Uco Bank Savings Account Interest Rate

IDFC First Bank Savings Account. On balance amount of up to Rs 1 lakh, IDFC First Bank provides an interest rate of up to 6 percent, on balance amount higher than Rs 1 lakh up to Rs 10 crore the. UCO Bank offers different savings accounts to customers, each loaded with attractive features and benefits. With a range of savings bank accounts on offer – from zero balance accounts, premium accounts, basic accounts, accounts for children and those for defence personnel, the bank caters to the needs of every individual. Apply Online for Savings / Current Account UCO Bank Offers. Implementation of Online Share Trading Facility for UCO Bank Demat Customers.

Table of Contents

• 4 UCO Bank Fixed Deposit Schemes
• 5 UCO Bank Fixed Deposit Interest Calculator
  • 5.3 Features of UCO Bank Double Deposit Scheme

Uco Bank Savings Account Interest Rate Singapore

About UCO Bank Fixed Deposit

A fixed deposit is key to bring a smile on your face as it paves way for the creation of wealth that helps you realize your dreams, which get bigger with time. Every dream needs financing, which can come from fixed deposits that convert a deposited amount into a large corpus over time. When it comes to parking your fund, you can look upon UCO Bank, a Kolkata-headquartered public sector bank that services its customers through more than 4,000 units, close to 50 zonal offices spread across India. The fixed deposit schemes of the bank are suitably designed to meet the specific requirements of the customers. You all would be keen to know the FD interest rates offered by the bank on specific deposit amounts.

UCO Bank FD Interest Rates March 2021

Domestic Deposits

How to Open UCO Bank Fixed Deposit?

Visit any nearest UCO Bank branch and request for application form with respect to fixed deposit. After you receive the form, make sure you fill in the necessary details and submit it to the bank desk for the processing of your application. Along with the application form, you need to deposit a cheque bearing an amount of your wish. The bank officials will verify your identity and address proof details and open your fixed deposit account after successful verification.

UCO Bank Fixed Deposit Schemes

Get ready to taste the slice of various fixed deposit schemes at UCO Bank. The schemes include Kuber Yojana, UCO Monthly Income Scheme, UCO Tax Saver Deposit Scheme-2006 and Flexible Deposit Scheme. These schemes will let interest to compound on a monthly or quarter basis, thereby raising your wealth substantially over the long-term. So, let’s start to discuss the schemes one-by-one.

Kuber Yojana

This is a long-term deposit scheme where interest is compounded quarterly in the wake of reinvestment, thus putting more into your wallet at the time of maturity. Check out below the features of the scheme.

Features

• Minimum Deposit Amount- ₹ 1,000
• Maximum Deposit Amount-No Limit
• Minimum Deposit Period-6 Months
• Maximum Deposit Period-10 Years
• Interest Compounded at Quarterly Intervals
• Total Interest Payable at Maturity

UCO Monthly Income Scheme

The scheme, which runs for a period of 5 years, let investors yield interest on a monthly basis. Salient features of the scheme are shown below.

Features

• Minimum Deposit Amount-₹50,000 and in multiples of ₹10,000 afterwards
• Maximum Deposit Amount- ₹1 Crore
• 1% Penalty on Interest Rate Chargeable on Premature Withdrawal
• Loan & overdraft facility available
• Nomination facility available

UCO Tax Saver Deposit Scheme

It is a term deposit scheme that has a maturity of up to 5 years. Like many tax saver deposit schemes, it also has a lock-in period of 5 years.

Features

• Minimum Deposit Amount-₹100
• Maximum Deposit Amount- ₹1.5 lacs Annually
• Minimum Period of Deposit-5 Years
• Tax Benefit Applicable for a Maximum Limit of Up to ₹1.5 Lacs Under Section 80C of the Income Tax Act
• Nomination Facility Available
• Scheme Transferable from Branch to Branch

Interest Rate on UCO Tax Saver Deposit Scheme

Flexible Fixed Deposit Scheme

Looking for a scheme that will allow you premature withdrawal without bearing any penalty? UCO Bank Flexible Fixed Deposit Scheme is the one to go for. The reinvestment plan accepts the deposits and allows investors to prematurely withdraw a part of the deposit. While, the remaining amount continues to fetch interest at a normal rate. You can withdraw the sum in the multiples of ₹5,000.

These were the details of UCO Bank fixed deposit schemes. However, there was a popular scheme titled ‘UCO Bank Double Fixed Deposit Scheme’, which has now got closed. If you happen to have booked that particular scheme, then you must be getting anxious to know the minute details of the same. We can help you in that by showcasing the features of the scheme.

UCO Bank Fixed Deposit Interest Calculator

The fixed deposit interest calculator takes into account the principal amount, rate of interest and compounding of interest, be it on a monthly, quarterly, half-yearly or annual intervals, to compute the overall sum including interest. So, if you know the interest rate and compounding intervals, you can easily calculate your earning on the deposit amount.

Eligibility Criteria

• Individuals
• Hindu Undivided family
• Jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor
• Joint Stock Companies
• Executors & Administrators in their names
• Clubs
• Societies
• Associations
• Educational Institutions
• Trusts
• Sole Proprietory Concern
• Partnership Firms

Documents Required

• Fixed Deposit Account Opening Form
• Cheque
• 2-3 Passport Size Photographs
• Identity Proof- Passport, PAN Card, Driving License, Voter ID, Aadhaar Card, Photo Ration Card, Senior Citizen ID Card
• Address Proof- Passport, Electricity Bill, Telephone Bill, Bank Statement, Certificate or ID Card Issued by Post Office

Features of UCO Bank Double Deposit Scheme

• Minimum Deposit Amount-₹5,000
• Maximum Deposit Amount-₹ 1 Crore
• Interest Payable on Quarterly Basis with the Power of Compounding
• Premature Withdrawal Charged at 1% Below the Applicable Rate from the Date of Deposit to the Withdrawal Date
• Loan & Overdraft Facility Available
• Nomination Facility Available
• Tax Deduction as per Income Tax Act
• Deposits Not Transferable

A Savings Account is very beneficial with multiple advantages as detailed below:

(1) Earns Interest on your Savings

This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.

Interest rate in savings account ranges from 3.5% to 7%.

(2) Provides Security of Funds

There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.

(3) No Lock-in Period

There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.

(4) Offers Liquidity

You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.

Uco Bank Saving Account Interest Rate

(5) Availability of Variety of Savings Account

Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.

(6) Services of Customer Relation Manager

Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.

(7) Online Banking Facilities

If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.

Uco Bank Savings Account Interest Rates

(8) Provides ATM/ Debit Card

You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.

(9) Helps you Get Credit or Loan

The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.

(10) No Cap on Deposits

There is no limit on the amount deposited and number of times it is deposited.

Uco Bank Savings Account Interest Rate Calculator

(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions

You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.

(12) Free Mobile App

Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.