Mumbai: One of the leading public sector lenders, UCO Bank raised its interest rates on fixed deposits under Rs 2 crore. The bank increased interest rates on a variety of tenors starting at 1 year and going up to 5 years and above by up to 50 bps.
The bank will continue to pay 2.90% interest on deposits maturing in the next seven to nine days, and 3.00% on deposits maturing in the next thirty to forty-five days. UCO Bank will continue to provide interest rates of 4% on deposits maturing in the next 46–120 days and 4.50% on deposits maturing in the following 121–150 days. Deposits maturing between 151 and 180 days will continue to pay 5.00% interest, and deposits due between 181 and 364 days will continue to pay 6.00% interest. On deposits maturing in 1 year, the bank has hiked the interest rate by 25 bps from 6.50% to 6.75%, and for those maturing from above 1 year to upto 2 years, UCO Bank has hiked the interest rate by 20 bps from 6.30% to 6.50%.
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UCO Bank has hiked the interest rate by 10 bps from 6.20% to 6.30% on a deposit tenor of above 2 years and up to 3 years and the bank has kept the interest rate unchanged at 6.20% on a deposit tenor of above 3 years and below 5 years. Deposits maturing in 5 years and above will continue to fetch an interest rate of 6.10% and those maturing in 444 days will now fetch an interest rate of 7.00% On deposits maturing in 666 days, the bank has hiked the interest rate to 7.15%.
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