Depositing money in RD accounts is a great way to save money. You can contribute a fixed amount of money each month for a period and save a significant amount of money. UBI provides two types of Rd schemes. Any individual can open the regular RD accounts. AN Recurring Deposit account can also be opened jointly. This deposit account can be opened for minors with their guardian or parents. The tenure for an RD account varies form 6-120 months. The minimum amount that is required to be deposited is 50 rupees. Another scheme offered by UBI is known as the United Flexi Deposit scheme. The tenure for this deposit varies from 3-10 years and the amount of deposit can be stepped up to 10 times the core amount.
|Tenure||Interest Rate (%)||Interest Rates for Senior Citizens (%)|
|181 days to 269 days||5.75||5.75|
|270 days to less than 1 year||6||6|
|Above 1 year to less than 2 years||6||6.5|
|2 years to less than 3 years||6||6.5|
|3 years to less than 5 years||6||6.5|
|5 years and above||6||6.5|
For deposit term ranging from 181 days-1 year, the interest rate applicable is 5.75%-6.25% per annum. The rate of interest applicable to the deposit depends on the amount deposited monthly. A deposit amounting to less than 1 crore for 1 year earns an interest rate of 6.75% per annum.
The medium-term RD scheme has a tenure of 1-3 years. These type of deposits earn an interest rate of 6.75% per annum and the deposits amounting to more than a crore earn a higher interest compared to deposits amounting to more than a crore. Long-term deposits have a tenure varying from 3-5 years or more and the interest rate earned on these deposits is 6.5% per annum. With the increase in tenure, the rate of interest applicable also increases
UBI staff is eligible for earning an additional interest rate of 1% over the regular interest rates. The offer is not applicable on dismissed and retired employees.