UCO bank was built up by Ghanshyam Das Birla in 1943 under the name of United Commercial Bank. The bank was built up in Kolkata and began with only 14 branches and an underlying speculation of ₹ 2 Cr. UCO Bank rushed to open branches outside India similarly as World War II arrived at an end. They began with branches in Rangoon, London, Malaysia, Singapore and Hong Kong.
UCO Bank Fixed Deposits
UCO Bank accepts deposits from a wide variety of customers in fixed term accounts, paying interest on the funds maintained therein. Returns under these FDs are fixed and rates differ according to the holding periods. Deposit periods are also pre-determined. Depositors have the option under different schemes offered by the bank to maintain funds for short, medium or long periods of time. These schemes come with different kinds of value-add benefits such as renewal, nomination and overdraft facilities.
Eligibility
Any individual, company, private ltd, Hindu Unified Family, society, club, public undertaking, NRI, etc. may apply to open a fixed deposit with UCO Bank.
What does Fixed Deposit Schemes UCO Bank offer?
With such a wide base of customers it is but natural that UCO Bank has a multitude of schemes that are put in place to provide its customers with fixed deposit schemes that are best suited to their needs. Some of these schemes are:
UCO THOUSAND Fixed Deposit
This is a special fixed deposit scheme for which any existing customer or even a new customer can apply. This deposit can be opened for 1000 days at a time and the minimum amount that is invested is ₹ 5000. Any future investments are made in multiples of ₹ 1000 and the limit for investment in this scheme is ₹ 5 Cr. The interest earned is paid only at the time of maturity and investors can take loans against this FD.
Kuber Yojana
This is a long-term investment fixed deposit where the interest is compounded every quarter. The minimum investment in this scheme has to of ₹ 1000 and the tenure can be from 6 months to 10 years. The interest earned is only paid at the time of maturity.
UCO Dhan-Varsha Fixed Deposit
This is a fixed deposit scheme that is available for a short time and may end by March 31st 2015. Under this scheme investors can deposit a minimum of ₹ 5000 for a period of 444 days. The maximum amount that can be invested in this scheme is ₹ 1 Cr. The interest earned is compounded for the first four quarters and the payment of the interest can be done every month at discounted rates.
UCO Monthly Income Scheme
This is again a scheme which will be around only till the 31st of March 2015. Those opting for this scheme will be required to make a minimum deposit of ₹ 50,000 for a period of 5 years. Further investments will need to be made in multiples of ₹ 10,000 and the maximum amount that can be invested is ₹ 1 Cr. The interest earned in this scheme can be paid out on a monthly basis.
UCO Double Fixed Deposit
This is yet another scheme that will be over by March 31st, 2015. Under this scheme depositors can deposit a minimum of ₹ 5000 and a maximum of ₹ 1 Cr. for a period of 8 years and 4 months. Premature withdrawal of the FD is permitted but the depositor may have to pay a penalty for it.
UCO Tax Saver Deposit – 2006
As the name suggests, this fixed deposit is aimed at people who are looking to save money and get tax benefits at the same time. Under this scheme, investors can invest a minimum of Rs 100 to a maximum of rs 1.5 lakhs in a year. The minimum tenure for this deposit is 5 years. No premature withdrawals are permitted before the 5 year period has run out and investments made under this scheme can be shown under section 80C for tax benefits.
Flexible Fixed Deposit
This is a fixed deposit that is similar to a reinvestment plan. Under this scheme a part of the deposit is made available to the depositor for withdrawal in case of emergencies. The money that the depositor withdraws will be in multiples of ₹ 5000 and it will not affect the remaining balance of the FD which continues to earn the same interest.