UCO Bank Senior Citizen FD Rates 2025

What is a UCO Bank Senior Citizen FD?

A UCO Bank Senior Citizen FD is a term deposit scheme that is offered to individuals who have attained the age of 60 years. The bank provides senior citizens with an opportunity to invest a minimum of ₹1,000, and they can open and manage the FD both online and offline. Eligible FDs are automatically renewed at prevailing interest rates on maturity, helping seniors maintain uninterrupted savings without the need for manual action.

View the latest returns offered on UCO Bank Fixed Deposits and check the current UCO Bank FD rates. Let’s explore the latest UCO Bank FD interest rates for senior citizens, key features, and the process to open a senior citizen FD account.

Key Benefits of UCO Bank Senior Citizen FD

The following are some important benefits provided to senior citizens:

1. Diverse FD Schemes for Seniors:

   Choose from schemes like Tax Saver FD, Flexible FD, or Kuber Yojana, tailored to match varied savings needs, tax planning, and income preferences.

2. Premature Withdrawal Facility:

   Early withdrawal is allowed with a penalty of 1% for deposits up to ₹1 crore and 2% for deposits above ₹1 crore, as per bank policy.

3. Different FD Options:

   UCO Bank offers various types of fixed deposits, including UCO Tax Saver Deposit Scheme and the Flexible Fixed Deposit Scheme, each tailored to suit different financial objectives.

4. Auto Sweep Facility:

   UCO Bank's auto sweep facility lets select savings account holders earn higher interest on surplus funds while keeping liquidity. It applies to Classic and Silver accounts with a ₹25,000 minimum balance and Gold and Platinum accounts with ₹50,000. Surplus funds (minimum ₹25,000, in multiples of ₹10,000) are converted into FDs for up to 180 days.

UCO Bank Senior Citizen FD Rates

Below are the updated UCO Bank FD rates for senior citizens:

UCO Bank Senior Citizen FD Rates (Less Than ₹3 Crore)

*UCO Bank FD interest rates w.e.f. June 5, 2025

Note: If the fixed deposit has actually remained with the bank for a minimum period of six months, then the interest on the deposit will be compounded on a quarterly basis.

How to open a UCO Bank Senior Citizen FD?

The process of opening a UCO Bank senior citizen fixed deposit can be done either online or offline, according to your convenience and accessibility. Here's how you can get started:

1. Online Method

   • Log in: Access UCO Bank’s internet banking portal or mobile app using your credentials.
   • Choose FD Option: Go to the ‘Deposits’ section and select the senior citizen FD scheme.
     Enter Deposit Details: Input the deposit amount, tenure, and interest payout preference (monthly, quarterly, etc.).
   • Nominee and Add-ons: Add a nominee and enable auto-renewal or maturity instructions.
   • Transfer Funds: Authorise a secure transfer from your linked UCO savings account.
   • Confirmation: Receive a digital FD receipt via email or save it from your online dashboard.

2. Offline Method

   • Visit the Branch: Go to your nearest UCO Bank branch.
   • Carry Documents: Bring along your Aadhaar, PAN, passport-sized photos, and proof of age (if not already KYC-compliant).
   • Application Form: Fill out the senior citizen FD form with the required details.
   • Deposit Funds: Deposit the amount via cheque, cash, or bank transfer.
   • Receive FD Certificate: The bank will issue a printed certificate or a digital acknowledgement of your fixed deposit.

Taxation on UCO Bank Senior Citizen FDs

Interest on UCO Bank Senior Citizen FDs is taxable and is added to your total income, taxed as per your applicable income tax slab. Starting April 1, 2025, TDS is deducted only if the total annual interest exceeds ₹1 lakh. Senior citizens can submit Form 15H to avoid TDS if their total income falls below the taxable limit. Additionally, under Section 80TTB, a deduction of up to ₹50,000 can be claimed on interest earned from UCO Bank FDs. While tax-saving FDs are eligible for Section 80C deductions, the interest earned on them remains taxable.

Key Takeaway

UCO Bank FD rates for senior citizens combine attractive returns and flexibility. These FD interest rates can reach up to 7.40% p.a., with low deposit requirements and government backing. Seniors can avail of loans or overdrafts of up to 90% of the FD value, providing instant liquidity without disrupting their long-term investment. Whether they prefer regular interest payouts or want to grow their savings securely over time, UCO Bank provides reliable, tailored options that suit a variety of financial goals.