UCO Bank offers recurring deposit under the ‘UCO Sowbhagya RD Scheme'. You can get an interest of 6.60% on the deposited amount. Senior citizens get 0.50% additional interest rate on the recurring deposit.
UCO Bank Recurring Deposit Interest Rate
The interest rates are for recurring deposits for less than Rs.2 crore
|Tenure||Interest Rate p.a. (General Public||Interest Rate p.a. (Senior Citizens)|
|More than 1 year up to 2 years||6.50%||7.00%|
|More than 2 years up to 3 years||6.50%||7.00%|
|More than 3 years up to 5 years||6.50%||7.00%|
The interest rates are for recurring deposits for Rs.2 crore and above
|Tenure||Interest Rate p.a.|
|More than 1 year up to 2 years||4.75%|
|More than 2 years up to 3 years||4.75%|
|More than 3 years up to 5 years||4.75%|
|Minimum Amount Deposit||Min: Rs. 100 per month (for any higher amount, deposit in multiples of Rs.100)|
|Tenure||Min: 1 year Max: 5 years|
|Eligibility||Individuals (single or jointly), Minors, trust, firms, societies, partnership, educational institutions, etc.|
|Loan Availability||Up to 90% on the principal. Interest charged by the Bank will be 2% above the deposit rates|
Benefits of UCO Bank Recurring Deposits
- Attractive interest rates of up to 6.60% p.a.?
- Additional rates for senior citizens
- Minors below 10 years of age can apply jointly with their guardians
- Loan against deposit facility available
How to Open an RD Account in UCO Bank
You can open a recurring deposit account with UCO Bank in two ways:
- By visiting the branch
- Through net banking
If you are an existing UCO Bank account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not an UCO account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD.
You can invest your money in RD by UCO Bank and enjoy competitive rates. However, to enjoy better returns, look for other investment vehicles like mutual funds, fixed deposits, stocks, and bonds, among others.
- What should be the minimum age of the account holder?
- What’s the minimum deposit amount required?
- What’s the RD tenure for this scheme?
- What’s the interest rate charged for loans against RD?
The account holder should be a resident Indian above 18 years. For a minor, he/she should have attained more than 10 years of age at the time of opening the account.
You need to deposit a minimum of Rs.100 to open the account and thereafter in multiples of Rs.100.
The tenure ranges from 1 year to 5 years.
The applicable interest rate for loans against RD is 2% above the deposit rates.