UCO Bank Recurring Deposit Features & Benefits

In-country like India, where the income of people is less than the national average, it becomes obvious for them to enter into a vicious cycle. people are categorized according to the poverty line. According to estimates of the Tendulkar committee, if you are earning Rs.816 per month and you are from a rural area, and If you are from the urban area and earning Rs.1000 per month then you are above the poverty line. Even this estimation is also debatable. This estimation substantiated that per capita income is very less.

In this case, one should be precarious about one’s future. One should sustainably do the saving. there are two ways of saving, either you may do it in the organized sector or in the unorganized sector. Doing saving on your own and keeping it with you does not seem a progressive approach. you should choose the organized sector for this purpose.  There are so many banks available for this and they have a diverse plan associated with saving. you should be aware of that.

You may deposit your money in the bank and you will get the interest rate on it. There are several types of deposits. A recurring deposit is one of the deposits.

Recurring deposit- This is a type of deposit that you can do on a regular basis. One can deposit a fixed amount every month into one’s recurring deposit account.

Many banks are offering the lucrative interest rate on the deposit. Before going for this, firstly you should compare all the features related to this. Let’s talk about the features of the deposit schemes of one of the leading banks ie.UCO bank. 

UCO bank has a special scheme for recurring deposits ie. UCO Bank sowbhagya Recurring deposit scheme. This scheme has very repealing features. Your all queries have been resolved by following FAQs-

1- What is UCO sowbhagya Recurring deposit scheme?

This is a deposit scheme offered by UCO bank. This offers the flexibility of varying monthly installments.

2-Who can apply for the sowbhagya Recurring deposit scheme?

A person who is above 18 years and an Indian resident.

3- What is the minimum deposit in the scheme?

The minimum deposit in the scheme is Rs.100.

4-What is the period of deposit?

The minimum period for a deposit is 12 months and the maximum period is 60 months.

5- What is the rate of interest?

The rate of interest is 4.90% for 1st year and then becomes 5.00%.

6-Can I get a loan from my deposit account?

Yes, Loans shall be granted subject to a maximum of 90% of the amount deposited.