• UCO Bank Recurring Deposit

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    UCO Bank was set up in 1943 and is a wholly Government of India owned banking institution. The bank has its headquarters in Kolkata and operates out of over 4, 000 offices across the country. The bank was started by Mr. Ghanshyam Das Birla and was called the United Commercial Bank. At the time of its establishment, the bank had a paid-up capital of Rs. 1 crore and opened 14 branches across the country.

    The bank was nationalised by the Indian government in 1969, after which it was renamed UCO Bank. The bank began expansion in the rural heartland of India, and it has a vast branch network across rural India. The bank also funds a number of government campaigns such as the hunger eradication programme and contributes towards social upliftment activities.

    Recurring Deposit (RD) from UCO Bank

    UCO Bank provides its customers with a convenient and easy way to build their wealth by depositing small amounts of money regularly into a scheme over a period of time. The money deposited would be returned to the depositor along with compound interest at the time of maturity of the deposit.

    UCO Bank has two Recurring Deposit schemes, namely:

    • UCO Sowbhagya Recurring Deposit Scheme
    • UCO Sunshine Recurring Deposit Scheme

    The UCO Sowbhagya Recurring Deposit Scheme can be opened by individuals, clubs/associations as well as trusts and partnerships, either singly or jointly.

    The deposits can be opened with a minimum deposit of Rs. 100, with subsequent deposits to be made in multiples of Rs. 100 but not exceeding Rs 1 lakh. Deposits can be held for a minimum of 12 months, with the maximum term being 60 months.

    The amount deposited every month can be varied to result in a higher interest yield.

    UCO Sunshine Recurring Deposit is an RD scheme under which an individual or a group can open an RD for a minimum tenure of 12 months and a maximum tenure of 60 months. The scheme also allows for minors above the age of 5 to open an RD.

    Depositors can make an initial contribution of Rs. 500 and make subsequent contributions in its multiples, with Rs. 10 lakh being the maximum amount that can be deposited in a month.

    Benefits of UCO Bank Recurring Deposit

    UCO Sowbhagya Recurring Deposit:

    • Long tenure of up to 60 months for a Recurring Deposit.
    • Open to individuals as well as trusts, associations and clubs.
    • Monthly deposit can be varied to take advantage of higher interest yield
    • Special rate for senior citizens
    • Loans can be granted up to 90% of the deposited amount, with interest charged at over 2% of deposit rate.

    UCO Sunshine Recurring Deposit:

    • High ceiling amount of Rs. 10 lakh per month per deposit
    • Long tenure of up to 60 months for a Recurring Deposit
    • Higher rate of interest for senior citizens as well as bank staff
    • Nominations facility available
    • Account can be opened in the name of a minor above the age of 5 years.

    Interest Rate for UCO Bank Recurring Deposit

    UCO Bank offers its customers a high rate of interest on its Recurring Deposits, with the interest rate for a 1 year deposit being 7.50 % for amounts below Rs. 1 crore per annum, which is compounded.

    Medium tenure Recurring Deposits will accrue interest of 7.50 % per annum for deposits up to 3 years, while those with a tenure of more than 3 years will receive compound interest of 7.25 % per annum.

    For deposits amounting to more than Rs. 1 crore but less than Rs. 5 crore, the interest rate for a short term tenure of 1 year is 7.15 % per annum, while the rate for medium tenure RD’s is 6.90 % per annum. For deposits with a tenure of more than 5 years, the interest rate payable on maturity is 6.90 % per annum.

    Senior citizens will receive an additional 0.50 % per annum on existing rates.

    How to Open a UCO Bank Recurring Deposit

    Opening an RD account with UCO Bank is a good way to help build your wealth through systematic monthly deposits that will accrue compound interest over a period of time.

    The process of opening a Recurring Deposit account is a simple one, and can be done both offline as well as online.

    Individuals will have to open a Savings account with the bank in order to open a Recurring Deposit. The Savings Account can be opened by submitting an online form (available on the bank’s website) or by visiting a UCO Bank branch and collecting a copy.

    On submitting the filled in form and KYC documents, the bank will notify the individual once the account is active.

    Once the Savings Account is active, the individual can open a Recurring Deposit by choosing the scheme as well as the tenure and making the initial deposit.

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    UCO Bank RD Reviews

  • Page 1 of 1
    • UCO Recurring Deposit
      "The best rate for RD"
      UCO BANK
      0.5 5.0/5 "Blown Away!"
      UCO bank is providing the best rate for RD too. I am holding this RD for the past one year. The most interesting part about this RD is the interest rate as they had offered around 8.75% it the same as RD. Their online banking too is available with UCO Bank.
      Was this review helpful? 13
      , indore
      Reviewed on Dec 03, 2016
    • UCO Recurring Deposit
      "Simply amazing."
      UCO BANK
      0.5 4.5/5 "Excellent!"
      I have opened an Recurring Deposit A/c with UCO bank and get a fantastic return. The Form and procedure prescribed by the bank is too simple and good. it's providing a good interest rate on RD A/c and a safe investment. There is no penalty charge when we go for withdraw in middle of tenure so it's totally a good deal.
      Was this review helpful? 8
      , ahmedabad
      Reviewed on Jul 11, 2015
    • UCO Recurring Deposit
      UCO BANK
      0.5 5.0/5 "Blown Away!"
      Being nationalized sector, UCO bank is offering 9% of interest rate and there is no penalty charge when we go for withdraw in middle of tenure. I just visited the branch to open the recurring deposit and the officers are very proactive and they took ownership to complete the deal.
      Was this review helpful? 1
      , lucknow
      Reviewed on Mar 12, 2015
    • UCO Recurring Deposit
      "Needs to be improved"
      UCO BANK
      0.5 4.0/5 "Great!"
      I do have one recurring deposit from UCO bank whereas they need to improve on their customers service. Thats not operated so far except the initial days . Interest rates and schemes are really nice. They need to change the operations in branches as such they are having queue system .We cant expect them to be perfect since it was nationalized bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 02, 2014
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