The Monthly Interest Income Scheme is a type of Fixed Deposit (FD) where you can deposit a lump sum amount and receive the interest earned on that deposit on a monthly basis. This scheme is ideal for individuals who want a steady and predictable stream of income to meet their monthly expenses.
Key Features & Benefits:
- Regular Income: Receive interest payments directly credited to your account every month.
- Safety and Security: Your investment is safe and secure with a reliable co-operative bank.
- Competitive Interest Rates: The bank offers attractive interest rates on its fixed deposit schemes. While specific rates for a dedicated Monthly Interest Income Scheme are not available, interest on deposits is paid based on the prevailing term deposit rates. For a deposit of Rs. 1,00,000, the bank has previously illustrated monthly interest payouts for different periods, demonstrating the scheme's functionality.
- Senior Citizen Benefits: An additional interest rate is typically provided for senior citizens, allowing them to earn more on their deposits.
- Flexible Tenures: You can choose a deposit period that suits your financial needs.
How it Works:
You deposit a one-time principal amount for a fixed tenure. The bank calculates the interest on this amount and pays it out to you every month. The principal amount remains intact and is paid back to you upon maturity of the deposit.
Example of Monthly Interest Payout (based on past data):
For a deposit of Rs. 1,00,000/-
- General: Monthly interest of approximately Rs. 732/-
- Senior Citizen: Monthly interest of approximately Rs. 773/-
Note: The interest rates and corresponding monthly payouts are subject to change. For the most current and accurate information, it is highly recommended to visit a branch of Universal Co-operative Urban Bank Ltd. or contact them directly.
