UCO Bank cuts bulk deposit rates by 11-52 bps

Will pay interest at 8.7% on deposits above Rs 5 cr maturing in 350-375 days instead of 8.81% earlier

State-run UCO Bank on Tuesday reduced interest rate on select bulk deposits by 11-52 basis points.

The Kolkata-based lender will now pay interest at the rate of 8.7 per cent on deposits above Rs 5 crore maturing in 350-375 days, instead of the earlier 8.81 per cent. For deposits of Rs 100 crore and above with maturity of 376 days to less than two years, the rate will be 8.25 per cent instead of 8.77 per cent.

“Contrary to certain reports, we have reduced our bulk deposit rates,” Shankara Narayan V, deputy general manager — treasury, told Business Standard.     

The bank was earlier offering different interest rates on bulk deposits maturing in 61-74 days and 74-90 days.

Now, it has decided to pay the same interest rate, at 8.75 per cent, for bulk deposits maturing in 61-90 days. For bulk deposits with maturity of 91-130 days, the bank will pay interest at 8.77 per cent, 2 basis points higher than before.