Union Bank of India Recurring Deposit (RD) Calculator is for calculating the maturity amount of Recurring Deposit saving invested in UBI for a specified period.
Recurring Deposits are a special kind of Term Deposit offered by Union Bank of India which helps people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
This Union Bank of India RD calculator requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
Latest Union Bank of India RD Interest Rate:
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| UBI | 180 Days | 5 | 5.5 | 2024-09-09 |
| UBI | 181 Days to <1 Year | 6.35 | 6.85 | 2024-09-09 |
| UBI | 1 Year | 6.8 | 7.3 | 2024-09-09 |
| UBI | >1 Year to 2 Years | 6.6 | 7.1 | 2024-09-09 |
| UBI | >2 Year to 3 Years | 6.7 | 7.2 | 2024-09-09 |
| UBI | >3 Years to 5 Years | 6.5 | 7 | 2024-09-09 |
| UBI | >5 Years to 10 Years | 6.5 | 7 | 2024-09-09 |
Union Bank of India RD Calculator Variables:
This recurring deposit (RD) calculator for Union Bank of India RD uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in an RD scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the RD calculator that appears as a percentage and is different for different types of saving options.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the RD calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the RD calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How Union Bank of India RD Calculator Works?
Anyone can calculate his saving returns from the Union Bank of India RD account through an online RD calculator available on this page with high accuracy.
Following are the steps to calculate the RD returns through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by an RD calculator, one will get the final maturity amount for investment query with effective yield.
Union Bank of India Recurring Deposit (RD)
The Union Bank of India Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account.
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
Click Here for Union Bank of India Bank Saving Account Calculator
Click Here for Union Bank of India FD Calculator
Features of Union Bank of India RD Schemes:
- Monthly installments can be for any amount starting from as low as Rs.50/- onwards
- An account can be opened for any period ranging from 6 months to 120 months, in multiple of 1 month
- The installment amount selected at the start of the scheme will be payable every month
- The number of installments once selected, cannot be altered. (A cumulative deposit can be converted into a Term Deposit before maturity, provided that the term deposit is for a period larger than the remaining period of cumulative deposit account and arrears, if any, of the monthly installments together with the penalty for the delay, are paid by the depositor. ) However, in the unlikely case of the monthly installment being discontinued for a valid reason, the account holder can convert the amount of installments already paid, into Fixed or Reinvestment Deposit for a period longer than the remaining period of the Cumulative account. For the period the cumulative account has run, compound interest at the applicable rate is payable
- Interest at the permissible rate is compounded every quarter
- The maturity amount will be paid one month after the deposit of the last installment (latest table giving maturity values available with the branch)
- A passbook will be provided to the depositor
- As per the latest changes in the Income Tax Act, TDS will be applicable on the interest on cumulative deposits also.
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Union Bank of India RD Interest Rate: Click Here
Eligibility for HDFC Recurring Deposit (RD):
Any Resident Individual – Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/ Agencies specifically permitted by the RBI eligible to open a “Cumulative Account” in single/joint name/s.
You are here to calculate the maturity value of your money in Union Bank of India’s Recurring Deposit (RD) account. Calculate the maturity value with this online Union Bank of India RD calculator.
(Calculate your UBI Recurring Deposit (RD) maturity amount by using this Union Bank of India RD Calculator)
