UCO Bank cuts term deposit rates

UCO Bank has reduced interest rates on term deposits for higher maturity periods by 25 basis points effective from December 1.

The bank has decided to keep unchanged the rates of deposits for 7 to 179 days.

The revised rates of interest would now be 5 per cent for 180-364 days, 5.25 per cent for one year to less than three years and 5.50 per cent for three years and above, a bank release said in Kolkata on Tuesday.

Senior citizens would enjoy a rate of interest of 50 basis points higher than the rates applicable for the period one year to above five years for other depositors, it said.