BackUCO Bank hikes interest rates on fixed deposits by up to 135 bps
UCO Bank, one of the major public sector lenders, increased interest rates on fixed deposits under ₹2 crore.
PremiumUCO Bank, one of the major public sector lenders, increased interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the revised rates took effect on December 2, 2022. The bank increased FD rates as a result of the modification by up to 135 bps. The bank raised interest rates for retail investors on fixed deposits with maturities ranging from 46 days to 666 days. The maximum interest rate that retail investors can receive on deposits that mature in 666 days is 6.50%.
UCO Bank FD Rates
On deposits maturing in 7 days to 29 days, the bank will continue to offer an interest rate of 2.90% and on those maturing in 30-45 days, UCO Bank will continue to offer an interest rate of 3.00%. UCO Bank has hiked the interest rate by 50 bps from 3.50% to 4% on deposits maturing in 46 to 90 days and the bank has hiked the interest rate by 25 bps from 3.75% to 4% on those maturing in 91-120 days. Deposits maturing in 121-150 days will now fetch an interest rate of 4.50% which was earlier 3.75% a hike of 75 bps and those maturing in 151-180 days will now fetch an interest rate of 5.00% which was earlier 3.75% a hike of 125 bps.
On FDs maturing in 181-364 days, the bank has hiked the interest rate from 4.65% to 6.00% a hike of 135 bps and on those maturing in 1 year, the bank has hiked the interest rate from 5.75% to 6.35% a hike of 60 bps. Deposits maturing from above 1 year to upto 2 years will now fetch an interest rate of 6.20% which was earlier 5.75% a hike of 45 bps and those maturing from above 2 years to 5 years will now fetch an interest rate of 6.00% which was earlier 5.60% a hike of 40 bps.
UCO Bank has hiked interest rate by 50 bps from 5.50% to 6.00% on FDs maturing in 5 years and above and the bank has hiked interest rate by 10 bps from 6.15% to 6.25% on FDs maturing in 444 days. On FDs maturing in 666 days, the bank has hiked interest rates by 25 bps from 6.25% to 6.50%.
For staff the additional interest rate benefit available at the bank is 1.00%, 1.25% for retired staff senior citizens on tenors up to 1 year and 1.50% on tenors above 1 year.
“As per the decision taken by the Competent Authority rate of interest on Bulk Term deposit above Rs. 10.00 crores stands revised as below w.e.f. 28.11.2022," said UCO Bank on its website.
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