deposit Less Than 2 crores Stands Revised With Effect From 08.11.2022." (Also Read: Get Rs 1 crore on THIS Post Office PPF 2022 scheme by just investing Rs 417 per day: Check return calculator, interest rate, withdrawal rules & other key details)
The bank increased the interest rate on FDs maturing in 7 to 29 days by 35 basis points (bps), from 2.55 percent to 2.9 percent, and the Bank increased the interest rate on FDs maturing in 30 to 45 days by 20 bps, from 2.8 percent to 3 percent. (Also Read: How to transfer Amazon Pay Balance to your bank account in few clicks? Here's the step-by-step guide)
On FDs maturing in the next 46 to 90 days, UCO Bank is now offering an interest rate of 3.5 percent, while on FDs maturing in the next 91 to 180 days, the interest rate has increased by 5 basis points, from 3.7 percent to 3.75 percent.
Deposits that mature from 1 year to 2 years will now fetch an interest rate of 5.75 percent which was earlier 5.3 percent, a hike of 45 bps. For FDs maturing in more than three years and less than five years, the public lender offers an interest rate of 5.6 percent. On FDs maturing in 5 years or more, UCO Bank increased interest rates by 20 basis points, from 5.3 percent to 5.5 percent.
UCO Bank is offering an additional interest rate of 1 percent to staff and ex-staff, and an additional interest rate of 1.5 percent to ex-workers who are senior citizens. Two unique term deposit products, UCO 444 & UCO 666, have been introduced by the Bank. The deposit period includes 444 and 666 days, as the name implies. The programme is valid till December 31, 2022.