|Tenure||Interest Rate (%)||Interest Rates for Senior Citizens (%)|
|181 days to 269 days||5.75||5.75|
|270 days to less than 1 year||6||6|
|Above 1 year to less than 2 years||6||6.5|
|2 years to less than 3 years||6||6.5|
|3 years to less than 5 years||6||6.5|
|5 years and above||6||6.5|
*For Deposits of Less Than ₹ 1 Crore
Get The Best Rates for a United Bank of India Recurring Deposit
Recurring deposits are a smart way to save money. Contribute a fixed amount monthly and save over a period of time. This is a good way to build up a savings fund. United Bank of India offers two types of recurring deposit schemes. The regular RD scheme can be opened by individuals. You can also open this account jointly. This deposit can be opened for a minor by the parents or guardian. The terms for these deposits range between 6 months and 120 months. The minimum installment is Rs. 50. The second scheme on offer is the United Flexi Deposit Scheme. The term for these deposits is 3 years to 10 years, in multiples of quarters. This deposit allows you to set a core amount as the monthly installment. You can then step up your monthly deposits up to 10 times the core amount.
United Bank of India Short Term Recurring Deposit Interest Rates
For deposit tenures of 181 days to less than one year, the interest rate applicable is 5.75% to 6.25% per annum. This depends on the amount of money you deposit. A deposit that is less than Rs. 1 crore for a period of 1 year earns the highest interest of 6.75% per annum.
United Bank of India Medium and Long Term Term Recurring Deposit Interest Rates
Deposits made for above 1 years to less than 3 years earn 6.75% interest per annum. Deposits above Rs. 1 crore earn lesser when compared to below Rs. 1 crore. Any deposit made for a long term of 3 years to less than 5 years or more, earns interest of 6.50% per annum. You stand to earn a greater amount of interest over a long tenure, so the interest rate will be lower.
United Bank of India Employees Recurring Deposit Interest Rates
The staff and retired employees of United Bank of India are eligible to earn 1% above the regular interest rates. This offer is not extended to any employee who was removed on the grounds of disciplinary action, compulsory retirement or dismissal.
United Bank of India Senior Citizen Recurring Deposit Interest Rates
Senior citizens are entitled to earn 0.50% above the interest rate offered for others. To be eligible for the additional interest rate, you must be at least 60 years old and open a deposit for more than 1 year. Retired employees who are senior citizens are eligible to avail of both bonus interest rates amounting to 1% + 0.50% per annum.
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
Read More Articles On RD
Know how to Link Your KYC Dcuments to United Bank Account
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.
29th 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.
1st July 2016