Get ₹21,879 Interest on ₹1 Lakh Investment, Discover the Eligibility Criteria

New Delhi (The Uttam Hindu): If you're looking for a safe investment with guaranteed returns, a fixed deposit (FD) is an excellent option. Public sector UCO Bank is offering its customers FD schemes with excellent interest rates. Investing just ₹1 lakh in one of the bank's special schemes can earn you a fixed interest rate of up to ₹21,879 upon maturity.

Understand the complete math on 3-year FD

UCO Bank allows its customers to deposit their capital in fixed deposits (FDs) for tenures ranging from 7 days to 10 years, offering attractive interest rates ranging from 2.90% to 7.95%. For example, if an investor invests ₹1 lakh in an FD for a period of 3 years, a general citizen will earn ₹20,093 in interest at a rate of 6.25%, yielding a total of ₹1,20,093 upon maturity. Senior citizens benefit from an additional 0.50% interest rate, bringing their interest rate to 6.75%. This increased rate translates into an interest rate of ₹21,879 on an investment of ₹1 lakh, resulting in a total return of ₹1,21,879 upon maturity.

444 days special FD scheme

UCO Bank is also running a 444 days special FD scheme, in which general citizens are getting the highest interest rate of 6.45% and senior citizens are getting interest rate of 6.95%.

Highest interest for retired employees

The bank is offering the most significant benefits to its retired senior citizen staff. They receive 1.50% higher interest rates than normal rates on FDs of more than 1 year. Consequently, on special FDs of 444 days, retired senior citizen staff are offered an interest rate of 7.95%, the highest interest rate offered by the bank.