All About UCO Bank NRE FD Interest Rates

UCO Bank offers the best-fixed deposit/term deposit plans for Non-Resident Indians (NRIs)/Persons of Indian Residents with a high interest rate. This applies to various deposit amounts ranging from less than Rs 2 crore to above Rs 100 crore. Customers can earn good returns on these deposits without taking high risks.

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What is the UCO Bank NRE Account? 

To get the benefits of the UCO Bank NRE account, an NRI/ POI needs to open the NRE account in UCO Bank and has to deposit the amount at a specified interest rate and opted term. 

At the end of the maturity period, the interest will be compounded on the principal amount; the maturity amount will be handed over to the account holder. In case of the account holder's demise, the maturity amount will be handed over to the nominee/ beneficiary. 

What are the Features of the UCO Bank NRE Account?

The following are some of the features of the UCO Bank NRE account are given below:

  1. Loan Facility

    UCO Bank will provide a loan facility against NRE FD deposits for the NRI and the Indian residents in Indian rupees.

  2. Joint Accounts

    An NRI/ PIO can open the FD NRE account in UCO Bank jointly either with the other NRI/ PIO or any other Indian resident (former or survivor). 

  3. Remittance in Any Currency

    Remittances from overseas must be made to the UCO Bank in convertible rupees or the currencies such as USD, GBP, EUR, JPY, etc.

  4. Repatriation

    The principal amount and the accumulated interest will be repatriable in the UCO Bank.

  5. Tax Benefit

    Income tax and wealth tax are exempted from the tax under the Indian Income Tax. 

    Note: The tax benefit is subject to change as per the existing laws.

How Can Customers Benefit from UCO Bank NRE Account?

The benefits of the customer by availing the NRE FD account in UCO Bank are:

  • It is an easy, efficient, quick and conventional channel to transfer money to India from overseas.
  • Availability of nomination facility and easy liquidity.
  • The facility of loan against the FD accounts deposits.
  • The premature closure option with the condition of imposing the penalty.

An Overview- UCO Bank NRE FD Interest Rates

The interest rates on the NRE (Non- Resident External) Fixed Deposit/ Term Deposits are given below:

Interest rates for the fixed deposits less than Rs 2 crore:

UCO Bank NRE FD Interest Rates for the Deposits Less than Rs 2 crore  (w.e.f 10th January 2021)

Deposit Tenure

Interest Rates (% per annum)

1 year

4.90%

More than 1 year to 2 years

5.00%

More than 2 years to 3 years 

5.00%

More than 3 years to less than 5 years

5.05%

More than 5 years and above 

5.05%

Disclaimer: UCO Bank NRE fixed deposit rates may change from time to time as the changes occur in the market conditions or due to the bank’s discretion.

Bulk Interest rates for the fixed deposits Rs 2 crore to Rs 5 crore: 

UCO Bank NRE FD Interest Rates for the Deposits are Rs 2 crore up to and Including Rs 5 crore (w.e.f. 11th June 2021) (Single NRE Fixed Deposit)

(With the reference number T&I/ MUM/ NRETDR/ 30/ 2021- 2022 w.e.f. 11th June 2021)

Deposit Term 

Existing Interest Rates (% per annum)

Revised Interest Rates (% per annum)  

1 year

3.70%

3.40%

More than 1 year to 2 years

3.70%

3.40%

More than 2 years to less than 3 years

3.25%

3.25%

3 years and above to less than 5 years

3.25%

3.25%

5 years and above 

3.25%

3.25%

Disclaimer: UCO Bank NRE fixed deposit rates may change from time to time as the changes occur in the market conditions or due to the bank's discretion.

Bulk Interest rates for the fixed deposits above Rs 5 crore to including Rs 25 crore: 

UCO Bank NRE FD Interest Rates for the Deposits Above Rs 5 crore to Including Rs 25 crore (w.e.f. 15th June 2021) 

(With the reference number T&I/ MUM/ NRETDR/ 34/ 2021- 2022 w.e.f. 15th June 2021)

Deposit Term 

Existing Interest Rates (% per annum)

Revised Interest Rates (% per annum)  

1 year

3.40%

3.40%

More than 1 year to 2 years

3.40%

3.40%

More than 2 years to less than 3 years

3.25%

3.25%

5 years and above 

3.25%

3.25%

Disclaimer: UCO Bank NRE fixed deposit rates may change from time to time as the changes occur in the market conditions or due to the bank’s discretion.

Bulk Interest rates for the fixed deposits above Rs 25 crore to including Rs 100 crore: 

UCO Bank NRE FD Interest Rates for the Deposits Above Rs 25 crore to Including Rs 100 crore (w.e.f. 15th June 2021) 

(With the reference number T&I/ MUM/ NRETDR/ 34/ 2021- 2022 w.e.f. 15th June 2021)

Deposit Term 

Existing Interest Rates (% per annum)

Revised Interest Rates (% per annum)  

1 year

3.40%

3.40%

More than 1 year to 2 years

3.40%

3.40%

More than 2 years to less than 3 years

3.25%

3.25%

5 years and above 

3.25%

3.25%

Disclaimer: UCO Bank NRE fixed deposit rates may change from time to time as the changes occur in the market conditions or due to the bank’s discretion.

Bulk Interest rates for the fixed deposits above Rs 100 crore: 

UCO Bank NRE FD Interest Rates for the Deposits Above Rs 100 crore (w.e.f. 15th June 2021) 

(With the reference number T&I/ MUM/ NRETDR/ 34/ 2021- 2022 w.e.f. 15th June 2021)

Deposit Term 

Existing Interest Rates (% per annum)

Revised Interest Rates (% per annum)  

1 year

3.50%

3.40%

More than 1 year to 2 years

3.50%

3.40%

More than 2 years to less than 3 years

3.25%

3.25%

5 years and above 

3.25%

3.25%

Disclaimer: UCO Bank NRE fixed deposit rates may change from time to time as the changes occur in the market conditions or due to the bank’s discretion.

Wrapping it Up

UCO Bank NRE FD account provides a reasonable and safe return to the customers who have deposits in it. At the same time, the customers can also get various benefits. Before proceeding with any fixed deposits with the bank, please make sure to check the interest rates with them.

Written By: PolicyBazaar - Updated: 01 September 2021
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