UCO Bank to cut interest rate on deposits, advances from 2 June
By Our Banking Bureau | 29 May 2003
Kolkata: UCO Bank has decided to lower the interest rate on deposits and advances with effect from 2 June 2003.
According to an official release, deposits with maturity of two years and above will earn 6 per cent and those of more than one year but less than two years will attract 5.75 per cent.
The rate on deposits with maturity between 180 and 364 days, 91-179 days, 46 and 90 days and 15 and 45 days will be 5.5 per cent, 5.25 per cent, 5 per cent and 4.5 per cent, respectively.
The rate on the bank's special deposit scheme, Diamond Deposit, has been fixed at 6.25 per cent. Senior citizens, it is clarified, will continue to receive an additional 0.5 per cent on deposits with maturity of one year and above.
A reduction has also been made in the rate on advances with effect from 2 June.
