 "UCO Bank raises FD rates, launches two special schemes; details here")
Various banks have been hiking interest rates on fixed deposits (FDs) after the Reserve Bank of India (RBI) started increasing the repo rate in May. Now, UCO Bank has also joined this cycle of increasing rates by hiking the rate of interest on fixed deposits (FDs) below the amount of Rs 2 crore.
The revised rates came into effect on 8 November. On term deposits ranging from 7 days to 5 years and above, the bank now provides interest between 2.9 percent and 5.5 percent to the general public. Senior citizens are now receiving interest rate from 3.15 percent to 6 percent for the same period. Also, two special term deposit schemes have been launched by the bank, namely UCO 444 and UCO 666. The programme is going to be valid till 31 December, 2022.
Staff and ex-staff members will now earn an additional 1 percent interest. The bank is now giving an additional interest of 1.5 percent to senior citizen ex-workers.
Check the revised rates:
UCO Bank has raised the interest rate on FDs maturing in 7 to 29 days by 35 basis points (bps) to 2.9 percent. It hiked the interest rate on FDs maturing in 30 to 45 days from 2.8 percent to 3 percent. The bank is giving a 3.5 percent interest on FDs with a maturity period of 46 to 90 days. FDs maturing in 91 to 180 days will now receive 3.75 percent interest, up by 5 basis points from 3.7 percent.
Deposits maturing in more than 1 to less than 2 years will now earn 5.75 percent interest, up by 45 bps. FDs maturing in more than 3 and less than 5 years, will offer 5.6 percent returns. The bank now provides 5.5 percent interest on FDs maturing in 5 years or more.
Know about UCO 444 and UCO 666
In the UCO 444 deposit scheme, senior citizens will earn 6.15 percent interest. The staff will receive 6.65 percent interest, and ex staff and senior citizens will earn 7.15 percent. Under te UCO 666 deposit scheme, the bank will offer 6.25 percent interest to senior citizens. Staff members will earn 6.75 percent interest, and ex staff and senior citizens will receive 7.25 percent interest.
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