The city-based UCO Bank is likely to slash deposit rates by 50-100 basis points soon, a top official said here Monday.

The bank cut its lending rates by 50 basis points recently to 12 percent.

"We will take a decision by the first week of July to cut deposit rates by 50-100 basis points depending on various maturities," UCO Bank chairman and managing director S.K. Goel told reporters on the sidelines of a conference on banking.

According to Goel, UCO Bank has seen a 17-18 percent year-on-year deposit and credit growth for the first quarter of the current fiscal.

"The key drivers for this growth were infrastructure, automobile, real estate and small and medium enterprises," he explained.

Moreover, he said, the revival of the cement and steel sectors also contributed.

The bank now expects a 25 percent deposit and loan growth for 2009-10.