Modification in UCO Dhan-Varsha Fixed Deposit Scheme

 Salient features of the new fixed deposit scheme ‘UCO DHAN-VARSHA’ are as under:

1.    The scheme would be applicable from May 10th, 2012 and will remain valid up to September 30th, 2012 (extension of the scheme duration revised w.e.f.01/07/2012). However, the Bank would reserve the right to modify, withdraw or extend the scheme anytime without any prior notice.

2.    Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

3.    Period of Deposit: 444 days

4.    Amount of Deposit Minimum Amount: ` 5000/- and thereafter in multiples of 1000/-. Maximum Amount:  5crore (enhancement of maximum deposit cap revised w.e.f.06/08/2012)

5.    Rate of Interest:  9.25% per annum compounded quarterly. The quarterly compounding would be done for the first four quarters and simple rate of interest would be paid on the compounded amount after the four quarters for the remaining number of days of the above deposit period. In addition to the payment of interest along with the principal at the time of maturity, Interest payment (at the option of the customer) is allowed also at quarterly rests.

6.    In all cases of premature withdrawals, the interest would be payable at 1% below the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit or present rate, whichever is lower.

7.    Facility for availing loan/overdraft against Deposits under the Scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.

8.    The facility of nomination would be available under the Scheme.

9.    In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules

10. No auto renewal is permitted under ‘UCO Dhan-Varsha Fixed Deposit Scheme’.  However, wherever no specific instructions are received from the depositors. Maturity proceeds will be renewed for a period of 1 year under Banks Normal Term Deposit Scheme

11.    Tax would be deductible at source as per the prevailing Income Tax rules

12. Transfer of Fixed Deposit under the Scheme within any branch of the Bank would be permissible without any charge as per the existing procedure.

13. Senior Citizen : Additional 0.50% or @ 9.75%