United Bank of India, which has been amalgamated with Punjab National Bank from 1 April 2020, offers recurring deposit schemes where you can start depositing with amounts as low as Rs.100 and multiples thereof for tenures ranging from 6 months up to 10 years in multiples of one months. Senior citizens get an additional interest rate of 75 basis points per annum.
Recurring Deposit Interest Rates
The interest rates for recurring deposits as of 1 October 2020 is given below:
|Deposit Tenure||Interest rates for General Public (p.a.)||Interest rates for Senior Citizens (p.a.)|
|180 days to 270 days||4.40%||5.15%|
|271 days to less than 1 year||4.50%||5.25%|
|1 year to 3 years||5.20%||5.95%|
|3 years to 10 years||5.25%||6.00%|
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 one year falls under the bracket of short-term RDs for which the rate of interest offered by the bank to general citizens is 4.40% p.a. to 4.50% p.a. while senior citizens are offered additional interest rate in the range of 5.15% p.a. to 5.25% p.a.
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 less than 5 years while long-term RDs are those which have a tenure above 5 years. The interest rate offered by the bank to general citizens on medium-term RDs is the range of 5.20% p.a.to 5.25% p.a. while for long-term RDs the interest rate offered is 5.25% p.a. For senior citizens, the interest rate for medium-term RDs is 5.95% p.a. while for long-term RDs it is 6.00% p.a.
FAQ’s on United Bank of India Recurring Deposit Interest Rates
Who can open an RD account with United Bank of India?
Ans: 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?
Ans: 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?
Ans: 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 andtenure 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?
Ans: 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.
RD Interest Rate Pages
- United Bank RD Interest Rates
- Uco Bank RD Interest Rates
- Allahabad Bank RD Interest Rates
- Central Bank RD Interest Rates
- Federal Bank RD Interest Rates
- Indian Bank RD Interest Rates
- Andhra Bank RD Interest Rates
- Kotak Mahindra RD Interest Rates
- Syndicate Bank RD Interest Rates
- IOB RD Interest Rates
- City Union Bank RD Interest Rates
- Citybank RD Interest Rates
- Indusind Bank RD Interest Rates
- Corporation Bank RD Interest Rates
- BOM RD Interest Rates
RD Other Pages
- Recurring Deposit Vs. Chit Fund
- Miss to Pay the Recurring Deposit Due
- Difference Between Recurring Deposit and SIP
- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
- Flexi RD
- SBI Flexi RD Schemes
- Monthly Recurring Deposit
- Co-operative Bank Recurring Deposit
- City Union Bank Recurring Deposit
- Indian Bank Recurring Deposit
- Union Bank Recurring Deposit
- UCO Bank Recurring Deposit