UCO Bank Recurring Deposit Interest Rates
UCO Bank Recurring Deposit
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.
Advantages to opening an RD account:
- Interest Rate earned is generally equal to that of an FD
- Safe and secure form of investment
- Secure from fluctuations and volatility
- Ideal for those who wish to save on a regular basis
- Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
- Can be opened with small minimum amount.
- Lump sum received at maturity, including the interest
- The rate of interest is higher as compared to an ordinary saving bank account
- Flexible tenures to suit the budget of the individual
- Recurring Deposit Interest rate is fixed so you are assured of a fixed return
- Loan / overdraft facility available with some banks.
UCO Recurring Deposit
An RD in UCO Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a UCO Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Key Features of UCO Bank RD Account
- Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment.
- Quick liquidity options and access to your funds when you need it; nominal penal charges apply.
Types of Recurring Deposits Offered by UCO Bank:
UCO Sowbhagya RD Scheme
This scheme offers all facilities of a normal recurring deposit along with the flexibility of varying monthly installments which leads to a higher yield on maturity.
- Minimum Opening Balance for UCO Bank RD account: Rs. 100 and in multiples of Rs. 100 thereof
- Monthly deposit amount can be 10 times the initial deposit subject to a maximum of Rs. 1 lac per month.
- Period of RD: 6 months to 12 months to 60 months
- Preferential interest rate for senior citizens /Staff /Ex-staff
- TDS on Interest is applicable
- Nomination facility available
- Premature Closure of RD Allowed
- Loan / Overdraft against deposit is available
UCO Recurring Deposit Interest Rates
UCO Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a UCO Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of UCO Bank RD interest rates including UCO Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in UCO Bank, it is advisable to check with the bank directly.
UCO Bank recurring deposit interest rates 2015 – 2016
The current RD Interest rate ranges from 5% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.
UCO Bank Senior Citizen RD Interest Rates
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
UCO Bank Recurring Deposit Calculator:
You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you need to enter the instalment amount you want to invest monthly, the duration, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you find out how much you need to save. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.
UCO Bank RD FAQs
What is the eligibility criteria to open an RD account with UCO?
The applicant should be over 18 years old. In case of minor, he should be represented by the guardian or parent.
A person in his/her own name, two or more persons in their joint names, on behalf of a minor, represented by their natural guardians or guardians appointed by court, In the name of minor singly, provided he/she attained the age of 10 years & can read and write, in the names of clubs, societies, associations, educational institutions, trusts, firms, partnerships provided they are registered and joint companies.
What is the minimum amount required to open an RD with UCO Bank?
The minimum opening balance for a regular recurring deposit with UCO Bank is Rs. 100 and in multiples of Rs. 100 therof. Monthly deposit amount can be 10 times the initial deposit subject to a maximum of Rs. 1 lac per month.
What is the minimum deposit period?
The minimum deposit tenure is 12 months and can go up to as high as 60 months.
How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.
Alternately, you can visit your nearest branch and submit the Deposit Account form.
What is the documentation required to open an RD account?
You will require the following documents:
- Filled-in application form
- Passport size photograph
- Proof of residence, PAN Card, ID Proof
- Any other KYC documents as required by the bank