Kolkata-based UCO Bank has revised its interest rates on savings deposits and term deposits linked to the repo rate. The announcement comes after RBI kept the repo rate unchanged at 4% for the 11th consecutive time. A retired staff senior will be the biggest beneficiary of term deposits below ₹2 crores.
Savings deposits linked to the Repo rate:
After the RBI’s first bi-monthly monetary policy for FY23, UCO Bank revised its repo rate linked to savings bank deposit rates. Since April 10, UCO Bank has been offering 2.60% per annum on savings deposits linked to the repo rate, up to ₹10,000,000. The interest rate is 2.75% on deposits over ₹10 lakh, however, they are not tied to the repo rate.
Senior retired staff:
Additionally, UCO Bank has revised the additional interest benefits on Domestic Term Deposits below ₹2 crore for retired staff (elderly). The bank raised interest rates by 5 to 25 basis points for this category on various mandates starting April 11.
A senior who is a former staff member of UCO Bank will earn an interest rate of 6.60% on term deposits below ₹2 crore from the current 6.40%. While the bank will offer a rate of 6.6% each over 1 year but up to 2 years and above 2 years up to 3 years occupancy from present 6.50% each.
The bank will offer an interest rate of 6.80% on tenures greater than 3 years and less than 5 years to retired senior staff, from the current rate of 6.55%. A rate of 6.6% will also be granted over 5 years and more to retired seniors from the current rate of 6.55%.
Meanwhile, interest rates on terms of less than 1 year remained unchanged. The bank offers a rate of 4.05% from 7 days to 29 days of mandate, 4.9% from 30 days to 45 days of mandate, 5.05% from 46 days to 90 days of mandate and 5.20% from 91 days to 180 days in office. A rate of 5.90% is offered on a term of 181 to 364 days.
For the non-salaried general citizen, UCO Bank offers an interest rate of 2.55% to 4.4% on terms ranging from 7 days to 364 days. An interest rate of 5.10% is granted over a period of 1 to 3 years, while 5.3% is offered from 3 years up to 5 years and more.
In addition, to non-salaried seniors, the bank offers a rate of 2.8% to 4.65% on tenures ranging from 7 days to 364 days. 5.35% is offered on a one-year term, 5.6% is granted on more than one year to 3 years and 5.8% is offered on more than 3 years to 5 years and more.
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