UCO Bank Recurring Deposit

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      UCO Bank Recurring Deposit

      • UCO Bank Recurring Deposit rates will reach 5.50 per cent.
      • Interest on UCO Bank Recurring Deposit is compounded quarterly.
      • The minimum amount for a UCO Bank Recurring Deposit is Rs. 1,000.
      • Senior citizens will earn an RD discount of up to 6% from UCO Bank.

      UCO Bank Recurring Deposit Rates – Special Features

      • In fact, there are no plans in place to deal with late refunds.
      • It is important to nominate anyone.
      • The deposit period ranges from 6 to 120 months.
      • The smallest amount of data that can be saved is in Rs. 5 multiples.
      • Go to any SBI Bank branch to enrol in this programme.
      • The applicable income tax laws govern TDS deductions at the time the RD account is opened.

      UCO Bank Recurring Deposit Schemes Types

      There are three types of revolving deposits offered by UCO Bank:

      RD on a Short-Term Basis

      The term of your UCO Bank Revolving Deposit will range from six months to three years. This RD is perfect for those who want to make saving a habit in their everyday lives.

      RD on a Medium-Term basis

      If you can’t pay for a long time and aren’t sure how much return you’ll get from RD, a medium-term periodic deposit is a reasonable choice. It achieves the best balance of adaptability and financial responsibility, allowing you to consider the advantages and disadvantages. The average length of service is three to seven years.

      RD on a Long Term basis

      A long-term RD is the best option when you want to gain a return on your savings but don’t have the funds to invest in a fixed deposit. Annual deposits allow you to invest regularly while still earning a return on your fixed-income investments. The average time span is between seven and ten years.

      UCO Bank Recurring Deposit Account

      Customers of UCO Bank will deposit money into a revolving account regularly for a specified period of time. A consumer must deposit into their RD account at the time of account opening. During the deposit period, the client makes sporadic deposits and withdraws the entire account balance.

      RD daily

      • In fact, there are no plans in place to deal with late refunds.
      • It is important to nominate anyone.
      • The minimum tenure for this RD is six months.
      • A deposit of Rs. 1,000 is the minimum amount that can be made into this account.
      • The smallest amount of data that can be saved is in Rs. 5 multiples.

      UCO Bank Recurring Deposit Rates

      UCO Bank Recurring Deposit


      Interest rates on UCO Bank Revolving Deposits are determined using several variables. Any of them are as follows:

      • Interest rates on all banking instruments, including revolving deposits, are influenced by adjustments in the Cash Reserve Ratio (CRR) and the RBI’s repo rate.
      • During a slowdown, the Reserve Bank of India (RBI) releases funds to inject money into the economy. Banks are lowering RD prices due to high liquidity and low credit demand.
      • Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, during periods of rising inflation, RD prices appear to be higher.
      • People take out more loans to fulfil their personal and business needs now that the economy is booming. Banks pay higher interest rates to collect funds from monthly deposits during times of increased loan demand.

      UCO Bank Recurring Deposit Interest Rates 2021

      Tenure General Rates Senior Citizen Rates
      6 months 3.50% 4.00%
      9 months 4.40% 4.90%
      12 months 4.90% 5.40%
      15 months 4.90% 5.40%
      24 months 4.90% 5.40%
      27 months 5.15% 5.65%
      36 months 5.15% 5.65%
      39 months 5.30% 5.80%
      48 months 5.30% 5.80%
      60 months 5.30% 5.80%
      90 months 5.50% 6.00%

      UCO Bank Recurring Deposit Interest Calculator

      The following three criteria determine your RD’s sophistication:

      • The account balance is the original amount deposited by a customer in UCO Bank. Larger deposits can qualify for a higher rate of interest. Deposits of up to Rs 1,000 are accepted at UCO Bank.
      • According to UCO Bank, longer-term revolving deposits will earn a higher interest rate, while shorter-term deposits will earn a lower rate. UCOI Bank provides the highest deposit interest rate of 5.50 per cent.
      • Depending on the deposit period, the bank pays a low-interest rate on short-term RDs and a higher rate on long-term RDs.

      UCO Bank Recurring Deposit Opening Process 

      If you don’t know how to open a UCO Bank recurring deposit account, follow these basic steps:

      • If you already have a bank account, you can open an RD Account at your local branch or by calling the bank’s customer service number. A UCO Bank Revolving Deposit account is easy to open and can be used at both public and private banks.
      • To open a UCO Bank Recurring Deposit account with a bank with which you do not already have an account, call the nearest branch. You’ll also need some simple KYC paperwork to open an account. Interest rates, time limits, minimum deposits, credit caps, and other terms and conditions vary by bank. Examine all of this information to determine which bank is best for you to open an account with.
      • The tenure and monthly due balance (deposit amount) must be calculated before opening a UCO Bank Recurring Deposit Account. Regular depositors may make deposits using the ECS, online banking, or a fund transfer. If you have a Recurring Savings Account, you can also instruct the bank to deduct a certain amount from your deposit each month.

      Duration of UCO Bank Recurring Deposit

      You can set up recurring deposits with UCO Bank for as little as 6 months or as long as 120 months.

      Recurring deposits with UCO Bank can be withdrawn before their maturity date.

      It is possible to make early withdrawals from a UCO Bank Recurring Deposit. A nominal penalty can be imposed under UCO Bank’s banking laws. It is not allowed to withdraw funds from an RD account in part.

      UCO Bank has been charged with failing to pay an RD instalment on time.

      If you pay after the due date, the bank will give you a few days a grace period. According to UCO Bank’s policies, you will be paid the penalty if you do not pay the instalment by the due date.

      Mr A, for example, opens a one-year RD account with $5,000 in monthly deposits at the cost of 5.50 per cent. In this case, the net maturity value at the end of the year would be 61,809, which includes the collected principal and gross interest on the 1,809 principal amounts. You can also use the RD calculator to predict how much debt you’ll have at the end of a longer-term and how much money you’ll have.

      FAQs for UCO Bank Recurring Deposit

      What are the requirements for opening a Recurring Deposit Account with UCO Bank?

      Indian citizens and HUFs will be able to open RD accounts (Hindu Undivided Families). NRIs will open RD accounts using their NRO and NRE accounts. Banks also provide an RD service to children whose parents keep track of their finances.

      How long does a UCO Bank Revolving Deposit last?

      UCO Bank Recurring Deposits are valid for a minimum of 6 months and a maximum of 120 months.

      Is it possible to withdraw funds from an RD account until it matures?

      Is it permissible to withdraw funds before the due date? If you have an emergency, you can break your RD before it matures, but your account will be locked after that. Banks will deduct 1% to 2% of the interest earned on your UCO Bank Recurring Deposit when it was in their possession as a penalty.
      If a depositor seeks an early withdrawal before the lock-in period expires, he will only obtain a refund of the principal balance and not pay interest. Except for the interest cancellation, all previously granted privileges have been revoked.

      Is it possible to make partial withdrawals from UCO Bank’s recurring deposit accounts?

      Partial withdrawals from recurring deposits are not allowed at UCO Bank. On the other hand, some banks would let you use your RD as collateral to get a loan or an overdraft. On the other hand, premature withdrawals are allowed if you have had an RD account with them for at least a year. The unpaid debt is known as a debt that must be completely paid.
      Premature Closing is a viable option, but it comes at a price.

      When a Recurring Deposit account hits its maturity date, what happens?

      You request that the bank move the principal and deferred interest elements of your UCO Bank Revolving Deposit account to the corresponding savings account before the principal and accumulated interest elements mature. You will bring the funds into pledged deposits after the RD matures.

      Is there a nominating option on the UCO Bank Recurring Deposit account?

      UCO Bank will assist you with setting up daily deposits. Regardless of whether the account is opened under single or joint names, only one applicant is entitled. You must ensure that the appointment is arranged in compliance with SBI guidelines. By completing and mailing the appropriate form, you will make changes to the applicant.

      For further information, please visit the official page of Dialabank.