FD Interest Rate: There is good news for fixed depositors. Public sector UCO Bank (UCO Bank) has launched two new special term deposit schemes – UCO 444 (UCO 444) and UCO 666 (UCO 666).
This scheme is valid till 31st December 2022. At the same time, the bank has increased the interest rates of FDs of less than Rs 2 crore by 47 basis points. According to the bank’s website, the new rates are effective from 8 November 2022.
FD Special Scheme
At least Rs 10,000 can be deposited in UCO Bank’s Special Fixed Deposit scheme. Thereafter, investments can be made in multiples of Rs.1,000. A maximum amount of Rs 2 crore can be deposited in this scheme.
UCO 444 Fixed Deposit Scheme
In UCO Bank’s UCO 444 Deposit Scheme, common citizens will get 6.15% interest while senior citizens will get 6.65% return. This scheme is of 444 days. In this scheme, there is facility to take overdraft and loan against deposits. Staff, ex-staff will get 1% more interest while ex-staff senior citizens will get 1.50% extra interest.
UCO 666 FD Scheme
In the UCO 666 FD scheme, 6.25% interest is being offered to common citizens and 6.75% to senior citizens. Minimum Rs 10,000 and maximum less than Rs 2 crore can be deposited in this scheme.
New interest rates
According to the website of UCO Bank, the bank has increased the interest rate on FDs maturing in 7 days to 29 days by 35 bps from 2.55% to 2.90%. On the other hand, on fixed deposits maturing in 30-45 days, UCO Bank increased the interest rate by 20 bps from 2.80% to 3.00%. The bank is now offering an interest rate of 3.50% on FDs maturing in 46-90 days. UCO Bank increased the interest rate on FDs maturing in 91-180 days by 5 bps from 3.70% to 3.75%.