Recurring Deposit 
UCO Sowbhagya Recurring Deposit Scheme (Scheme Code - RDUSS)
The 'UCO Sowbhagya RD Scheme' offers all facilities of a Normal Recurring Deposit along with the flexibility of varying monthly installments for a higher yield on maturity.
Details of the product are illustrated as below :-
Who can open -
- 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.
Pattern of Deposit -
All accounts opened w.e.f 01/03/2016 shall have the following conditions :-
- Minimum deposit in scheme is Rs. 100/- in a month and thereafter, in multiples of Rs. 100/-.
- Monthly deposit amount can be 10 times the initial deposit subject to a maximum of Rs. 1 lac per month.
Period of Deposit -
- RDUSS Deposits would be accepted for a Minimum period of 12 months and Maximum period of 60 months only.
- Deposits Period shall be in blocks of either of 12 months, 24 months, 36 months, 48 months and upto 60 months only.
Rate of Interest -
- As applicable for normal term deposits of the same tenor.
Privileges for Senior Citizens /Staff /Ex-staff -
- Additional rate of interest (ROI) over and above applicable ROI relevant to Banks Term Deposit.
Loans -
- 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.
Terms & Conditions -
- All other terms & conditions applicable for existing Recurring Deposit Scheme of the Bank.
Following is the penal charges for pre-mafure withdrawal of Term Deposits, including RD and RDUSS given as under:
| Sl. No |
Term Deposits |
Penal Charges |
| 1 |
Less than Rs. 15 lacs |
1% less than the applicable rate for which the deposits was held by the Bank as on the date of deposit or present rate whichever is lower |
| 2 |
Rs. 15 lacs to less than Rs. 1 Crore |
1% less than the applicable rate for which the deposit was held by the Bank as on the date of deposit or present rate whichever is lower. |
| 3 |
Term deposit of Rs. 1 Crore and above |
2% less than the applicable rate for which the term deposit of Rs. 1 Crore and above was held by the Bank as on the date of deposit or present rate as on the dote of premature closure whichever is lower. |
