One of the emerging public sector banks in India, UCO Bank is providing the Indian citizens with retail fixed deposit products of different tenures with attractive returns.
However, the returns provided for different tenures can be changed according to the bank’s market conditions and liquidity requirements.
UCO Bank’s short-term fixed deposit tenures range between 1-9 months where the rates can be availed between 5.6% per annum to 7.35% per annum. For the holding period of two months, the returns can be pegged at 6.1% per annum whereas, 6.6% per annum is the interest rate for the tenure of three months. Moreover, for the tenure of four and six months, the interest rate is calculated at 7.1% per annum and 7.35% per annum respectively.
For the holding period of one year up to three years, the interest rate calculated is at 7.75% per annum. On the other hand, it is slightly decreased by 0.25% to 7.50% per annum for the holding period of five years.
Unlike other financial institutions, UCO Bank offers the senior citizens with an additional 0.25% increase in their fixed deposit holdings. Hence, for the short-term fixed deposit of one month to one year, the rate of interest is calculated in the range of 5.85% to 8% per annum. However, the senior citizens are benefitted more with the long-term holdings. For the holding period of two years and up to five years, the rate o interest is calculated in the range of 8.25% to 8% per annum.
The fixed deposit schemes are good for those individuals who want to invest in some profitable products, and UCO Bank’s short and long-term tenures are a good investment choice.
Kindly Note: The rates compounded quarterly are on a per year basis.