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Home / Money / Personal Finance /  UCO Bank hikes term deposits rates for these senior citizens, revises repo-rate linked savings too; Check latest rates

UCO Bank hikes term deposits rates for these senior citizens, revises repo-rate linked savings too; Check latest rates

The bank has raised interest rates in the range of 5-25 basis points for retired staffs senior citizen on various tenures with effect from April 11. (Mint)Premium
The bank has raised interest rates in the range of 5-25 basis points for retired staffs senior citizen on various tenures with effect from April 11. (Mint)

  • The announcement comes after RBI keeps the repo rate unchanged at 4% for the 11th time in a row. A retired staff senior citizen will be the biggest beneficiary in term deposits below 2 crore.

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Kolkata-based UCO Bank has revised its interest rates on repo rate linked savings deposits and term deposits. The announcement comes after RBI keeps the repo rate unchanged at 4% for the 11th time in a row. A retired staff senior citizen will be the biggest beneficiary in term deposits below 2 crore.

Repo rate linked savings deposits:

Post-RBI's first bi-monthly monetary policy for FY23, UCO Bank revised its repo rate linked to savings bank deposit rates. With effect from April 10, UCO Bank offers 2.60% per annum on savings deposits linked with repo rate, up to 10 lakh. The interest rate is 2.75% on deposits more than 10 lakh, however, they are not linked with the repo rate.

Retired Staff Senior Citizens:

Furthermore, UCO Bank has revised additional interest benefits on domestic term deposits below 2 crore for retired staff (senior citizens). The bank has raised interest rates in the range of 5-25 basis points for this category on various tenures with effect from April 11.

A senior citizen who is an ex-staff at UCO Bank will earn a 6.60% interest rate on term deposits below 2 crore from the current 6.40%. While the bank will offer a 6.6% rate each on more than 1 year but up to 2 years and above 2 Years up to 3 Years tenure from present 6.50% each.

The bank will offer a 6.80% interest rate on above 3 Years and less than 5 Years tenure to retired senior citizen staff from the current 6.55%. A 6.6% will also be given on 5 years and above tenure to the retired elderly from the current 6.55%.

Meanwhile, interest rates on below 1-year tenure have been kept unchanged. The bank offers a 4.05% rate from 7 days to 29 days tenure, 4.9% from 30 days to 45 days tenure, 5.05% from 46 days to 90 days tenure, and 5.20% from 91 days to 180 days tenure. A 5.90% rate is offered on 181 to 364 days tenure.

Non-retired Staff:

To the non-staff general citizen, UCO Bank offers a 2.55% to 4.4% interest rate on tenures starting from 7 days to 364 days. 5.10% interest rate is given on 1 year to 3 years tenure, while 5.3% is offered from above 3 years to 5 years and above.

Moreover, to non-staff senior citizens, the bank offers a 2.8% to 4.65% rate on tenures starting from 7 days to 364 days. 5.35% is offered on 1-year tenure, 5.6% is given on more than 1 year to 3 years, and 5.8% is provided on more than 3 years to 5 years and above.

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