Kolkata: Uco Bank has decided to reduce the rate of interest on deposits that have a maturity period of two to three years from 8 per cent to 7.75 per cent, and for the period of three years to five years from 8.25 per cent to 8 per cent.

According to an official release issued here by the bank, the rate of deposits from banks will be the same as that enjoyed by public deposits. All other rates remain unchanged. The changes will take effect from 13 June 2002.