UCO Recurring Deposit (RD)-Plan your systematic savings
Overview :
UCO Recurring deposit helps you to add your savings at your complete convenience. With your regular incomes, you can start saving any fixed amount from 100 to less than 10 Lakh every month. The amount as decided by you can be deposited in the account or can be deducted every month from your savings account. With our RD facility, you can keep a track of your recurring transactions, avail a loan against your account and do so much more.
Features:
Pre-planned saving for a future goal
Regular savings for a certain period of time
The period of deposit can be from 1 year to 10 years
Deposit can be start with minimum amount of Rs. 100
For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
With our RD facility, you can keep a track of your recurring transactions avail a loan against your account and do so much more.
Eligibility:
A Recurring Deposit Account can be opened by individual in his own name
By more than one individual in their joint names
On behalf of a minor by his natural guardian or by a guardian appointed by court.
In the name of minor singly provided he/she attained the age of 10 years and can read and write.
In the name of clubs, societies, associations, educational institutions, trusts, firms, partnerships provided they are registered and joint companies
A Recurring Deposit Account can be opened in the name of an illiterate person to be operated by his thumb impression.
A Recurring Deposit Account cannot be opened by a minor in his/her own name / In the name of a person, whose account is to be operated under a cross mark or by signature by the hand of another person.
The RD product titled- ‘UCO Sowbhagya Recurring Deposit Scheme’ offers all the features of a Normal Recurring Deposit with the flexibility of varying monthly instalments for a higher yield on maturity. This scheme gives the benefit to those people who has desire to do monthly savings in the form of Recurring Deposit but with flexible payment system
Features:
At the end of the maturity period, the customer shall receive the maturity amount representing the instalment amount paid together with interest thereon.
Minimum deposit in scheme is Rs. 100/- in a month and thereafter, in multiples of Rs. 100/-.
No maximum mothly deposit ceiling.However maximum deposit in an account per transaction will be less than Rs. 2.00crore.
Minimum one instalment with no limit on number of deposits per month
The applicable interest rate will be decided by the amount of monthly basic instalments and tenure of deposit only, irrespective of the cumulative deposit amount in ‘UCO Sowbhagya’ Flexi RD account.
Penalty Clause:
a)Period of Premature Closure within 12 months: Penal Charge @ 1.00% on applicable interest rate
b) Period of Premature Closure after 12 months: Penal Charge @ 0.50% on applicable interest rate.
Loans shall be granted subject to a maximum of 90% of the RDUSS amount deposited and the interest charged by the Bank will be 2% above the deposit rates.
Intra-Bank/ Intra-city fund transfer charges/cash deposit for the credit of self RDUSS Account
Transfer of funds through SI from Current or Savings Bank Account to self RDUSS Account every month for payment of monthly instalments.
(*Terms & condition as per extent guidelines)
Eligibilty:
A person in his/her own name OR
Two or more persons, in their joint names, who will be the beneficiaries either jointly or anyone or more among them or the survivor or the survivor of them
On behalf of a Minor, represented by their Natural Guardians or Guardians appointed by Court.
In the names of clubs, societies, associations, educational institutions, trusts, firms, partnerships provided they are registered and joint companies.
Age of the Accountholder - RDUSS may be opened by Resident Indians above 18 years of age
In the name of minor singly, provided he/she attained the age of 10 years & can read and write.
UCO Sanchayika : Flexi RD Scheme for Female Customers
Overview :
UCO SANCHAYIKA’ Flexible Recurring Deposit Account specially designed for Individual Female Depositors
Features:
UCO SANCHAYIKA can be opened with a minimum basic monthly deposit amount of Rs. 2000/- and thereafter in multiples of Rs. 500/-.
No limit on number of deposits per month.
No maximum monthly deposit ceiling*. However, maximum deposit in an account per transaction will be less than Rs 2 cr.
Period of Deposit: Minimum period of 12 months and maximum period of 60 months only. Deposits period shall be in blocks of 12/24/36/48/60 months only.
Rate of Interest (ROI%) : ROI on ‘UCO Sanchayika’ recurring deposits will be determined by bank’s domestic card rate for normal term deposit (less than Rs. 2 crore) issued time to time and calculated on a daily product basis & compounded quarterly.
Insurance Coverage*: Personal Accidental Death Insurance Coverage of Rs. 1.00 lac per customer (CIF)* will be available to the account holder of ‘UCO Sanchayika’ Scheme if deposit period is 60 months only. Personal accidental death insurance coverage will be provided to the female account holder of the scheme (singly). In case of joint account first applicant must be female and insurance coverage will be provided to first applicant only. To avail the benefit of Personal Accidental Death Insurance coverage, minimum and maximum entry age of the account holder should be 18 years and 65 years respectively.
Privileges for Women Senior Citizen/ Staff / Ex-Staff: Additional rate of interest (ROI) over and above applicable ROI relevant to Banks Term Deposit (< Rs.2 cr).
Period of RD
12 months
> 12 months
Senior Citizen
0.25
0.50
Staff /Ex-Staff
1.00
1.00
Ex-Staff & Senior Citizen
1.25
1.50
Loans Facility Available
Nomination Available
Eligibility:
'UCO Sanchayika” Flexi RD can be opened by Resident Indian Female above 18 years of age.
ln the name of minor girl singly, provided she attained the age of 10 years & can read and write.
On behalf of a minor girl, represented by their Naturar guardians or Guardians appointed by Court. ln case of Joint account first applicant (primary holder) must be Female.
RD Interest Rates:
Rate(s) of Interest on Domestic Term Deposits less than Rs. 2 Crores (w.e.f 11-05-2024) as under:
Maturity Period
ROI for General Customer
Rate% p.a
Yield in %
7-14 days
2.90%
2.90%
15-29 days
2.90%
2.90%
30-45 days
3.00%
3.00%
46-60 days
3.50%
3.50%
61-90 days
3.50%
3.50%
91-120 days
4.50%
4.50%
121-150 days
4.50%
4.51%
151-180 days
5.00%
5.02%
181-364 days*
5.50%
5.54%
1 Year
6.50%
6.66%
Above 1 Yr – 399 days
6.50%
6.66%
400 days
7.05%
7.27%
Above 401 days - 2 Yrs
6.50%
6.66%
Above 2 Yr – 3 Yrs
6.30%
6.66%
Above 3 Yr – 5 Yrs
6.20%
6.76%
Above 5 Yrs
6.10%
7.07%
The Additional Interest payable on deposits of Senior citizen/staff/ex staff /Ex staff. Sr. citizen above the “General Customer interest rate” is as under:
Tenor Up to One Year
Tenor above One Year
Staff
1.00%
Senior Citizen
0.25%
0.50%
Retired staff Senior Citizen
1.25%
1.50%
Terms & Conditions
All other terms & conditions applicable as per Bank extant guidelines.
