All About UCO Bank RD Interest Rates

Investing your hard-earned money in the UCO Bank RD Scheme is a secure and convenient option. By saving a fixed amount starting from ₹100 monthly, you can earn steady returns at competitive interest rates. Additionally, you can track your transactions and even avail a loan against your RD account, adding to its financial flexibility.

Keep reading to find out more about UCO Bank RD interest rates!

UCO Bank Recurring Deposit Interest Rates

UCO Bank offers attractive interest rates for both general and senior citizens. Check out the  UCO Bank RD interest rates for general customers:

Note: UCO Bank staff receive an additional interest rate of 1.00% on the same tenure as general citizens. The UCO Bank RD interest rate for senior citizens is 0.25% up to a tenure of 1 year and 0.50% for above 1 year. Additionally, the retired senior citizens receive 1.25% and 1.50% for up to 1 year and above 1 year, respectively.

Benefits of UCO Bank Recurring Deposits

Besides earning from the attractive UCO Bank RD interest rates, here are some of the other benefits you can avail after opening a recurring deposit in UCO Bank:

• It allows you to make pre-planned savings for your future goals.
• You can make deposits for any time period from 1 year to 10 years.
• Eligible entities can start earning higher interest rates by investing an amount as low as ₹100.
• You can keep track of your recurring transactions.
• You may avail loans up to 90% of the principal amount. In such cases, the bank charges interest of 2% above the deposit rates.
• Even if you make smaller investments each month, you can get interest rates equal to regular fixed deposits.
• Joint account opening is allowed. In such a case, the account has to be opened in joint names. 

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Eligibility Criteria to Open UCO Bank RD

UCO Bank has simple eligibility criteria for customers who are interested in opening a recurring deposit. Follow the below criteria to get UCO Bank RD interest rates:

• A RD Account can be opened by an individual in his own name only. 
• The account can be opened by a minor of any age through his/her natural or legally appointed guardian.
• Minors of 10 years must read and write to get the eligibility for opening and operate an RD scheme without a joint holder.
• A minor cannot open a recurring deposit account in his or her name or in the name of a person, whose account has a cross mark or a signature of another person.
• Clubs, societies, associations, trusts, educational institutions, partnerships and firms must be registered and joint companies.
• An illiterate person can open a recurring deposit account and operate it using his/her thumb impression.

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Types of UCO Bank RD Scheme

Following the aforementioned eligibility criteria, you can invest in the available UCO Bank RD options. Based on your requirements, you can choose any one type of UCO Bank RD scheme. Here are the two different types of RD schemes offered by UCO Bank:

• UCO Sowbhagya RD Scheme
• UCO Sanchayika

UCO Sowbhagya RD Scheme Details

With the Sowbhagya recurring deposit scheme, you may avail all the features of recurring deposits with flexible monthly instalments for a higher yield on maturity amount.

If you like a flexible payment system, you can use the UCO Sowbhagya RD scheme. It allows you to make monthly savings through recurring deposits.

Features of the Sowbhagya RD Scheme 

Have a look at the benefits you can avail after opening the Sowbhagya RD scheme:

• Once the maturity period ends, you will receive the maturity amount including the instalment amount and income earned from UCO Bank RD interest rates.
• You can make a minimum deposit of ₹100/- in a month and then in multiples of ₹100.
• You do not have to take the burden of a maximum monthly deposit while investing in the Sowbhagya RD scheme. In this case, you must make a maximum deposit per transaction less than ₹2 crore.
• You can make only one instalment without any limit on the number of deposits each month.
• You can invest in this RD scheme for a minimum of only one year and a maximum period of five years. The deposit period will be in blocks of one year, two years, three years, four years and up to five years.

Eligibility of Sowbhagya RD Scheme

Follow the below criteria to become eligible for the Sowbhagya RD scheme of UCO Bank:

• Any person with his or her name can apply for this RD scheme.
• Two or more persons opening RDs in their joint names will become the beneficiaries either jointly or any one or more among them. The survivor can also become the beneficiary.
• Minors will be represented by their natural guardians or guardians appointed by the Court.
• Clubs, associations, societies, trusts, firms, educational institutions and partnerships must be registered.
• The age of the account holder of Sowbhagya RD Scheme should be above 18 years of age and he/she must be a resident of India.
• Minor singly account holders must be of the age of 10 years and should have the ability to read and write.

UCO Sanchayika Scheme Details

The Sanchayika Scheme is a special RD scheme offered by UCO Bank to women depositors. Female depositors can start investing in this scheme with a minimum monthly deposit amount of ₹2,000 and in multiples of ₹500 after that.

Features of the Sanchayika RD Scheme 

Women who want to avail attractive interest rates from an RD can use this scheme. Have a look at the below benefits of the Sanchayika RD Scheme:

• There is no maximum monthly deposit ceiling in this scheme. However, women must ensure that the maximum deposit in their account per transaction is less than ₹2 crore.
• There is no limit on the number of deposits per month.
• The minimum and maximum periods for investing in this scheme are 12 months and 60 months respectively. Women must enter the deposit period in blocks of 12/24/36/48/60 months only.
• Upon booking this scheme, female account holders become eligible to avail personal accidental death insurance coverage of ₹1 lakh per customer for an RD deposit of 60 months.
• The first applicant must be female, and she will be provided insurance coverage only in case of a joint account. In addition, the minimum and maximum entry age of account holders should be 18 years and 65 years for Personal Accidental Death Insurance coverage.
• The return on investment (ROI) in this scheme will be determined by the card rate of the domestic bank for the normal term deposit, which is less than ₹2 crore. 
• The women senior citizens will receive an additional interest rate of 0.25% and 0.50% for 12 months and more than 12 months, respectively.
• The staff and ex-staff under this category will receive an additional 1% for each tenure.
• The ex-staff or ex-senior citizen will receive an additional 1.25% and 1.50% for 12 months and more than 12 months, respectively.

Eligibility of Sanchayika RD Scheme

Women must keep in mind some simple criteria to start investing in this flexible RD scheme. Check the below eligibility criteria for investing in the Sanchayika RD Scheme:

• The UCO Bank’s Sanchayika RD is designed for females who are residents of India and who are over 18 years old.
• Minor girls will be represented by the guardians appointed by the court.
• The first applicant has to be a woman in case of a joint account.
• A girl has to be of the age of 10 years and be able to read and write in case they want to open a RD account under this scheme.

Recurring and fixed deposits are types of term deposits. Now that you know about recurring deposits, we suggest you also explore high-yielding FD options available in the Stable Money app now! Our platform offers a maximum of 8.00% interest rates, which is India’s highest!