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Senior Citizens Fixed Deposit Interest Rates in UCO Bank

Updated 12 Jan 2024

UCO Bank recognises the invaluable contributions of senior citizens and offers a specialised Fixed Deposit (FD) scheme tailored for them. Catering to individuals aged 60 and above, this FD scheme offers enhanced interest rates, ensuring their golden years are financially secure.

Not just a nod to their long-standing relationship with the banking sector, this elevated interest rate is a token of appreciation for their lifelong endeavours. In a world of fluctuating financial fortunes, UCO Bank's Senior Citizen Fixed Deposit Rate provides a dependable avenue for the elderly to maximize their savings and enjoy the fruits of their labour.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: UCO Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

UCO Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7-14 days3.40%
15-29 days3.40%
30-45 days3.50%
46-60 days4.50%
61-90 days4.50%
91-120 days5.00%
121-150 days5.01%
151-180 days5.52%
181-364 days6.04%
1 year7.16%
Above 1 Yr - 443 days7.16%
445 -2 Yrs7.21%
Above 2yrs - 3yrs7.16%
Above 3yrs - 5yrs7.26%
Above 5 yrs7.57%

Note: All interest rates shown above are applicable w.e.f. 01-10-2023.

Eligibility Criteria

  • Must be at least 60 years old on opening the FD account.
  • Should be a resident to open the senior citizen FD.
  • NRIs can open accounts via NRE and NRO accounts.

Documents Required

Identity Proofs

  • Aadhar Card
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill
  • Utility Bill
  • Bank Statement
  • Cancelled Cheque

Age proof is crucial to avail of a Senior Citizen FD account.


How much extra interest do senior citizens get on their FDs?

The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.

Can a senior citizen avail of this benefit on joint accounts?

For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.

Is the higher interest rate for senior citizens applicable on Tax-saving FDs as well?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.


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