UCO bank FD opening

[heroking]

anyone got open FD with UCO bank?
their interest rate at 3.3% for 6 month
very good rate
can anyone share their experience?

 

[sglandscape]

anyone got open FD with UCO bank?
their interest rate at 3.3% for 6 month
very good rate
can anyone share their experience?

This is a bank from India right?

3.3% seems like a decent rate for 3 months, but if no ibanking it's not worth the trip down.

 

[heroking]

This is a bank from India right?

3.3% seems like a decent rate for 3 months, but if no ibanking it's not worth the trip down.

3.3 is min 6 months
but i see their website like very dodgy

 

[BBCWatcher]

anyone got open FD with UCO bank?
their interest rate at 3.3% for 6 month
very good rate
can anyone share their experience?

No experience, but...

3.3 is min 6 months
but i see their website like very dodgy

Up to the SDIC coverage limit ($100,000 per depositor per bank) it's fine. Assuming you need a fixed deposit, which in this case is for a "lumpy" expense you expect about 6 months from now (around late March, 2025) using some extra cash that fell in your lap somehow (like a bonus from work). Examples of lumpy expenses include a wedding, honeymoon or other expensive vacation, down payment on a home, home renovation, large amount of new furniture, university tuition bill (in Singapore), starting up a new small business in Singapore, or an expected new baby (and associated "start up" costs). Fixed deposits are not for long-term saving/investing.

 

[ericcsn]

No experience, but...

Up to the SDIC coverage limit ($100,000 per depositor per bank) it's fine. Assuming you need a fixed deposit, which in this case is for a "lumpy" expense you expect about 6 months from now (around late March, 2025) using some extra cash that fell in your lap somehow (like a bonus from work). Examples of lumpy expenses include a wedding, honeymoon or other expensive vacation, down payment on a home, home renovation, large amount of new furniture, university tuition bill (in Singapore), starting up a new small business in Singapore, or an expected new baby (and associated "start up" costs). Fixed deposits are not for long-term saving/investing.

I wonder how well this SDIC will really be in a real and an actual situation when called upon to execute compensation with a bank that kaputs or when things go wrong with it.

For example:
1. their records of bank customers got compromised by willful fraud or by hackers. Say I have $100K with them, but somehow because of such treachery, it is showing less say $20K. Can this be possible? Because there is no other record by me to disprove what my bank account is showing other than that shown by the bank.

2. How long would it take to be compensated by SDIC? And this is just principal protected (forego interest) ?

 

[Potent]

I wonder how well this SDIC will really be in a real and an actual situation when called upon to execute compensation with a bank that kaputs or when things go wrong with it.

For example:
1. their records of bank customers got compromised by willful fraud or by hackers. Say I have $100K with them, but somehow because of such treachery, it is showing less say $20K. Can this be possible? Because there is no other record by me to disprove what my bank account is showing other than that shown by the bank.

2. How long would it take to be compensated by SDIC? And this is just principal protected (forego interest) ?

It's not tested yet... Hopefully not

 

[BBCWatcher]

I wonder how well this SDIC will really be in a real and an actual situation when called upon to execute compensation with a bank that kaputs or when things go wrong with it.

I wouldn't worry at all about a fixed deposit of up to $100,000 placed with UCO Bank. By definition you're parking money for months with a fixed deposit with no expectation of withdrawing it until maturity. This isn't your lunch money. If the SDIC takes weeks to pay you, so what?

Moreover, this is UCO Bank we're talking about. It's owned by the Indian government. It's older than Singapore as an independent nation, a lot older. It started up when Singapore was still occupied by Japanese troops! According to Wikipedia UCO Bank has 3,230 branches in India. For perspective, there are only a little over 5,000 bus stops in Singapore. UCO Bank has only 2 branches located outside India, and one of them is here in Singapore.

Just keep a copy of your deposit record(s), like you should be doing anyway with any bank.

 

[BBCWatcher]

I may have told this story before, but I'll tell it again. I had a Certificate of Deposit (CD) with a bank in the United States. CDs are like fixed deposits. I recall watching the news when that bank collapsed. "Oh, that's interesting" was my basic reaction, but certainly not panic or concern.

Why no reaction? Deposit insurance. By Monday morning I had received a notice from an acquiring bank, and they also had raised new banners at the collapsed bank's branches when they opened for business. I was offered the option to end the CD (with interest to that point) or continue with a new CD at a new interest rate. I took option #1 (just because it made a little more sense at that time), and that was that.

Granted, the SDIC doesn't have as much practice as the FDIC. But they'll figure it out if/when they need to.

 

[royalmix]

I wonder how well this SDIC will really be in a real and an actual situation when called upon to execute compensation with a bank that kaputs or when things go wrong with it.

For example:
1. their records of bank customers got compromised by willful fraud or by hackers. Say I have $100K with them, but somehow because of such treachery, it is showing less say $20K. Can this be possible? Because there is no other record by me to disprove what my bank account is showing other than that shown by the bank.

2. How long would it take to be compensated by SDIC? And this is just principal protected (forego interest) ?

Know and apply your risk management rules correctly or appropriately!

SDIC is a last resort! Not your first risk management rule!

First rule is the bank must be reliable. If you have doubts, dun be a customer.

Above is my rule of thumb!

Why risk your money for a little extra return? And cannot sleep well?

 

[Resident]

decades back i have open an fixed deposit with UCO Bank at 5.50% per annum its higher than local bank 0.5 per cent ( i closed the account after 2 years when rate dropped after that did not look into FD )
the downside is that only one branch in Singapore at that time
( if you are worried then skip the bank )

 

[BBCWatcher]

the downside is that only one branch in Singapore at that time

That's still true. UCO Bank is located at 3 Raffles Place (a.k.a. the Bharat Building), practically on top of Raffles Place MRT Station.

UCO Bank has been doing business in Singapore over 17 years longer than DBS has — not counting POSB. UCO Bank has owned the Bharat Building, and the predecessor building at that same site, since 1967. DBS was founded in 1968.

 

[sohguanh]

Rule of thumb for me for any new investment or in this case UCO FD first question will be the minimum. Can test water with say $500 ? ICBC allow and that is how I become their customer eventually. With $500 if UCO run road still not so heartpain compared to say $50,000 my own opinion of cuz. And I think theirs must go branch do cannot DIY so another minus point and their only branch so far from my house imagine need go every 6 months troublesome.