UCO Bank RD Interest Rates

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      UCO Bank RD Interest Rates

      UCO Bank offers recurring deposits under the ‘UCO Sowbhagya RD Scheme’. You can get interested up to 5.05% p.a. an interest of 6.60% on the deposited amount. Senior citizens are offered additional interest of 0.25% on the tenure of 1 year and 0.50% on all the opposite recurring deposit tenures.

      UCO Bank Recurring Deposit Features

      There are many features associated with the Recurring Deposit of UCO Bank. Following are some important among them-

      • RD account can be opened in name of minors, under the guardianship of natural parents
      • A loan facility is available up to 90 percent of your deposit amount
      • The bank accepts maximum deposits up to the  amount of Rs. 1 lakh
      • The deposit tenure ranges from 12 months to 60 months
      • Visit any UCO Bank branch to avail of this service
      • TDS deductions are subject to the existing income tax rules as at the time of opening the RD account

      UCO Bank RD Interest Rates 2021

      Time Period General
      For Senior Citizen
      1 year 4.90% 5%
      More than 1 year up to 2 Years 5.00% 5.50%
      Above 2 Years up to 3 Years 5% 5.50%
      Above 3 Years and less than 5 Years 5.05% 5.55%
      5 years 5.05% 5.55%

      Types of UCO Bank Recurring Deposit Schemes

      There are a variety of deposit schemes existing in the financial system. Based on the tenure for which they are valid, they can be categorized into the following segmentations-

      Short-Term RD

      Under this type of UCO Bank Recurring Deposit, your deposit’s tenure ranges between 6 months to 3 years. Such RD is best suited for those who are looking to develop the habit of savings. 

      Medium-Term RD

      When you are not willing to commit for the long tenure and are not sure how much benefit you can get from RD, then opting for a medium-term recurring deposit is a good decision. It provides the right balance of flexibility and commitment to invest so that you can assess its benefits. The tenure ranges from 3 years to 7 years.

      Long-Term RD

      The long-term RD is best suited when you want to earn the return on your investment but do not have the lump sum amount to invest in a fixed deposit. By investing in recurring deposits you get the flexibility of making monthly investments earn a return similar to FD. The tenure bars.

      Documents required to open Recurring Deposit Account in UCO

      Identity Proof Address Proof
      Passport Passport
      PAN card Telephone bill
      Voter ID card Electricity bill
      Driving license
      Bank Statement with Cheque
      Government ID card
      Certificate/ ID card issued by UCO Bank
      Photo ration card
      Senior citizen ID card

      UCO Bank Recurring Deposit Rates – Premature Withdrawal

      Premature withdrawal of RD with UCO Bank Bank is allowed. UCO Bank Bank may charge a nominal amount of penalty as per their banking norms. However, Partial withdrawal of the RD accounts is not allowed. Partial Withdrawal means withdrawing a portion of the deposit amount. The rest is kept as a security deposit to be utilized judiciously for future purposes.

      Calculation of UCO Bank Recurring Deposit Interest Rates

      RD maturity amount that you will get depends on the following three parameters-

      • Deposit amount – This is the initial amount deposited by a customer in UCO Bank. A higher interest rate might be offered on larger deposits. UCO Bank offers a deposit amount starting at Rs. 100.
      • Rate of Interest– UCO Bank offers a higher rate of interest on recurring deposits of longer tenure and lowers the interest rate on deposits held for a shorter period. The highest interest rate offered by UCO Bank is 5.00% for the deposit amount.
        Period of deposit– Bank of flow-interest-reiterate for short tenure RDs and a higher interest rate for long tenure RDs.

      RD Account Opening Process at UCO Bank

      Following methodologies should be added to open a Recurring Deposit account in a leading banking institution in the country-

      • Approach the banking institution with an account-opening form
        • Two passport size photographs
        • Address and identity proof such as the Aadhaar card, passport, PAN (permanent account number) card or declaration in Form 60 or 61 as per the Income Tax Act, 1961, driving license, voter’s identity card or ration card.
      • Carry original identity proof for verification at the time of account opening. Physical Verification is a very important step in the account opening process. 
      • Choose a nominee and get a witness signature to complete the formalities and get started. After obtaining the requisite signature your account becomes valid and active. 

      Nomination Facility on UCO Bank RD

      A nomination facility is available in UCO Bank recurring deposits. Whether you open it in a single name or joint name, only one nominee per account is permissible. You should ensure that the nomination is followed as per RBI rules. You can change the nominee through declaration in appropriate form.

      Tax Benefits on UCO Bank Recurring Deposit

      No tax exemption is allowed on RDs. These are subject to TDS (tax deducted at source) for an interest income exceeding ₹ 10,000. Tax deductions are maximized by the depositors to avail the benefits offered through investment analysis. Therefore tax deduction is an important consideration.

      UCO Bank News Snippets

      UCO Bank reports Rs. 21.46 crore PAT in Q1

      UCO Bank posted a net profit of Rs.21.46 crores for the period ended June 30, 2020, as against a net profit of Rs.16.78 crores for the period ended March 31, 2020. The bank reported total income aided by retail loans like home, personal, car, two-wheeler, and gold loans along with business and mudra loans of Rs.4436.57 crores during the period ended June 30, 2020. In addition to this, total deposits which include FD, RD, current, and savings accounts increased by 1.4% to Rs 1,95,119.60 crore.

      UCO Bank Recurring Deposit Interest Rates – FAQs

      What Is The Eligibility For Opening An RD Account?

      Indian residents and HUF (Hindu Undivided Families) can open RD accounts. NRIs can also open the RD account through NRO and NRE accounts.

      Banks provide RD schemes for minors as well, under the guardianship of parents to supervise their finances.

      What Is The General Tenure/Duration Of UCO Bank Recurring Deposits?

      UCO Bank RD can be opened for a minimum of 12 months to maximum tenure of 60 months.

      What Exactly Happens On Maturity Of RD Account?

      On maturity of your RD account, you can ask the bank to transfer the principal amount and the accumulated interest component directly into your linked savings account. You can also invest your RD amount in fixed deposits after maturity.