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Savings Account

UCO Bank offers different savings accounts to customers, each loaded with attractive features and benefits. With a range of savings bank accounts on offer – from zero balance accounts, premium accounts, basic accounts, accounts for children and those for defence personnel, the bank caters to the needs of every individual.

There are 3 types of savings accounts currently on offer, while 2 have been discontinued. The first 3 UCO Bank savings accounts in the below-mentioned list are currently active. The last 2 savings account schemes have been closed by the bank.

Types of UCO Bank Savings Accounts

  1. UCO Saral Savings Deposit Scheme

      A simple savings account with the following features and benefits:

  • A minimum amount is required to open the account and the Average Quarterly Balance (AQB) to be maintained in the account is also less. For individuals in metro and urban areas, Rs.1,000 is required to open the account with a cheque book facility, for individuals in semi-urban areas, the amount is Rs.500 and for individuals in rural areas the amount is Rs.250. For others, it is Rs.1,500 in metro and urban areas, Rs.1,000 for semi-urban areas and Rs.250 for rural areas. For pensioners, the amount is Rs.250 for metro areas and Rs.100 in urban, semi-urban and rural areas.
  • The minimum amount of deposit for individuals and others for an account without cheque book facility is Rs.500 in metro and urban areas, Rs.250 in semi-urban areas and Rs.100 in rural areas. For pensioners, the balance is a flat amount of Rs.50 in all areas.
  • One 20-leaves cheque book is free every 6 months
  • Immediate credit of outstation cheques of values up to Rs.15,000 per occasion
  • Facilities of pay order, demand draft, telegraphic transfer, mail transfer, RTGS (real time gross settlement) and NEFT (national electronic funds transfer)
  • Free Visa debit card
  • Ease of banking with e-banking and mobile banking facilities
  1. UCO No-Frills Savings Bank Account

 A basic savings account for the poorer sections of the society with the following features and    benefits:

  • The minimum deposit must be as low as Rs.5 if no cheque book is required. For accounts with cheque book facility, Rs.250 is the minimum amount required to open the account.
  • There is no requirement of a minimum balance and the account can run even on zero balance in case of non-cheque book account. In the case of accounts with a cheque book facility, Rs.250 is the minimum balance requirement failing which a charge will be levied.
  • Minors aged 10 years and above but below 18 years can also open the account in their own name or in joint name
  • Up to 25 free debit transactions are allowed in the account every 6 months exceeding which charges will be levied
  • Free 20-leaves cheque book every year
  • Free standing instructions facility
  • KYC (know your customer) formalities are to be met failing which an introduction is required from an existing account holder for opening the account. If the credit balance exceeds Rs.50,000 at any time, KYC requirements have to be met failing which no further transactions will be allowed in the account.
  1. UCO Smart Kids Savings Bank Scheme

     An account designed for children above the age of 10 years till 18 years. The features and benefits of the account are as follows:

  • There is no requirement of maintaining a minimum balance in the account
  • 2 free cheque books every year
  • There is no facility of overdraft and the account should always remain in credit
  • Personalized ATM card with the child’s photograph with a daily cash withdrawal limit and POS transaction limit of Rs.3,000 with a maximum limit of Rs.15,000 every month
  • Free stop payment and standing instructions facility
  • Immediate credit of outstation cheques of values up to Rs.25,000 per occasion
  • Free transfer of funds from the guardian’s or grandparent’s account
  • Nomination facility is available and should be done by a person legally authorized to act in the place of the minor
  • In case of death of the depositor, the proceeds will be paid to the nominee or the legal heir
  • Birth certificate is mandatory to be submitted as age proof
  • On reaching the age of 18 years the minor holder should get his or her account balance confirmed
  • Free UCO Bank savings account online net banking facility
  • Concession in availing education loan in future with waiver of processing fee

Eligibility

  • A minor above the age of 10 years can open the account and operate it if he or she can read and write
  1. UCO Star Savings Deposit Scheme

A savings account with the following features and benefits:

  • There should be a maintenance of a minimum monthly balance of Rs.25,000
  • Individuals either singly or jointly can open the account
  • 2 free 40-leaves cheque book is free every 6 months
  • Immediate credit of outstation cheques of values up to Rs.25,000 per occasion
  • Daily free issuance of pay order, demand draft, telegraphic transfer and mail transfer of up to Rs.10,000
  • Free NEFT and RTGS facilities and stop payment facilities
  • Free Visa debit card with an additional add-on card
  • Ease of banking with e-banking and mobile banking facilities
  • An auto sweep-in facility is available with the account wherein balances above Rs.25,000 are transferred to a fixed deposit account in tranches of Rs.5,000 for a maximum period of 179 days to earn higher interest. The deposit can be withdrawn as and when required with no premature penalty charges.
  1. UCO Veer Shakti Account

A special savings account for the Indian defence personnel which allows them to deposit their savings with UCO Bank, it offers the following features and benefits for this account:

  • It is a zero balance account for the defence personnel
  • The account enables the defence personnel to draw their salary through the account
  • The account has four variants of cadre 1 servicing non-officers, cadre 2 servicing officers, cadre 3 pensioners non-officers and cadre 4 pensioners officers
  • Free 50 leaves cheque book is offered to cadre 1 & 3 personnel, while a 100 leaves cheque book is issued to cadre 2 & 4 personnel every 6 months
  • Free pay orders and demand drafts of Rs.10,000 per day for cadre 1 & 3 and Rs.20,000 for cadre 2 & 4
  • Free facilities of RTGS, NEFT and standing instructions
  • An overdraft facility can be availed against the account for a minimum amount of Rs.10,000 and a maximum amount of one month’s net take home salary or pension or Rs.1 lakh, whichever is lower
  • Free debit card with a cash withdrawal limit of Rs.50,000 per day and POS limit of Rs.50,000 for cadres 1 & 3 and Rs.1 lakh for cadres 2 & 4 respectively
  • Free outstation cheque collection facility, e-banking and mobile banking facility
  • An auto sweep-in facility is available with the account wherein balances above Rs.25,000 are transferred to a fixed deposit account in tranches of Rs.5,000 for a maximum period of 179 days to earn higher interest

UCO Bank Savings Account Eligibility Criteria

  • Servicing and ex-servicemen of the Indian armed forces and paramilitary forces can open the account
  • Servicing employees should draw their salary from UCO bank and ex-servicemen or retired employees should draw their pension from the bank only

Rate of Interest

UCO Bank saving account interest rates are same for all savings accounts. UCO Bank offers an interest rate of 4% per annum.

UCO Bank Saving Account Rule

  • The bank allows every person to open a savings account with UCO Bank. The applicant has to sign the appropriate UCO Bank saving account form in the presence of an authorized bank official and agree to the rules and regulation governed by bank savings accounts.
  • The bank does not allow opening savings accounts which will be functioned under a cross mark or signed by another person (not the account holder)
  • By default, an applicant has to submit 2 passport sized photos at the time of savings bank account opening. In case the account is going has to be operated through a thumb impression then 3 photographs have to be submitted.
  • If the applicant is an income tax assessee, he/ she is required to mention his/ her PAN/ GIR number on the account opening form. Else, he/ she has to give a declaration on form number 60/ 61.
  • A UCO Bank savings account for a minor can be opened by his/ her father/ mother or a guardian who is approved by court for the custody of minor. A guardian opening a savings account with UCO Bank in the name of a minor under his or her guardianship has to give a declaration which states that funds that are withdrawn are used for the benefit of minor.
  • UCO Bank holds the right to validate the details mentioned in the account opening form by a third party, if necessary.
  • UCO bank savings account cannot be opened for a business or trading purposes, irrespective of its constitution. However, charitable institutions, clubs, associations, etc. are permitted to open a savings account with UCO Bank.
  • The required KYC documentation for UCO Bank savings account has to be submitted at the time of account opening
  • A person can open more than one savings account with UCO Bank in individual capacity only with special consent from the bank. However, an individual can open joint savings accounts with another person/ persons where the mode of operation is required to be specified.
  • A minor can open a savings bank account in individual capacity if he/ she has reached the age of 10 years and is able to read and write.
  • If a minor's UCO Bank savings account is being operated by his/ her guardian, the guardian will lose the right to operate the account once the minor attains majority. A total balance in the account is the exclusive property of the minor who attained the age of majority. Further withdrawals can be made only by the erstwhile minor after completing the procedural formalities.
  • Cheque and cash which is to be deposited in UCO Bank branches should be given only to the bank employee at the respective counter as no other individual has the authority to receive these
  • The requirements for UCO Bank savings account state that the total amount withdrawn from an account cannot exceed 51 in 6 months by cheque or any other form, or a ceiling that is decided by the bank. The bank will levy a service charge for additional withdrawals.
  • A person having a savings account from UCO Bank is given 20 cheque leaves free every 6 months. A service charge is levied for extra cheque leaves. The account holder can choose not to use a cheque book at the opening time.
  • It is the responsibility of the account holder to make sure that his/ her account has sufficient balance at the time of issuing a cheque. The practice of issuing a cheque while anticipating funds to be credited to savings account is not acceptable. A cheque dishonoured as a result of a mistake made by the account holder like insufficient funds in the account, irregularly drawn cheques, etc. will attract a service charge by the bank and penalty under law of land.
  • Mutilated, post-dated, stale, irregularly drawn cheques and cheques containing unimportant matter are refused payment (no cheques swapping is permitted)
  • A depositor is required to cross a cheque before handling it for collection for credit into an account. Deposited cheques which are returned unpaid attract a service charge plus interest.
  • Financial instruments like demand drafts, cheques, dividend and interest warrants are accepted for credit into an account only if the account complies with KYC requirements. Such documents must be drawn in the favour of account holder.
  • An account holder must ensure that he/ she meets the UCO Bank minimum balance requirements. Failure to maintain the minimum balance attracts penalty.
  • UCO Bank savings accounts which are operated by a thumb-impression require the account holders to personally visit UCO Bank branches along with pass book to withdraw money
  • An account holder has to pay the prescribed UCO Bank savings account charges for a duplicate pass book if he/she has lost the pass book.
  • The pass book and cheque book are important documents and must be kept in the safe possession of the account holder. It is the responsibility of the account holder to count the number of cheques at the time of receiving the cheque book. If a cheque(s) is missing, he/ she should immediately bring it to the attention of the bank. Similarly, a loss of pass book or cheque book must be immediately brought to the notice of the bank.
  • No charge is levied if a savings account from UCO Bank is closed within 14 days from the date of account opening. However, if the account is closed in 14 days and not even operated for a year, then a prescribed charge is levied.
  • UCO Bank reserves the right to close any account with prior warning if the savings bank account is not operated properly. The decision of the bank in such matters is final.
  • Only a favourable Nomination by single individual is accepted
  • UCO Bank hold he right to change or add to these rules. Such alterations and additions are binding on all account holders.