UCO Bank Vs Indian Overseas Bank Vs Bank Of Maharashtra FD Rates Below Rs 2 Cr Compared

After the six consecutive repo rates by the Reserve Bank Of India (RBI) since May 2023, the Fixed Deposits Interest rates became attractive as banks transferred the benefit of repo rates hike to their customers.

On February 08, 2023, RBI hiked the repo rate by 25 basis points to 6.50%, which encouraged the banks to revise the FD rates. However, in its last meeting held this month, RBI paused the repo rate hike. Here we have compared the Fixed Deposit rates of the leading government banks which have recently revised the interest rates on FDs.

UCO Bank

UCO Bank, a public sector lender, offers interest rates between 2.90% and 7.20 for the deposit period of 7 days to 666 days. The bank hiked its interest rates on fixed deposits of less than Rs 2 Crore on 15 March 2023, according to the Bank's official website. The bank Senior Citizens will get 0.25% additional interest on tenors up to 1 year and 0.50% interest on tenors above 1 year.

Other than senior citizens, the bank also offers additional interest on deposits of staff/ex-staff/Ex Staff Sr. Citizens above the general interest rates. Retired Staff senior citizens will get 1.2% additional interest on tenure up to 1 year and 1.50% additional interest on deposit tenor above year. Whereas, Staffs are eligible for 1% additional interest rates above the general rates.

Rate of Interest On Domestic Term Deposit Less Than Rs 2 crores Stands w.e.f. 15 March 2023

Maturity Period	Interest Rates (% p.a.) for General
7-14 days	2.90%
15-29 days	2.90%
30-45 days	3.00%
46-60 days	4.00%
61-90 days	4.00%
91-120 days	4.50%
121-150 days	4.50%
151-180 days	5.00%
181-364 days	6.00%
1 year	6.75%
Above 1 Yr to upto 443 days	6.50%
Above 445 days to upto 665 days	6.50%
Above 667 days to upto 2 Yrs	6.50%
Above 2 Yrs and upto 3 Yrs	6.30%
Above 3 Yrs and below 5 Yrs	6.20%
5 Yrs and above	6.10%
444 days	7.05%
666 days	7.20%

Source- ucobank.com

Indian Overseas Bank

Indian Overseas Bank (IOB), a public sector lender, has recently revised the interest rates of its fixed deposits (FDs) below Rs 2 crore. The revised interest rates will be applicable on Fixed Deposits effective from 10 April 2023, according to the bank's official website.

The Interest rates on Fixed Deposits are ranging from 4% to 7.25% applicable for a tenure of 7 days to 3 years and above. The minimum FD amount required is Rs lakh. According to the bank, For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75%continues.

Revised Interest Rates (in %) For Deposits below Rs. 2 Crore w.e.f. 10 April 2023

Period of Deposit	Interest Rates (% p.a.) for General
7-14 Days *	4
15-29 Days	4
30-45 Days	4.25
46-60 Days	4.25
61-90 Days	4.25
91-120 Days	4.5
121-179 Days	4.5
180-269 Days	4.95
270 Days to	5.35
"1 Year to
(Except 444 Days)"	6.5
444 Days	7.25
2 Years to	6.8
3 Years and Above	6.5

Source- iob.in

Bank Of Maharashtra

Bank of Maharashtra (BoM) has recently revised the interest rates on fixed deposits (FDs) below Rs 2 Crore. According to the bank's official website, the revised rates are effective from April 18, 2023.

Following the revision in FD rates, the bank now offers interest rates between 2.75% and 7% for the deposit period of 7 days to 5 years and above, which includes two special deposit schemes of 200 days and 400 days.

According to the bank's official website, Resident Indian Senior Citizens will be offered an additional rate of 0.50% p.a. only for all maturity slabs of 91 days and above for deposits up to Rs. 2 crores only. The additional interest is not applicable to any type of non-resident deposit.

Interest Rate on Domestic Term Deposits/Bulk Term Deposits/NRO Term Deposits

Duration	FD Rates (% p.a.)
7-10 Days	2.75%
31-45 days	3.00%
46-90 days	3.50%
91 days - 119 days	4.50%
120-180 days	4.75%
181-270 days	5.35%
271-364 days	5.60%
365 days/One Year	6.35%
Above 1 year-2 years^	6.00%
Over 2 years to 3 years	6.00%
Over 3 years to 5 years	5.75%
Above 5 years	5.75%

Source - bankofmaharashtra.in