UCO Bank RD Interest Rates

UCO Bank offers recurring deposit plans through its 'UCO Sowbhagya RD Scheme', which pays an attractive interest rate of 5.55% p.a. Over a preset tenure. Recurring Deposits (RDs) allow you to contribute a fixed amount regularly while earning interest on your money.

Additionally, senior citizens earn an extra 0.50% interest per annum along with the benefit of flexibility and minimal initial deposit steps. Saving a portion of your monthly income under this program can result in large emergency savings due to UCO Bank’s competitive RD interest rates. Let's look at the interest rates, schemes, and other additional details offered by UCO Bank:

Table of Contents:

• ⇾ UCO Bank RD Interest Rates
• ⇾ Benefits of UCO Bank RD
• ⇾ Features of UCO Bank RD
• ⇾ Steps to Open UCO Bank RD Account
• ⇾ Types of UCO Bank Recurring Deposit Plans
• ⇾ Eligibility For Opening UCO Bank RD Account
• ⇾ Documents to Open UCO Bank RD Account
• ⇾ Premature Withdrawal of UCO Bank RD Account
• ⇾ FAQs

UCO Bank RD Interest Rates

The table below shows the Interest Rates on Domestic Term Deposits less than Rs. 2 Crores (w.e.f. 11-05-2024):

The additional interest paid on deposits for senior citizens, staff, and ex-staff above the general customer interest rate is as follows:

UCO Bank RD Interest Rate Calculation

Calculate the returns on your recurring Deposits with an online RD Calculator. Enter your invested amount, Interest rate and tenure of RD to check your RD maturity amount.

Premature Withdrawal Of UCO Bank RD Account

You may decide to withdraw your savings prematurely;
However, you must pay a penalty price based on the maturity period dues. UCO Bank levies a penalty of 2% less than the lower of the following: the relevant interest rate on the redemption date or the interest rate based on the time during which the deposit was kept by the bank.

Benefits of Opening UCO Bank RD Account

• Receive attractive interest rates of up to 5.50% p.a., ensuring profitable returns on your investment.
• Senior citizens are entitled to higher interest rates, which increase their earnings on deposits.
• Minors under the age of ten can apply jointly with their guardians, allowing for early financial planning and promoting a culture of savings.
• Take advantage of the easy lending facility against your account, which provides financial flexibility and liquidity when needed.
• Women Senior Citizens, Staff, and Ex-Staff will receive a higher interest rate on their RD deposits.

Besides, Karnataka Bank, you can also check RD interest rates offered by different banks & other related pages from the table below:

Features of UCO Bank Recurring Deposit

Here's a features of a UCO Bank RD account, incorporating the best aspects of the provided text and addressing potential improvements.

1. Monthly Affordability: Minimal monthly deposit is Rs. 100, making it affordable to people of all income levels.
2. Viable Tenure Options: Variable tenure of 1 to 5 years to adapt your investment to your financial objectives.
3. Tax Deduction at Source: TDS deductions in accordance with the prevailing income tax rules imposed at the time the account was opened, allowing you to remain tax-compliant.

Steps to Open UCO Bank RD Account

A Recurring Deposit account can be opened easily using both offline and online means.

Step 1: Visit your nearest branch: download the UCO Bank App and select your nearest branch or through the website.

Step 2: Request a form: collect it from the helpdesk or fill it through online form as you download it from the UCO Bank website.

Step 3: Follow and fill in KYC: post adding details to the form submit the necessary documents needed to aprise the UCO bank RD account procedure.

Step 4: Receive details: Post registration, you will receive a confirmation mailer confirming RD account number and other relevant details.

You could further automate the online monthly deduction process through net banking or UCO Bank mobile app.

Types of UCO Bank Recurring Deposit Plans

In the economy, there are several deposit options. They are divided into the following groups based on the duration of the period throughout which they are valid:

Short-Term RD: Your deposit under this type of UCO Bank Recurring Deposit can last anywhere from 6 months to three years. This form of RD is ideal for those who want to develop a pattern of saving.

Mid-Term RD: When you don't want to commit for a long time and don't know how much value you'll get from RD, a medium-term recurring deposit is a good choice. It strikes the right balance between flexibility and a willingness to invest so that you can assess its rewards. The duration ranges from 3 to 7 years.

Long-Term RD: When you want to earn an income on an investment but do not have a large sum of cash for investments in a fixed deposit, a long-term RD is an excellent choice. Investing in recurring deposits allows you to make monthly payments which provide an identical rate of return to FDs.

Eligibility For Opening UCO Bank RD Account

The following entities can open a recurring deposit account with UCO Bank:

• A Resident Indian.
• Two Or More People Can Open An Account Jointly, With Each Having Similar Privileges To The Account.
• Minors Over The Age Of Ten, Represented By Their Legal Guardians.
• Registered Institutions And Joint Stock Businesses.
• In The Event Of Jointly Owned Accounts, Each Holder Is The Beneficiary Of The Other. It Means That In The Event Of One Individual's Death, The Other Becomes The Legal Nominee.

Documents to Open UCO Bank RD Account

Here are the documents you need to keep handy before you initiate to open an UCO Bank RD account.

• Account opening application form prescribed by the bank.
• Pan Card Copies
• Two passport-sized photographs of the applicant
• Proof of identity (any)
• Address Proof (Any)