Great news for investors who find investing in FDs as one of their secure investment options. The interest rates on FDs under 2 crores were raised by 0.45 per cent, or 45 basis points, at State Bank UCO.
The banks have recently raised the interest rates on FDs with terms ranging from 7 days to 5 years and beyond. Currently, the bank offers 2.90 per cent to 5.75 per cent on FDs to common citizens. Senior citizens are also given the interest in FDs with varying terms, ranging from 3.15 per cent to 6 per cent.
Interest in FD of UCO Bank:
The bank now offers 2.90 per cent interest on FDs with terms of 7 to 29 days, up from 2.55 per cent previously. The bank has increased the interest it pays on FDs from 30 to 45 days by 0.20 per cent, so this period's FDs now earn 3.00 per cent interest. The interest rate on UCO Bank's FDs with terms between 46 and 90 days is now 3.50 per cent, and it has increased from 3.70 per cent to 3.75 per cent on FDs with terms between 91 and 180 days.
The bank now offers 4.65 per cent interest instead of the previous 4.40 per cent interest on FDs with terms between 181 and 364 days. As a result, the interest rate on FDs has increased from one year to two years from 0.45 per cent to 5.75 per cent. Previously, the bank was paying interest of 5.30 per cent on the FD for this time period. Interest rates on FDs with terms longer than two years but less than three years have increased from 5.30 per cent to 5.60 per cent. A 0.30 per cent increase has been made.
Interest rates on long-term FDs:
The bank offers 5.60 per cent interest on FDs held in UCO Bank for more than three years but less than five. FD interest rates for loans with terms of five years or longer have also increased, from 5.30 per cent to 5.50 per cent. A 0.20 per cent increase has been made.
