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UCO Bank Fixed Deposit

Updated 13 Dec 2023

UCO Bank, formerly known as United Commercial Bank, is a leading commercial bank established in 1943 in Kolkata, having more than 3000 branches along with an international presence. UCO bank provides various deposit schemes to investors and is one of the highest fixed deposit interest providers amongst other commercial banks. This article provides more insight into the fixed deposit schemes of UCO Bank.

Fixed Deposits (FDs) are a secured way of investing wherein money can be deposited for a fixed period of time at a predetermined fixed rate of interest which is usually higher than a savings bank account.

Types of UCO Bank Fixed Deposits

  • Standard FD
  • Special FD
  • UCO Tax Saver Deposit Scheme
  • Kuber Yojana Scheme
  • UCO Monthly Income Scheme
  • Flexible Fixed Deposit Scheme

Benefits of UCO Bank Fixed Deposit Schemes

The following are the benefits of investing in Fixed Deposit Schemes offered by UCO Bank:

  • Option to choose interest payment frequency (monthly, quarterly, half-yearly, annually)
  • One can save tax by investing in tax-saving fixed deposits.
  • Using the online application of UCO bank, one can easily deposit in a fixed deposit account by opening an account with the bank.
  • Senior citizens, Ex-staff and staff members are offered additional interest rates, which are up to 0.50%, 1.50%, and 1%, respectively, more than that for regular citizens.

Features of UCO Bank Standard FD

  • A standard FD can be started with a minimum investment of ₹100.
  • The tenure of the FD ranges from 7 Days to 10 years.
  • This is usually the preferred FD option chosen by investors.
  •  Investors can also avail loans against their FDs.

Features of UCO Bank Special FD

  • Special FDs are named so as these are usually launched for a special time period.
  • These FDs offer lucrative and higher interest rates than Standard FDs and are popular among investors.
  •  UCO bank keeps launching Special FDs for different durations, and currently, the bank has Special FDs for 444 days, 666 days and 1000 days.

Features of UCO Bank Tax Saver Deposit Scheme

  • Unlike standard FDs, investors can not withdraw their deposits before 5 years.
  • You can avail income tax deduction under section 80C from ₹100 to 1.5 lakhs in a year. 
  • Loans against this scheme are not allowed.

Features of UCO Bank Kuber Yojana Scheme

  • This scheme is a long-term investment scheme which facilitates investment with a minimum ₹1000.
  • It provides reinvestment of the interest component, thereby providing the benefits of compounding.

Features of UCO Bank Monthly Income Scheme

  • This scheme provides simple interest and facilitates monthly payout of the interest earned.
  • This deposit requires a minimum investment of ₹50,000 for a period of 5 years.
  • This scheme is generally preferred by senior citizens and others who require a steady stream of cash flows.

Features of UCO Bank Flexible Fixed Deposit Scheme

  • This scheme also provides the benefits of compounding by reinvesting the interest earned.
  • A part of the deposit can be prematurely encashed without affecting the remaining portion that continues to earn interest at the agreed rate. 
  • This scheme allows withdrawal in multiples of ₹5000 which can fulfil the emergency requirements of the investor.

Eligibility Criteria

Any person in his individual capacity or more than one person in their joint names, any minor jointly with a major, can open a deposit with UCO bank.

Further, Sole Proprietary concerns, members of charitable and educational institutions, HUF, Clubs, Private Traders, Merchants, Agents, Professionals, Partnerships Firms, Societies & Corporates are also eligible to open their fixed deposit accounts with UCO bank.

One can start a fixed deposit with a minimum investment of ₹ 100.

Documents Required

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

  • For Identification Proof – PAN Card, Driving License, Passport, Voter’s ID, Aadhar Card, Govt./Defense ID card or ID Card issued by a Reputed employer.
  • For Address proof - Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Bank account statement, Letter from a reputed employer, Letter from any recognised public authority /local body, Income tax/wealth tax Assessment order
  • For Date of Birth proof -  Applicable for Senior Citizens & Minor only.
    • For Senior Citizens ( any one of the following) : 
      • Passport
      • Voter ID Card
      • Driving License
      • PAN Card
      • Service Discharge Certificate
      • PPO in the case of Pensioner
    • For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
  • Two recent passport-size photographs of account holders.

Note- The above requirements are waived if the customer is already an account holder of the Bank.

How to Open UCO Bank Fixed Deposit Account

1. If you already hold a Savings or Current Account with UCO bank, a Fixed Deposit can be opened using the below procedure.

Using UCO Bank Mobile Application (App)
Login to the UCO ‘M-Banking Plus’ mobile application, go to the Banking section in the App, Click on the Fixed/Recurring Deposits option, then click on Open Fixed Deposits. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form, one can submit the details and create an FD.

Using UCO Internet banking website
Login to the UCO Internet Banking website and navigate to the “Online Deposit” tab. From the menu, select “Fixed Deposits” and click on “Apply Now. This will generate an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling out the form, one can submit the details and create an FD.

2. If you are a new customer of UCO bank and do not hold any account, you can visit the nearest UCO bank with the Original PAN & Aadhar as well as the soft copy of the same. The bank official will help you to directly open an FD without having any savings / current account.

3. Also, there is an option to create a savings/ current account with the bank and then open an FD using a Mobile application or Internet Banking Facility.

How to Close UCO Bank FD?

To close the UCO Bank FD, please follow the steps below:

  • Visit the Bank Branch.
  • Fill out the premature FD closure form.
  • Attach your KYC documents.
  • Submit your FD receipt or certificate along with the documents.

UCO Bank Fixed Deposit Scheme Premature Withdrawal Terms and Conditions

UCO Bank may levy a penalty of 0.5% or 1% for premature withdrawal of FD. The penalty rates can vary and are subject to change.

FAQs

When is the right time to invest in an FD?

One can invest in Fixed Deposits when interest rates are high or when someone has retired and aims to have a safe investment.

Why should I invest in fixed deposits when other investment instruments are offering better returns?

Investing in a Fixed Deposit is a liquid asset and can be beneficial in emergency situations. For example, in a bear market, when equity investments are down and you are in need of money, premature FD withdrawal can be more beneficial than withdrawing investments by incurring losses.

It is also a good investment to have post-retirement so that the money can be used in case there is a medical emergency.

Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?

Yes, for such extreme situations, each depositor is insured up to a maximum of ₹5 lakhs (for both principal and interest). In case you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.

How is a tax-saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per the choice of an individual, and they are eligible for premature withdrawals

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UCO Bank

Calculate UCO Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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