The RD schemes offered by UCO Bank for a fixed sum of money over a period of time. The bank offers competitive interest rates that are similar to the fixed deposits. Recurring Deposit gives people the benefit to people for spacing their deposit amounts over a period while still earning high-interest rates.
The RD schemes offered by UCO Bank can be categorized based on the amount that is being invested by the individual. The rate of interest applicable on deposits amounting to less than a crore is different from the interest applicable on deposits amounting to 1-5 crores and deposits greater than 5 crores.
|Tenure||Rate of interest (%)||For Amounts Between Rs. 1 Crore and Rs. 5 Crore. (%)||Single Term Deposit above Rs. 5 Cr and less than Rs. 25.00 Cr (%)||Single Term Deposit Rs. 25 Cr & above (%)|
|More than 1 year upto 2 Years||6.5||4.75||4.75||4.75|
|Above 2 Years upto 3 Years||6.4||4.75||4.75||4.75|
|Above 3 Years and less than 5 Years||6.25||4.75||4.75||4.75|
|5 years and above||6.25||4.75||4.75||4.75|
With the Sowbhagya RD scheme, the depositors can avail all the benefits of regular deposit scheme along with additional benefits such as the depositors can change the amount of monthly deposit each month depending on their convenience. The minimum amount that can be deposited each month under this scheme is 100 rupees and the maximum amount that can be deposited is 1 lakh. The minimum tenure for depositing the amount is 12 months.
The UCO Sunshine RD scheme is another unique scheme offered by UCO Bank. Under this Rd scheme, the depositors can execute standing instructions on their RD account and also utilize the banking facilities anywhere.
Depositors can invest a minimum sum of 500 rupees with this scheme and the maximum amount that can be deposited is 10 lakhs. The minimum tenure for this deposit is 12 months. After that, the tenure can be increased in the multiples of 12
The short-term RD accounts have a tenure ranging from 1 year. The deposit for this tenure earns an interest rate of 7.5% per annum for deposits amounting to less than a crore. Deposits amounting to 1-5 crore can receive an interest rate ranging from 5%-7.05% per annum. Deposits amounting to 5 crores and above earn an interest rate of 5.25%-7.05% per annum for a given tenure.
The medium-term tenure for medium and long-term deposits range from 1-3 years. The interest rate that can be earned from medium-term RD is 7.5% per annum for deposits amounting to 1 crore.
Deposit amounts between 1-5 crores earn an interest rate of 6.9% upon maturity. Deposits amounting to more than a crore earn an interest rate of 7.15% for a tenure ranging from 1-2 years an for tenures ranging from 2-3 years, the interest rate applicable is 6.9%