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.
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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