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United Bank of India Recurring Deposit Interest Rates 2020

You can start investing in a recurring deposit account offered by United Bank of India with a minimum deposit of Rs.50. The tenure can range from 181 days to 10 years. The interest rates offered by the bank on RDs range from 5.75% to 6.50% for general citizens. Senior citizens are offered additional interest of 0.50% for depositing in an RD account having a tenure of more than 1 year.

The bank offers two types of recurring deposits schemes. One is regular deposit scheme and the other is United Flexi deposit. While most of the features of the two schemes are similar to one another, the only difference is that the United Flexi deposit can be opened for a period of 3 years to 10 years. Listed below are the tenures and interest rates offered by United Bank of India when it comes to recurring deposits:

Deposit Tenure Interest rates for General Public (p.a.) Interest rates for Senior Citizens (p.a.)
181 days to 269 days 5.75% 5.75%
270 days to less than 1 year 6% 6%
1 year 6.50% 7%
1 year 1 day to less than 2 years 6.25% 6.75%
2 years 6.25% 6.75%
2 years 1 day to less than 3 years 6.25% 6.75%
3 years 6.25% 6.75%
3 years 1 day to less than 5 years 6% 6.50%
Above 5 years 6% 6.50%

Note: The interest rates mentioned above are for deposits below Rs.2 crore.

United Bank of India Short Term Recurring Deposit Interest Rates

Recurring deposits having a tenure of 181 days to 1 year fall under the bracket of short-term RDs. United Bank of India offers interest in the range of 5.75% to 6.50% p.a. to general citizens for such tenures. Senior citizens are also offered the same interest rates for short-term RDs.

United Bank of India Medium and Long Term Term Recurring Deposit Interest Rates

Medium-term recurring deposits are those which have a deposit tenure above 1 year to but less than 5 years while long-term RDs are those which have a tenure above 5 years. The interest offered by the bank to general citizens on medium-term RDs is the range of 6% to 6.25% p.a. while for long-term RDs the interest offered is 6% p.a. Senior citizens are offered an additional interest of 0.50% for both medium-term and long-term RDs.

United Bank of India Employees Recurring Deposit Interest Rates

The bank offered its staff both current and retired employees 1% additional interest for opening an RD account with them. In case, an individual who worked for bank falls under the bracket of senior citizens, he/she shall be eligible to avail both staff and senior citizens benefits on the RD account. Under such circumstances, the interest offered to be them would be 1.5% more than the applicable rates.

United Bank of India RD Interest Rates FAQs

  • Who can open an RD account with United Bank of India?

    • You can open an RD account individually which means a single account with United Bank of India. You can also open a joint recurring deposit account with another individual. You also have the option of opening a recurring deposit account in the name of a minor provided the account is operated by a legal guardian. Blind people, illiterate person also have the rights to open a recurring deposit bank account with United Bank of India.

  • How can I open an RD account with United Bank of India?

    • You can open a recurring deposit account with United Bank of India by visiting the nearest branch of the lender with the relevant documents. A representative from the bank will help you with the process of opening a recurring deposit account.

  • What is the minimum amount will I have to deposit if I want to open a recurring deposit account?

    • You will have to deposit a minimum of Rs.50 and multiples thereof if you are looking to open a recurring deposit account with United Bank of India.

  • How can I calculate the maturity amount I will be liable to receive at the end of maturity date if I open a recurring deposit account?

    • You can calculate the maturity amount you will receive including the rate of interest you will earn based on the deposit amount and tenure by using the recurring deposit calculator available on the official website of United Bank of India.

    You can enter the deposit amount and the repayment tenure of your choice. Click on calculate and you will be able to view the rate of interest you will earn, and the maturity amount you will be liable to receive.

  • Will there be TDS applied on recurring deposit?

    • As per the Finance Act,2015, TDS will be applicable on the recurring deposits and the rate of interest you will be eligible to earn.

More you need to know about Recurring Deposit

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News About United Bank of India Recurring Deposit Interest Rates

  • United Bank of India, UCO Bank and Bandhan Bank Slash Deposit Rates

    In light of the demonetization drive, several banks have slashed their interest rates. The lead in this was taken by SBI and other banks like Bandhan Bank, UCO Bank and United Bank of India have followed soon after.

    With effect from Monday, Bandhan Bank cut its deposit interest rates by 25 basis points , bringing the new rate down to 8% that is being for a tenure of under a year and an amount under Rs 1 crore. C S Ghosh, MD and CEO of Bandhan Bank mentioned that the large volume of deposits following the government’s announcement of the demonetization drive has been the major reason behind the rate cut.

    UCO Bank , another leading public sector lender also cut its deposit interest rates by 75-100 basis points. Bank officials said that since the beginning of demonetization, the bank has received nearly Rs 18000 crore in deposits, out of which withdrawals accounted for only about Rs 5,000 crore. Mr. R K Takkar, chairman and managing director of UCO Bank said due to the high incremental cash reserve ratio which will become an added cost, the bank might not be able to pass on the benefit of the rate cut to its customers.

    Another bank to bring down its interest rate is United Bank of India (UBI) which, effective from Nov 18, reduced its interest rates by 25 to 100 basis points for term deposits.

    29 November 2016

  • United Bank of India Updates Their Recurring Deposit Interest Rates

    United Bank of India offers 2 different Recurring Deposit Schemes namely regular RD and United Flexi Deposit Scheme. Recently, UBI updated their interest rates for few tenures and schemes. Interest rate for tenure ranging from 181 days to 269 days currently stands at 6% per annum for both general and senior citizens. For tenures between 270 days to less than 1 year, the interest rate for general account holders and senior citizens is fixed at 6.75% p.a. Senior citizens enjoy an interest rate of 7.50% per annum for a 1 year tenure, while general citizens attract 7% p.a. For deposit periods of above 1 year to less than 3 years, the current interest rate is 6.75% p.a for general citizens and 7.25% p.a for senior citizens. For tenure ranging from 3 years to 5 years and above the interest rate is 6.50% and 7% per annum for general and senior citizens respectively.

    1 July 2016

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