UCO bank started a new flexible recurring deposit product 'UCO Sowbhagya RD Scheme'. This is a unique product for the small investors who are looking for a flexible debt product to invest in.
Salient features of this new scheme:
1) Minimum monthly investment of Rs. 100/- and maximum of 10 lacs in a month.
2) You can increase the month's subscription in a multiple of Rs. 100 if you want to invest more for a particular month.
3) You can deposit money, any number of times per month.
4) Maximum tenure for this scheme is 3 years.
5) You will earn an interest which is same as any fixed deposit scheme of the same tenure in bank.
6) Most importantly as this is a RD scheme, you do not have to pay any TDS on your return.
So, you can always check with the bank's site or directly the branch and think about this product as a good debt option to invest in.
Disclaimer: I do not have any personal interest to promote this product. The above is completely my personal opinion after reviewing this RD product.