United Bank of India Recurring Deposit
Union Bank of India provides 5.60 percent RD interest rates.
Union Bank of India’s RD interest is compounded quarterly.
The Union Bank of India accepts deposits as low as Rs. 100.
Union Bank of India gives senior citizens an RD rate of up to 5.60 percent.
United Bank of India RD Rates – Special Features
It is possible to nominate anyone.
There is no penalty if you withdraw your money too soon.
There is no penalty for paying instalments late.
The duration of the deposit varies from 6 to 120 months.
To use this service, go to any Union Bank of India branch.
TDS deductions are subject to the income tax laws in effect at the time the RD account is opened.
United Bank of India Recurring Deposit Schemes Types
Union Bank of India Recurring Deposits are divided into three categories based on their duration:
RD on a short-term basis
The tenure of this form of Union Bank of India Recurring Deposit ranges from 6 months to 3 years. This type of RD is ideal for those who want to grow a saving habit.
RD for the Medium-Term
When you don’t want to commit for a long period of time and aren’t sure how much value you’ll get from RD, a medium-term recurring deposit is a good option. It strikes the right balance of versatility and investment commitment, allowing you to weigh the pros and cons. The tenure usually lasts between three and seven years.
RD for the Long-Term
When you want to earn a return on your investment but don’t have the funds to invest in a fixed deposit, a long term RD is the best option. By investing in revolving deposits, you gain the versatility of making monthly contributions while earning a return comparable to a fixed-income fund. The tenure usually lasts between seven and ten years.
United Bank of India RD Account
Customers of Union Bank of India can deposit their surplus savings on a recurring basis for a set period of time in a recurring deposit. At the time of account opening, a customer must make a deposit into their RD account. During the duration of the deposit, the customer makes frequent deposits and withdraws some money in the account.
United Bank of India Recurring Deposit Rates
Interest rates on Union Bank of India Recurring Deposits are affected by a variety of factors. The following are some of them:
The interest rate of all banking instruments, including recurring deposits, is affected by changes in the Cash Reserve Ratio (CRR) and repo rate as directed by the RBI.
Recession – During a recession, the RBI releases funds into the economy, thus injecting liquidity. Banks lower RD rates as a result of high liquidity and low credit demand.
Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, in periods of increasing inflation, RD rates appear to be higher.
Current Economic Situation – When the economy is booming, people take out more credit to fulfil their personal and business needs. Banks offer higher interest rates during times of high credit demand in order to attract more funds via recurring deposits.
United Bank of India RD Interest Rates 2021
|Tenure||General Rates||Senior Citizen Rates|
|181 days to 364 days||4.50%||4.50%|
|1 year 1 day to 2 years||5.30%||5.30%|
|2 years 1 day to 3 years||5.50%||5.50%|
|3 years 1 day to 5 years||5.55%||5.55%|
|5 years 1 day to 10 years||5.60%||5.60%|
United Bank of India RD Interest Calculator
The amount of RD maturity you will obtain is calculated by the following three factors.
- The initial amount deposited by a customer in Union Bank of India is known as the deposit amount. On larger deposits, a higher interest rate can be offered. Union Bank of India accepts deposits as low as Rs. 100.
- Interest Rates- Union Bank of India pays a higher interest rate on longer-term revolving deposits and a lower interest rate on shorter-term deposits. Union Bank of India offers the highest deposit interest rate of 5.60 percent.
- Deposit duration- The bank offers a low-interest rate on short-term RDs and a higher interest rate on long-term RDs.
RD Account Opening Process at United Bank of India
You can do this at your local subsidiary if you want to open an account with the bank Equatis. First, you should go to the nearest bank and, by paying a portion of the money, follow the instructions to get a chequeman and a bank account. This is how you use the Recurring Bank Account.
You may then use the revolving deposit scheme of the Equatis Bank. This allows you to use all openings of the RD Acconut in Equatis Bank.
Duration of Recurring Deposits with United Bank of India
A Recurring Deposit account with Union Bank of India can be opened for a minimum of 6 months and a maximum of 120 months.
FAQs United Bank of India
✅ How qualified is the RD account to be opened?
HUF (Hindu Undivided Families) and Indian residents can open the RD account. It is also possible for NRIs to open an RD account via NROs and NREs.
Banks also provide RD for minors under the parents’ custody for financial supervision.
✅There are recurring deposits in the general tenure/duration of the Union Bank of India?
For a maximum of 120 months the Union Bank of India RD which open for a minimum of six months.
✅ What’s happening on RD’s maturity?
When your RD account expires, you can request that the Bank transfers directly to the related savings account the principal and the accrued interest part. After maturity you can also invest your RD in fixed deposits.
✅Is the Union Bank of India RD’s nomination facility available?
In Union Bank of India recurring deposits are required for appointment. If you open it with a single name or a common name, only one candidate is permitted per account. You must ensure that the appointment is adhered to in accordance with RBI law. By declaring in appropriate form, you may change the candidate.
Table of Contents
- 1 United Bank of India Recurring Deposit
- 2 United Bank of India RD Rates – Special Features
- 3 United Bank of India Recurring Deposit Schemes Types
- 4 United Bank of India RD Account
- 5 United Bank of India Recurring Deposit Rates
- 6 United Bank of India RD Interest Rates 2021
- 7 United Bank of India RD Interest Calculator
- 8 RD Account Opening Process at United Bank of India
- 9 Duration of Recurring Deposits with United Bank of India
- 10 FAQs United Bank of India