Within days of reducing interest rates on domestic term deposits, city-based UCO Bank on Friday announced a downward revision on interest rates on its major mid-market products that would be effective from November 1, 2003.

"We have taken steps to reduce the rate of interest across major mid-market products so as to pass on the benefit of reduced cost of fund and revised risk perception to our customers," UCO officials said.

Accordingly, rate of interest applicable for housing loans up to five years stands reduced by 50 basis points to 7.50 per cent, while that of five years to 10 years has been reduced by 25 basis points to 8.25 per cent.

The interest on loans for the period 10 years to 20 years has been reduced by 50 basis points to 8.50 per cent, a release by the bank said.

The rate of interest on UCO Pensioner (loan schemes for

pensioners) and UCO Narishakti (loan scheme for working women) has been reduced by 100 basis points to 11 per cent.

The rate of interest on UCO Trader has also been reduced by 100 basis points to 12 per cent.

He said the interest for UCO Rent (loan scheme in respect of rent receivable), UCO Securities (loan against NSC/Relief Bond/IVP/Gold Bond/ KVP/ Surrender value of LIC Policy have also been reduced by 150 basis points to 10 per cent.