UCO Bank, India's largest public sector lender, has raised interest rates on fixed deposits to Rs. 2 crores. The updated rate adjustments went into effect on November 8. The UCO bank has raised interest rates by up to 45 basis points. The amended updates are as follows:
7 days to 5 years: 2.90% to 5.50% for the general population and 3.15% to 6.00% for seniors
FDs maturing in 7-29 days have increased by 35 basis points from 2.55% to 2.90%.
FDs mature in 30-45 days, and the current interest rate is 3.00%, up from 2.80% before. The bank raised interest rates by 20 basis points.
FDs due in 46-90 days now have an interest rate of 3.50%, while FDs maturing in 91-180 days have seen a 5 basis point increase from 3.70% to 3.75%.
181- 364 days FDs now provide an interest rate of 4.65%, up from 4.40% before, a 25 basis point increase. While deposits due in one to two years will earn 5.75% instead of 5.30%, a 45 basis point increase.
Fixed deposits with terms of more than two years and up to three years now have an interest rate of 5.30%, up from 5.60%, a 30 basis point increase. Simultaneously, the bank is giving a 5.60% interest rate on FDs expiring in more than three years but less than five years. This rise has seen a 20 basis point increase from 5.30%.
Staff and ex-staff receive an additional interest rate of 1.00%, while elderly people receive an additional interest rate of 1.50%.