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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Save money while enjoying a higher interest rate with UCO Bank Recurring Deposits. UCO Bank Recurring Deposit Interest Rates differ for resident and NRI customers. UCO Bank Senior Citizen RD Interest Rates are higher.
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Recurring Deposit (RD) is an investment option to save your money in a secure manner. Regular instalments of small amounts can be made in systematic manner to earn a lump sum amount at the end of the tenure. This type of investment has low risk and interest can be earned during the chosen maturity period. It works quite similar to Fixed Term Deposits.
However, a huge difference between recurring deposits and fixed deposits is the amount of investment made. In recurring deposit, you can deposit very small amounts whereas in fixed deposits, a huge amount need to be deposited for a specific period. The interest rates remain similar to a fixed deposit.
About UCO Bank Recurring Deposit Rate
The recurring deposit scheme offered by UCO Bank is called UCO Sowbhagya Recurring Deposit Scheme. It offers all facilities of a normal recurring deposit account with the flexibility of varying monthly instalments for a higher yield at the end of the tenure. The interest rates offered are same as Fixed Term Deposits. The bank offers different tenure periods to suit your financial requirements. The bank also offers special privileges for senior citizens, staff and ex-bank employees.
The UCO Bank recurring deposit Interest rates are similar to the Fixed Term Deposit rates. These interest rates are subject to revision by the bank at any time and hence, it is suggested to check the prevailing rates before making an investment.
The interest rates for recurring deposit account less than Rs. 1 crore:
| S.No | Time Period | Interest Rate w.e.f. 10/09/2018 |
|---|---|---|
| 1 | 7 – 14 days | 4.50% |
| 2 | 15- 29days | 4.50% |
| 3 | 30 – 45 days | 5% |
| 4 | 46 – 60 days | 5.50% |
| 5 | 61 – 90 days | 5.50% |
| 6 | 91 – 120 days | 6% |
| 7 | 121 – 150 days | 6% |
| 8 | 151 – 180 days | 6% |
| 9 | 181 – 3654 days | 6.35% |
| 10 | 1 year | 6.7% |
| 11 | More than 1-year up to 2 years | 6.75% |
| 12 | Above 2 years up to 3 years | 6.75% |
| 13 | Above 3 years up to 5 years | 6.75% |
| 14 | 5 years and above | 6.75% |
| Tenure | Interest Rates p.a. for NRE |
|---|---|
| 1 year | 6.70% |
| More than 1-year up to 2 years | 6.75% |
| More than 2 years up to 3 years | 6.75% |
| More than 3 years up to 5 years | 6.75% |
| 5 years and above | 6.75% |
UCO Bank has laid out guidelines on the category of people who can open recurring deposit account:
1. How can I open a recurring deposit account with UCO Bank?
It is quite simple and easy to open recurring deposit account with UCO Bank. The fastest way is to visit the bank website and apply online. The other option is to physically visit the nearest bank branch and submit your application with mandatory documents to the bank representative.
2. What are the interest rates offered on recurring deposit account?
UCO Bank offers one of the most competitive interest rates in the market. It ranges from 4.50% to 6.75% depending on the tenure of your investment.
3. What is the minimum investment tenure?
UCO Bank offers a minimum of 12 months and maximum of 60 months as the investment tenure for recurring deposit.
4. Can I take loan through this account?
Yes, UCO Bank offers loan facility of up to 90% of the amount deposited as loan. The interest charged is 2% more than the deposit rate.
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