UCO Bank Recurring Deposit (RD) Calculator
UCO Bank’s Recurring Deposit (RD) schemes offer several advantages that make them an attractive saving option. Customers can start with a flexible monthly deposit amount as low as ₹100, with no upper limit, making it suitable for all income levels. The bank provides competitive interest rates, with senior citizens earning an additional 0.25% to 0.50% extra interest.
Before you open a recurring deposit (RD) account at UCO Bank, it is advisable to use the bank's RD calculator to determine the amount you must deposit on a monthly basis for a certain tenure to earn a maturity amount which will help you take care of your future financial needs.
How to use the UCO RD Calculator?
Given below are the steps you will have to follow to use UCO Bank RD Calculator:
- There are various third-party websites who offer the RD Calculator facility to its customers. You can use any of these third-party websites offering RD Calculator facility.
- Check one of the options - normal citizen or senior citizen.
- Enter the amount you wish to deposit on a monthly basis.
- Select the tenure for which you will invest in the RD account.
- Based on your tenure, you will have to select the interest rate you will earn. For example, if your investment tenure is 5 years and above then the interest rate you will earn is 4.95% if you are a normal citizen and 5.45% if you are a senior citizen. Enter the applicable interest rate.
- Once you have entered all the details, you will be able to view the maturity amount you will earn at the end of the tenure.
Calculating interest on the UCO Bank RD calculator
Given below is the formula applied to determine the maturity amount you will earn:
M =R[(1+i)n - 1]/1-(1+i)(-1/3) ; where
- M = Maturity value
- R = Monthly deposits to be paid
- n= Tenure during which the deposit is to be made
- i= Interest Rate
Advantages of using UCO Bank RD calculator
Some of the advantages of using UCO Bank RD calculator are:
- The RD Calculator is convenient to use. All you have to do is enter the amount you wish to deposit, tenure, and interest rate, and you will be able to view the maturity amount you will earn at the end of the investment tenure.
- UCO Bank RD calculator is accurate.
- You can use the calculator anytime, anywhere.
- You can use the calculator any number of times.
Components of UCO Bank RD Calculator
The components of UCO Bank RD Calculator are:
- Deposited amount - You will have to enter the amount which you want to deposit on a monthly basis. The minimum amount that you can deposit on a monthly basis is Rs.100.
- Tenure - Select the tenure for which you wish to invest in a UCO RD account. You can choose tenure up to 10 years.
- Interest rate - Based on the amount deposited by you and the tenure chosen, you will earn interest rate on your deposit. The maximum interest rate that you can earn on your deposit on opening a UCO Bank RD account is 5% if you are a normal citizen, and 5.50% if you are a senior citizen.
FAQs on UCO Bank RD Calculator
- What is the minimum age of eligibility to open a UCO Bank RD account?
The minimum age of eligibility is 18 years.
- Can a minor open a UCO RD account?
Yes, an RD account can be opened in the name of a minor provided they are represented by one of their parents, or a guardian.
- Are the interest rates offered by UCO Bank subject to change?
Yes, the interest rates offered by UCO Bank subject to change.
- Do I have to pay anything to use the calculator?
No, the usage of calculator is free and you don't have to pay anything.
- Can one avail loan against RD deposit?
Yes, you can avail up to 90% of the total deposit amount as loan. However, an interest rate of 2% will be charged by the lender above the deposit rates.
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