UCO Bank FD Rates Calculator
INR
%
Months
Principal Amount:
₹0
Effective Interest Rate:
0%
Total Interest Earned:
₹0
Maturity Value:
₹0
Understanding UCO Bank Fixed Deposits
Fixed Deposits (FDs) are one of the safest investment instruments available in India. UCO Bank, a leading public sector bank, offers competitive interest rates on term deposits for various tenures. This calculator helps you estimate the maturity amount and interest earned on your deposit based on current compounding standards.
How This Calculator Works
The UCO Bank FD Rates Calculator uses the compound interest formula used by most Indian banks for term deposits. Here is how the logic is applied:
- Compounding Frequency: UCO Bank, like most Indian banks, compounds interest on a quarterly basis for standard FDs.
- Senior Citizen Benefit: Senior citizens typically receive an additional interest rate benefit (usually 0.50% higher than the general public rate). Checking the box in the calculator automatically adds this premium to your entered rate.
- Formula: A = P * (1 + R/400)^(4*N), where A is maturity amount, P is principal, R is annual rate, and N is years.
Current Rate Trends (Indicative)
While rates fluctuate based on RBI policy, typical FD brackets for UCO Bank generally follow this structure (rates subject to change):
| Tenure | General Public Rate | Senior Citizen Rate |
|---|---|---|
| 7 Days to 29 Days | 2.90% | 3.15% |
| 1 Year | 6.50% | 7.00% |
| 444 Days (Special) | 7.25% | 7.75% |
| 5 Years and above | 6.20% | 6.70% |
Benefits of UCO Bank FDs
- Safety: Being a public sector bank, UCO Bank offers high security for your deposits.
- Liquidity: Loan facilities are available against your Fixed Deposit up to 90% of the deposit value.
- Tax Savings: 5-year Tax Saver FDs are available for deductions under Section 80C of the Income Tax Act.
- Nomination: Nomination facility is available for all deposit holders.
TDS on Fixed Deposits
Interest income from Fixed Deposits is fully taxable. If the interest income exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), the bank deducts Tax Deducted at Source (TDS) at 10%. If PAN is not provided, TDS is deducted at 20%.