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 1 day to less than 2 years||6.25%||6.75%|
|2 years 1 day to less than 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?
- How can I open an RD account with United Bank of India?
- What is the minimum amount will I have to deposit if I want to open a recurring deposit account?
- 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?
- Will there be TDS applied on recurring deposit?
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.
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.
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.
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.
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
- Compare Interest Rates on RD of United Bank of India with Other Banks and Institutions
- Check Features and Schemes of United Bank of India Recurring Deposit
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