Bank FD Scheme: UCO Bank’s FD scheme can make you rich. This scheme offers interest rates of up to 7.95%. By depositing just ₹1 lakh, you can earn a substantial, fixed return upon maturity. Let’s understand the full calculation of this scheme in simple terms.
Bank FD Scheme: If you’re looking to grow your money in a safe investment with guaranteed returns, UCO Bank’s Fixed Deposit (FD) scheme could be a reliable option. This public sector bank offers excellent interest rates on its FD accounts. The interest rates on UCO Bank’s FDs are attracting investors. Under this scheme, you can invest for a period ranging from 7 days to 10 years and earn significant interest over a fixed period.
What’s special about UCO Bank’s FD scheme?
UCO Bank offers its customers interest rates ranging from 2.90% to 7.95% on FDs. This interest rate depends on your investment period and category (general customer, senior citizen, or retired staff). The most notable feature is that UCO Bank offers its customers the highest interest rate on its special FD scheme of 444 days.
What is the accounting for FD returns?
The interest rate on a 444-day FD for ordinary citizens is approximately 6.45%, while senior citizens receive 6.95%. For retired senior citizen employees of UCO Bank, the rate is even higher at 7.95%, which is currently considered the most attractive among any public sector bank.
How much interest will you earn on a ₹1 lakh deposit?
If you are a general customer and deposit ₹100,000 with UCO Bank for a period of five years, you can earn a total of approximately ₹135,351 upon maturity, meaning you can receive a fixed return of ₹35,351. If you are a senior citizen, you will receive a return of ₹138,723 over the same five-year period, including fixed interest of ₹38,723. This amount can be even higher for retired bank staff, as they can earn 1.25% to 1.50% more interest than regular customers.
Great Offer for Senior Citizens
UCO Bank offers special FD interest rates to its retired employees and senior citizens.
For FDs of less than 1 year, they can earn 1.25% more interest than the normal rate.
For FDs of more than 1 year, they can earn 1.50% more interest.
This facility not only provides senior citizens with better returns but also gives them the assurance of a safe investment.
Why invest in UCO Bank FDs?
1. Government Bank Guarantee – UCO Bank is under the Government of India, ensuring your funds are safe.
2. Fixed Returns – FD investments offer fixed interest rates, making them immune to market fluctuations.
3. Flexible Options – You can choose your investment tenure from 7 days to 10 years.
4. Tax Benefits – By investing in a 5-year tax-saving FD scheme, you can avail tax benefits under Section 80C.
5. Auto-renewal and Loan Facility – You can also take a loan against your FD if needed.
UCO Bank FD Conclusion
If you want to grow your savings without any risk, UCO Bank’s FD scheme is an excellent option. While senior citizens get additional interest, even ordinary investors are getting a return rate of more than 6%. By depositing just ₹1 lakh, you can safely earn interest of more than ₹38,000. In fact, UCO Bank’s FD scheme is a perfect combination of stability and reliability – which can prove to be a safe and profitable deal for investors.
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