UCO Bank offers Recurring Deposit schemes for those individuals who wish to make investments of a fixed sum of money regularly over a period of time. Offering competitive rates similar to Fixed Deposits, Recurring Deposits give individuals the benefit of spacing their deposit amounts into smaller and more manageable amounts, while still earning through high interest rates.
UCO Bank offers Recurring Deposits in different categories, which are divided based on the amount being invested. The bank has a set of rates for amounts totalling up to Rs. 1 crore, for investments from Rs. 1 crore to Rs. 5 crore and for amounts between Rs. 5 crore and above.
UCO Sowbhagya Recurring Deposit Scheme:
The bank also offers the UCO Sowbhagya Recurring Deposit Scheme, under which depositors can avail all the benefits of a regular deposit scheme as well as added benefits like changing the monthly deposit amounts which would result in a higher amount upon maturity.
Under the scheme, depositors can deposit a minimum of Rs. 100 and a maximum of Rs. 1 lakh every month for a minimum tenure of 12 months. Extensions can be made in blocks of 12, 24, 36, 48 or 60 months.
UCO Sunshine Recurring Deposit Scheme:
The UCO Sunshine Recurring Deposit Scheme is the other special Recurring Deposit scheme offered by the bank. Along with the regular Recurring Deposit terms, UCO Sunshine Recurring Deposit holders will also be able to execute standing instructions as well as utilise anywhere banking facilities.
Under this scheme, depositors can invest sums ranging from a minimum of Rs. 500 and its multiples, with the maximum deposit amount being Rs. 10 lakh every month for 12 months at the minimum, and thereafter for 24, 36, 48 or 60 months blocks.
UCO Bank Short Term Recurring Deposit Interest Rates
UCO Bank’s short term Recurring Deposits range from a tenure beginning at 1 year. The deposits for this tenure earn interest of 7.50 % per annum for deposits less than Rs. 1 crore.
Deposits between Rs. 1 crore and Rs. 5 crore will receive interest ranging from 5% to 7.05% per annum on deposits for the same tenure.
Deposits above Rs. 5 crore and bulk deposits will earn interest ranging from 5.25% to 7.05% per annum for both single deposits (below Rs. 25 crore) as well as term deposits (above Rs. 25 crore) for the given time period.
UCO Bank Medium and Long Term Recurring Deposit Interest Rates
UCO Bank’s medium term Recurring Deposits tenures range from above 1 year to 3 years. The interest rate depositors can earn from medium term RD is 7.50% for amounts up to Rs. 1 crore.
Amounts between Rs. 1 crore and Rs. 5 crore will earn interest of 6.90% upon maturity. Bulk deposits and those above Rs. 5 crore will earn interest of 7.15% for a tenure of 1 year up to 2 years, while tenures of more than 2 year up to 3 years will earn 6.90%.
| 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 (%) |
| 1 year | 6.5 | 5.00 | 5.00 | 5.00 |
| 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 |
