Uco Bank RD Interest Rates

About UCO Bank Recurring Deposit

You can add to your savings with the UCO Recurring Deposit at your convenience. With your regular paycheck, you can begin saving any fixed amount each month, ranging from 100 to less than 10 Lakh. You can have the agreed-upon amount deposited into the account or taken out of your savings account every month. You may monitor your recurring transactions, apply for a loan against your account, and do much more with our RD facility.

UCO Bank RD Features

• You can pre-plan your savings for a future objective.
• You can save consistently for a predetermined amount of time.
• The deposit term may range from one year to ten years.
• This RD can begin with a minimum of Rs. 100.
• Get interest rates comparable to ordinary fixed deposits for a considerably smaller monthly commitment.
• You may monitor your recurrent transactions, apply for a loan against your account, and do much more with our RD facility.

UCO Bank RD Account Eligibility and Documents Required

The following people are eligible to open an RD with UCO Bank:

• Registered Institutions like educational institutions, clubs, groups, associations, trusts, businesses, and partnerships, as long as they’re registered and joint ventures are eligible.
• Minors above ten years of age, represented by their legal guardians or any other guardian designated by the court, are eligible.
• Minors alone can be eligible if they are literate(can read/write) and have reached the age of ten.
• An individual can start a Recurring Deposit Account in his name or by more than one individual in their joint name.
• An illiterate person can open a Recurring Deposit Account and use his thumb impression to operate it.
• A minor cannot open a recurring deposit account in their name or on behalf of someone whose account is to be run under a cross mark or by using another person’s signature.

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The following are the documents required to open an RD with UCO Bank:

• Identity Proof of the applicant
• Address Proof of the applicant
• Form for account opening prescribed by the bank.
• Copies of the Pan Card.
• Applicant’s two recent passport-size photos.

UCO Bank RD Schemes

UCO Sowbhagya(RD) – Unique Recurring Deposit Scheme

• This scheme allows you to change monthly instalments for greater returns upon maturity while offering all the conveniences of a regular recurring deposit.
•  Those who want to save monthly money through a recurring deposit but with a variable payment schedule can benefit from this arrangement.
•  The customer will receive the maturity amount, which is the total of all paid instalments plus interest, at the close of the maturity period.
• The scheme’s minimum deposit is Rs. 100 per month, and deposits beyond that are made in multiples of Rs. 100. 
• A monthly deposit of up to Rs. 1 lac can be made, with ten times the initial deposit allowed.
• Approval for a loan will be up to 90% of the RDUSS amount deposited, and the bank will charge interest 2% higher than the deposit rates.
• Cash deposit or intra-bank/intra-city fund transfer fees to credit one’s RDUSS account are available.
• Monthly transfers of money via SI from a current or savings bank account to a self-managed RDUSS account to pay monthly instalments.
• One month’s default is not penalised. A penalty applies if no money is deposited by the second month or beyond.
• If you delay any instalment for longer than a month, a penalty is not applicable as long as it doesn’t happen consecutively for two months.

Conclusion

Regular deposits will increase your savings because interest accumulates over time. As a result, a longer duration entails more interest. A lump sum payment for the maturity value is made at the end of the term.

Resources:

• UCO Bank FD Rates
• UCO Bank RD Calculator