FDs on Wint Wealth | Earn 9.5% Returns P.A. (2024)

• Standard FD: A standard FD can be started with a minimum investment of ₹100 for a period ranging from 7 Days to 10 years. This is the usually the most preferred FD option chosen by investors. Investors can also avail loans against their FDs.
• Special FD: Special FDs are named so as these are usually launched for a special time period. These FDs offer lucrative and higher interest rates than Standard FDs and are popular among investors. UCO bank keeps launching Special FDs for different durations and currently the bank has Special FDs for 444 days, 666 days and 1000 days.
• UCO Tax Saver Deposit Scheme: Unlike standard FDs, investors can not withdraw their deposits before 5 years but can avail income tax deduction under section 80C from ₹100 to 1.5 lakhs in a year. However, loans against this scheme are not allowed.
• Kuber Yojana Scheme: This scheme is a long term investment scheme which facilitates investment with minimum ₹1000 and provides reinvestment of the interest component thereby providing benefits of compounding.
• UCO Monthly Income Scheme: This scheme provides simple interest and facilitates monthly payout of the interest earned. This deposit requires a minimum investment of ₹50,000 for a period of 5 years. This scheme is generally preferred by senior citizens and others who require a steady stream of cash flows.
• Flexible Fixed Deposit Scheme: This scheme also provides benefits of compounding by reinvesting the interest earned, however, part of the deposit can be prematurely encashed without affecting the remaining portion that continues to earn interest at the agreed rate. This scheme allows withdrawal in multiples of ₹5000 which can fulfill emergency requirements of the investor.
• UCO Bank Fixed Deposit Interest Rates: Generally, with the rise in repo rates, banks tend to increase their deposit and lending rates. The repo rate by the RBI acts as a benchmark for banks, NBFCs, and other financial institutions as this is the rate at which the RBI lends money to the banks.

UCO bank offers several advantages like assured returns, overdraft facility against the fixed deposit and premature withdrawal options.

Pros:

• Option to choose interest payment frequency (monthly, quarterly, half yearly, annually)
• One can save tax by investing into tax saving fixed deposits.
• Using the online application of UCO bank, one can easily deposit in a fixed deposit account by opening an account with the bank.
• Senior citizens, Ex-staff and staff members are offered additional interest rates which are up to 0.50%, 1.50%, 1% respectively more than that for regular citizens.

Cons:

• Interest earned on fixed deposits are not tax-free and are subject to tax as per your applicable income tax slab rate.
• In some cases, banks deduct TDS at the time of payment of interest. Hence, if the individual has income below the basic exemption limit as defined under the Income-tax Act and is not liable to pay any income tax, he/she will still have to file the Income Tax return to claim the refund of TDS deducted by the bank.
• Historically Fixed Deposits have given lower returns as compared to Mutual Fund and equity instruments.

Any person in his individual capacity or more than one person in their joint names, any minor jointly with a major can open a deposit with UCO bank.

Further, Sole Proprietary concerns, members of charitable and educational institutions, HUF, Clubs, Private Traders , Merchants , Agents , Professionals, Partnerships Firms, Societies & Corporates are also eligible to open their fixed deposit accounts with UCO bank.

One can start a fixed deposit with a minimum investment of ₹ 100

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

• For Identification Proof – PAN Card, Driving License, Passport, Voter’s ID, Aadhar Card, Govt./Defense ID card or ID Card issued by a Reputed employer.
• For Address proof - Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Bank account statement, Letter from a reputed employer, Letter from any recognized public authority /local body, Income tax / wealth tax Assessment order
• For Date of Birth proof - Applicable for Senior Citizens & Minor only.
  • For Senior Citizens ( any one of the following) :
    • Passport
    • Voter ID Card
    • Driving License
    • PAN Card
    • Service Discharge Certificate
    • PPO in case of Pensioner
  • For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
• Two recent passport size photographs of account holders.

Note- The above requirements are waived if the customer is already an account holder of the Bank

If you already hold a Savings or Current Account with UCO bank, a Fixed Deposit can be opened using the below procedure.

• Using UCO Bank Mobile Application (App):

Login to the UCO ‘M-Banking Plus’ mobile application, go to the Banking section in the App, Click on the Fixed/Recurring Deposits option, then click on Open Fixed Deposits. By this, you will get an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling the form once can submit the details and create an FD.

• Using UCO Internet banking website:

1. Login to the UCO Internet Banking website, and navigate to the “Online Deposit” tab. From the menu, select “Fixed Deposits” and click on “Apply Now. This will generate an online form in which you will be required to select the FD tenure and insert the deposit amount. After filling the form once can submit the details and create an FD.
2. If you are a new customer of UCO bank and do not hold any account, you can visit the nearest UCO bank with the Original PAN & Aadhar as well as the soft copy of the same. The bank official will help you to directly open an FD without having any savings / current account.

3. Also, there is an option to create a savings/ current account with the bank and then open an FD using a Mobile application or Internet Banking Facility.

The Tax applications remain the same irrespective of the bank in which you open the fixed deposit.

• The interest earned on Fixed Deposit is taxable in the hands of an individual (age less than 60 years). The tax is levied as per the normal tax slab applicable for such individuals.
• In the case of a senior citizen (Age above 60 years), a deduction of up to ₹ 50,000 is available under section 80TTB of Income-tax Act, 1961(I-T Act).
• In case of a 5-year tax saving fixed deposit, you will be entitled to a deduction under section 80C of the I-T Act, wherein the deduction would be equal to the amount deposited during the Financial year with the maximum threshold limit of ₹ 1,50,000. (This benefit is not available for individuals who opt for a New Tax Regime)

TDS is deducted as per I-T rules on interest earned more than ₹ 40,000/- per annum (₹ 50,000 for resident senior citizens) during the financial year @ 10% as per Section 194A of the I-T Act.

However, if your total income is below the taxable limit, you can submit Form 15G or Form 15H (For senior citizens) to the bank and request them not to deduct any TDS.