• United Bank of India Recurring Deposit

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    Overview of United Bank of India

    United Bank of India (UBI) was nationalised on 19th of July, 1969. Currently, the bank is 100% CBS enabled with a wide network of 1999 branches. UBI boasts of a ‘three-tier’ organisational set-up, one Head Office and 35 Regional Offices. The bank has three fully equipped overseas branches, one each in Kolkata, New Delhi and Mumbai, respectively.

    Recurring Deposit from United Bank of India

    A Recurring Deposit is a very practical method of saving. It gives you the option of investing a small amount every month at attractive rates of interest. Recurring Deposit is ideal for those with a steady monthly income since the depositor doesn’t face the burden of investing a lump sum, it becomes very feasible.

    To help its customers achieve their financial goals, United Bank of India offers Regular Recurring Deposit and Untied Flexi Deposit schemes. These schemes are available at competitive rates of interest along with other benefits.

    Features and Benefits of United Bank of India’s Recurring Deposit

    Regular Recurring Deposit

    • A fixed sum is saved every month, for the entire deposit tenure. On maturity, the depositor gets back the principal along with the interest earned.
    • A Regular RD account can be opened by an individual alone or jointly with another individual.
    • If the RD account is in the name of a minor, then it needs to be operated by the child’s legal guardian on his/her behalf.
    • The minimum deposit tenure is 6 months and maximum is 120 months.
    • The minimum monthly instalment amount is Rs. 50.
    • The interest earned on RD is free of TDS deductions, as per the current income tax rules.

    United Flexi Deposit Scheme

    • This kind of Recurring Deposit offered by UBI, gives the depositor flexibility in deciding the monthly instalment amount.
    • United Flexi Deposit account can be opened in the name of an individual alone, jointly with another individual, or a set of individuals.
    • The minimum core monthly instalment amount is Rs. 50/-
    • It is mandatory that the core amount is deposited every month. The depositor also has an option of depositing more than the core amount.
    • The maximum limit of a monthly instalment is ten times of the core deposit amount.
    • The deposit tenure ranges between 3 years to 10 years, in multiples of complete quarter.
    • In case of premature closure of United Flexi Deposit account, a penalty will be charged as per the bank policies.
    • The interest earned is free of TDS deductions, as per the current income tax rules.
    • You can also get the benefit of availing a loan against deposit, as per the prevailing rules of the bank. Contact the nearest branch or visit the bank’s website for more details on the same.

    Interest earned on United Bank of India’s Recurring Deposit

    UBI offers Recurring Deposit schemes at competitive rates of interest. The rate of interest depends on the period of deposit.

    For United Flexi Deposit, customers enjoy similar rates of interest to that of term deposits. This is payable half-yearly in September and March (every year) on the monthly product of the minimum balance, is maintained between 10th and last day of each month. For more details on the interest rates offered on Recurring Deposit schemes, interested customers can contact the nearest branch.

    Know the Current Recurring Deposit Rates

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    United Bank of India RD Reviews

  • Page 1 of 1
    • United Bank Recurring Deposit
      "Entirely good..."
      0.5 5.0/5 "Blown Away!"
      Four years ago I opened the recurring deposit for the amount of six thousand. There are not hidden charges I got very good interest rate when that is 9.35%. While pre closing the deposit, the United Bank of India had paid entire amount. On and all in half an hour I got the amount post closing the deposit.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 11, 2015
    • United Bank Recurring Deposit
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I have been banking with United Bank of India for over 10 years and it is the best Bank that I have never banked in terms of RD. The interest rate offered by them was higher . Actually I was suggested to take RD with United Bank. I also hold a salary account with them. Every month the amount would be taken from my account.
      Was this review helpful? 2
      , kolkata
      Reviewed on Apr 29, 2015
    • United Bank Recurring Deposit
      "Its fine"
      0.5 2.0/5 "Expected more"
      I am holding a UBI Recurring Deposit account the rate of interest offered by them was 8.5% . Its an ongoing one. I have taken that only for a period of 10 years as I was not allowed to take it for a period of 15 years as the maximum tenure available with them is only 10 years . Other Banks are offering it for a period of 15 years. No additional documents required I have received the FD certificate for the same.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 24, 2015
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