Utkal Grameen Bank RD Interest Rates

⋆ Interest Rate 9.99% ⋆

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      Utkal Grameen Bank RD Interest Rates:

      Interest Rates on Utkal Grameen Bank RD can be found here (as of 30 Mar 2021). An account in which the lender must deposit a pre-determined sum at regular intervals (usually monthly installments) for a long period of time.

      Public sector banks, private sector banks, cooperative banks, international banks, and provincial rural banks all sell bank RDs. You are expected to spend in pre-determined daily installments (usually monthly). Banks provide a range of tenures of differing interest rates that you can select from depending on your needs. Interest rates are measured on a quarterly basis rather than monthly, and the maturity volume is charged.

      For those with lower incomes, investing in Utkal Grameen Bank RD is a perfect choice. The advantage of RDs is that you get the same interest rate for the duration of the RD, even though subsequent RD prices are lower.

      Features of Utkal Grameen Bank RD: Utkal Grameen Bank RD

      • Utkal Grameen Bank provides you with the ability to build up capital over time by making daily monthly deposits of a fixed amount. 
      • It provides you with a range of RD choices, varying from a minimum of 12 months to a maximum of 120 months. 
      • An RD’s allowable deposit volume is unlimited.
      •  When you open your RD account, you must have guidance for the disposition of maturity proceeds. 
      • Loans or overdrafts of up to 90% of the deposited amount are open. 
      • The rate of interest on RDs is the same as that on term deposits. 
      • The Senior Citizens aged 60 and over will be paid at a rate that is 0.50 percent higher than the general consumer rate.

      Utkal Grameen Bank RD Interest Rates: 

      Maturity Period Interest Rate (p.a.)
      Year 1 5.10%
      Year 2 5.10%
      Year 3 5.30%
      Year 4 5.30%
      Year 5 5.40%

      Types of Utkal Grameen Bank RD schemes: 

      • General RD Scheme: This scheme is available to those under the age of 60, and customers can choose from a variety of tenure choices.
      • Senior Citizen RD Scheme: This scheme supports all customers above the age of 60. Senior citizens earn a 0.5 percent discount for all base rate charges for the selected tenure.

      Documentation required for Utkal Grameen Bank RD: 

      Before documentation, eligibility criteria must be met for Bank of Baroda RD accounts:

      • Individuals as well as non-individuals.
      • An individual may open an account under his or her name or jointly with another person.
      • A minor is someone who is ten years old or older.
      • In the name of a minor, with the consent of the minor’s parent or mother.
      • Clubs, associations, educational institutions, and joint-stock companies are also examples of joint-stock companies.

      Once approved, then requisite documents for Bank of Baroda RD account:

      Evidence of your identity:

      • Passport
      • PAN (Personal Identification Number) card
      • Voter identity card
      • a driver’s license
      • ID card issued by the government
      • Ration card with photo
      • Senior citizen identification card.

      Proof of Address

      • Obtaining a visa
      • Charges on the phone
      • The cost of electricity
      • Statement of account with a check
      • The post office issues a certificate/ID card.

      Utkal Grameen Bank RD Rates- Premature Withdrawal: 

      Withdrawals made too fast, Partially withdrawing funds from a revolving deposit is not permitted; however, you can withdraw the whole balance at any time after paying a levy, which is usually 1%.

      Calculation of Utkal Grameen Bank RD Rates: 

      A pre-specified sum is deposited at periodic intervals on a daily basis in a Pragathi Krishna Gramin Bank RD account, and the term ranges from 6 months to 10 years, with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.

      You can conveniently measure the amount of interest received as well as the maturity amount using the RD calculator below. Please bear in mind that the effects of this calculator will only give you a general understanding of the maturity values; only your bank will be able to tell you the exact amount you will get.

      the Pragathi Krishna Gramin Bank RD Interest Rate Calculator assists in estimating interest on an RD based on the following parameters:

      • Amount Due Each Month: You will need to enter a monthly contribution number. It’s also known as a monthly installment plan. If you want to spend Rs 2000 per month, enter Rs 2000 in the appropriate box.
      • Timeframe: It refers to the length of time you have registered your RD for. It must be expressed in months. It lasts anywhere from 6 to 120 months.
      • The Rate of Interest: That is the rate of interest that the bank would pay on the RD. It is dependent on the length of your RD. It ranges from one bank to the next.

      The performance will display the following results after you insert all of the above components (Monthly Number, Length, and Interest Rate) in the space given and click the calculate button:

      • Amount of the Deposit: It will display the cumulative amount you have invested in Utkal Grameen Bank RD over the course of its entire tenure.
      • Amount of Maturity: It will disclose your RD’s maturity value after it has completed its full term. It is determined by the volume deposited, the term of the RD, and the rate of interest on the RD.
      • Earned Interest: It displays the cumulative amount of interest received on your RD. It’s the difference between the deposit volume and the maturity value.

      For the calculation of fixed deposits by Utkal Grameen Bank, a fixed deposit calculator can be used.

      Tax Benefit on Utkal Grameen Bank RD: 

      • Interest Gained Is It Taxable?

      Interest paid is taxable depending on the account holder’s tax bracket, so he or she will have to pay tax on it. Interest is taxable under the “Income from Other Sources” heading.

      • TDS Applicability: On net interest gained up to Rs. 10,000, no TDS will be deducted. TDS of 10% is deducted if gross interest received in a financial year reaches Rs 10,000. Any additional TDS may be claimed for a refund. Previously, there was no TDS on RD, but that changed on June 1, 2015, when TDS on Utkal Grameen Bank RD became applicable under Section 194A.
      • TDS Rate Increase: TDS of 20% is rendered if you do not have a clear PAN or if you do not have the PAN details to the bank/post office.
      • Keeping TDS at bay: If the Utkal Grameen Bank RD account holder does not have taxable income, he or she can escape TDS by sending Form 15G/ Form 15H to the bank/post office where the RD account was opened. Form 15G is for people under the age of 60, and Form 15H is similar to Form 15G except only for people above the age of 60. (senior citizens).

      Utkal Grameen Bank News – Mar 2021: 


      Utkal Grameen Bank formed by merging two RRBs


      At 12%, banks in Odisha have a higher NPA than the national average

      FAQs for Utkal Grameen Bank RD Interest rates :

      ✅Can I deposit different monthly installments in the RD account?

      No, separate monthly payments cannot be deposited in a daily RD account. On the other hand, some banks offer Flexi RDs, which allow customers to deposit any amount at any time during the term without having to make monthly deposits.

      ✅Will TDS be made on RD interest?

      TDS will not be taken if the interest received on the RD is less than Rs 10,000. If it exceeds the cap of Rs 10,000, a 10% TDS will be applied. If your salary is not taxable, you can escape TDS exclusion by filing Form 15G (for non-senior citizens)/ Form 15H (for senior citizens).

      ✅How is the maturity value of Rd calculated in the calculator?

      The deposit volume (monthly installment), tenure, and interest rate on the RD are all taken into account when calculating the maturity value. It employs the interest compounding formula. Compounding is performed on a quarterly basis by the banks.