A Recurring Deposit is a type of term deposit offered by banks that helps individuals with regular income to save a fixed amount of money every month and earn interest on it. It is similar to a Fixed Deposit, but instead of investing a lump sum, you invest in small, fixed installments.
Key Features of a Recurring Deposit at Universal Co-Operative Urban Bank Ltd.:
- Flexible Deposit Amount: You can start a Recurring Deposit with a small monthly installment, making it accessible to a wide range of customers.
- Flexible Tenure: The bank offers various tenures for your RD, typically ranging from 12 months to 120 months. You can choose a tenure that suits your financial goals.
- Attractive Interest Rates: The bank provides competitive interest rates on Recurring Deposits, allowing your savings to grow steadily.
- Loan Against RD: You can avail a loan against your Recurring Deposit balance, providing you with liquidity in case of an emergency.
- Nomination Facility: The bank offers a nomination facility, ensuring that your savings are handed over to your nominee in your absence.
- Simple & Easy Process: Opening an RD account is a hassle-free process. You can visit any branch of Universal Co-Operative Urban Bank Ltd. to open an account.
How to Open a Recurring Deposit Account:
- Visit a Branch: Go to the nearest branch of Universal Co-Operative Urban Bank Ltd.
- Fill the Application Form: Fill out the RD application form and provide the necessary KYC documents (e.g., Aadhar Card, PAN Card, etc.).
- Choose Your Plan: Select your desired monthly installment amount and the tenure.
- Fund Your Account: Make the first deposit, and your RD account will be activated.
Documents Required:
- Duly filled application form.
- Proof of identity (Aadhar Card, PAN Card, Passport, etc.).
- Proof of address (Aadhar Card, Utility Bill, etc.).
- Passport-sized photographs.
