This bank hikes FD interest rates by up to 1.35%

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UCO Bank, a public sector lender, has raised interest rates on fixed deposits with deposit amounts under Rs. 2 crore on select tenors. The new rates are effective from December 2, 2022, according to the UCO Bank website.

UCO Bank FD interest rates
The bank will continue to give an interest rate of 2.90% on deposits maturing in the next 7 to 29 days, while UCO Bank will continue to offer an interest rate of 3.00% on deposits maturing in the next 30 to 45 days.

UCO Bank increased the interest rate on deposits maturing in 46 to 90 days by 50 basis points (bps), from 3.50% to 4%, and on deposits maturing in 91 to 120 days by 25 bps, from 3.75% to 4%. Deposits with maturities between 121 and 150 days will now earn interest at a rate of 4.50%, a 75 bps increase, while deposits with maturities between 151 and 180 days will now earn interest at a rate of 5.00% (up from 3.75% before, a 125 bps increase).

For FDs that mature in 181-364 days, the bank increased the interest rate from 4.65% to 6.00%, a 135 bps increase, and for those that mature in a year, the bank increased the interest rate from 5.75% to 6.35%.

Deposits maturing from above 1 year to up to 2 years will now earn an interest rate of 6.20%, up from 5.75% before, a 45 bps increase. Deposits maturing from above 2 years to 5 years will now earn an interest rate of 6.00%, up from 5.60% previously.
UCO Bank increased interest rates on fixed deposit maturing in 5 years or more by 50 basis points (bps), from 5.50% to 6.00%, and on FDs maturing in 444 days by 10 bps, from 6.15% to 6.25%. The bank increased interest rates on FDs maturing in 666 days by 25 bps, from 6.25% to 6.50%.

Maturity PeriodExisting ROI for GeneralRevised ROI for GeneralExisting ROI forRevised ROI For Senior Citizen
Senior Citizen
Rate % p.a.Rate % p.a.Rate % p.a.Rate % p.a
7-14 days2.90%2.90%3.15%3.15%
15-29 days2.90%2.90%3.15%3.15%
30-45 days3.00%3.00%3.25%3.25%
46-60 days3.50%4.00%3.75%4.25%
61-90 days3.50%4.00%3.75%4.25%
91-120 days3.75%4.00%4.00%4.25%
121-150 days3.75%4.50%4.00%4.75%
151-180 days3.75%5.00%4.00%5.25%
181-364 days4.65%6.00%4.90%6.25%
1 year5.75%6.35%6.00%6.60%
Above 1 Yr to upto 443 days5.75%6.20%6.25%6.70%
above 445 days to upto 665 days5.75%6.20%6.25%6.70%
Above 667 days to upto 2 yrs5.75%6.20%6.25%6.70%
Above 2 yrs and up to 3 yrs5.60%6.00%6.10%6.50%
Above 3 yrs and below 5 yrs5.60%6.00%6.10%6.50%
5 yrs and above5.50%6.00%6.00%6.50%
444 days6.15%6.25%6.65%6.75%
666 days6.25%6.50%6.75%7.00%

Source: Bank website

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