A savings account has now become a financial instrument that helps you secure your funds while also earning your interest. Today, a Savings Account is essential for managing your personal finances. It could be to pay utility bills, shopping bills, transfer or withdraw funds, address your emergency needs, or even to invest in other financial instruments.UCO bank savings account is here to help you in planning your financing better for your bright future.
New Deposit Scheme titled "UCO Zero balance scheme"
In order to include a larger cross-section of the population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses, namely, minimum initial deposit for opening of the account which is difficult to arrange by such population, maintenance of minimum balance failing which charges are levied etc., it has been felt expedient to introduce a new Savings Deposit Scheme titled "UCO No-frills Savings Bank Account". The salient features of the scheme so designed are as follows :
Title of the Scheme - "No-frills Savings Bank Account (Zero Balance)".
Initial deposit for opening the account and maintenance of minimum balance - The Savings account can be opened with a minimum initial deposit of Rs.5/-. In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs.250/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.
Opening of Account under the scheme - The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.
Eligibility for opening "No-frills Savings Bank Account" - The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.
Restriction of number of withdrawals/debit entries in "No-frills" Account - upto 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charges will be levied @ Rs.3/- per additional entry during a half-year.
Charges to be levied -
For accounts opened with initial deposits of Rs.250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even upto zero balance, usual charge for non-maintenance of initial deposit shall be levied.
For standing instructions - no charge will be levied.
Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.
For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year. Any additional requirement of cheque leaves during a year will attract a charge of Rs.2/- per cheque leaf.
No incidental and folio charges will be levied in these accounts.
All other charges for services as presently applicable for normal Savings Account are to be levied and recovered.
Compliance of KYC Guidelines - Simplified KYC procedures for opening of Accounts as advised through Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 may be adhered to. The salient features of the Circular are mentioned hereunder for ready reference : In case, the person concerned who wants to open the savings account is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address of the customer, the account may be opened for those persons subject to compliance of the following :
Introduction from another account holder who has been subjected to full KYC procedure. The introducer's account with the bank should be at least six month old and should show satisfactory transactions. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer. or
Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank. However, while opening such savings accounts the customer should be made aware that if at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/- or total credits in the accounts exceed Rs.1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure in regard to verification of identity and address of the customer through the documents as specified are complied with.
Minors above the age of 10 years who can read and write will be allowed to open and operate savings bank accounts independently.
Minimum balance
Nil
Cheque Book
2 chq. Books free per year. Minor accounts are not allowed to be overdrawn and these always remain in credit.
ATM Card
Personalised ATM cards with photograph with per day withdrawal and shopping limit of Rs.3000.00 and overall limit of Rs.15000/- in a month.
Net Banking
Per day transaction limit Rs.3000.00 and overall limit of Rs.15000/- in a month.
Rate of interest
3.50% per annum at par with a normal SB account.
Charge for closure of account within 12 months
NIL
Stop payment charges
Free
Standing instruction
Free from Savings account to RD/FD account in his/her name.
Immediate credit of outstation cheque
Upto Rs.25000/- per occasion
Transfer of fund
Free from natural guardian / grandparents accounts.
Nomination
The facility of nomination would be available as per applicable guidelines in case of minor account. Nomination shall be made by a person lawfully entitled to act on behalf of the minor.
Payment to nominee and legal heirs
In the event of the death of the depositor, the deposit would be paid to the nominee/ legal heirs as per the existing rules.
Proof of age
Birth certificate issued by Panchayat / municipality/ corporations/declaration by natural guardian.
Attaining majority
On attaining majority, the erstwhile minor should confirm the balance in his /her account.
Joint account
Joint account cannot be opened.
Special Offer
Personalised ATM cards with photograph.
Net Banking with transaction facility *.
Minimum balance - NIL
Cheque Books-2 books free per year.
Concession in education loan- No processing charge in future education loan
Attractive passbook
* Initally Net Banking facility will be viewed only and transaction facility will be given in due course.
In an endeavor to foster empowerment of women across the nation and to come abreast with peer banks, bank is launching a special savings bank product designed especially for women customer namely UCO “APARAJITA” in four Variants:
1. Aparajita Pearl (For QAB Rs 20000)
2. Aparajita Emerald ( For QAB Rs 1.00 lac)
3. Aparajita Sapphire (For QAB Rs 5.00 Lac) and
4. Aparajita Diamond (For QAB Rs 10.00 Lac)
This initiative aims to provide a tailored financial solution that addresses the unique needs and aspirations of women from all walks of life.
FEATURES
APARAJITA PEARL
APARAJITA EMERALD
APARAJITA SAPPHIRE
APARAJITA DIAMOND
1
QAB
Rs.20000/–
RS 1 Lac
RS 5 Lacs
RS 10 Lacs
2
Charges for non-maintenance of minimum (QAB)
Rs. 250/- per Quarter
Rs. 500/- per Quarter.
Rs. 1000/- per Quarter.
Rs. 2000/- per Quarter
3
Eligibility
Women
Women
Women
Women
4
Cheque Book
50 leaves Free in a Year
75 leaves Free in a Year
required)
100 leaves Free in a Year
125 leaves Free in a
5
RTGS/NEFT/
IMPS
For offline :-
RTGS-Standard Charges apply
ONLINE NEFT FREE-UNLIMITED
NEFT- 12 free in a year (1 NEFT per month) upto Rs 10000
IMPS -12 free in a year (1 IMPS per month ) upto Rs 10000
For offline
RTGS-Standard Charges apply
ONLINE NEFT FREE-UNLIMITED
NEFT- 24 free in a year (2 NEFT per month) upto Rs 10000
IMPS -24 free in a year (2 IMPS per month ) upto Rs 10000
For offline
RTGS-Standard Charges apply
ONLINE NEFT FREE-UNLIMITED
NEFT- 36 free in a year (3 NEFT per month) upto Rs 10000
IMPS -36 free in a year (3 IMPS per month ) upto Rs 10000
For offline
RTGS-Standard Charges apply
ONLINE NEFT FREE-UNLIMITED
NEFT- 60 free in a year (5 NEFT per month) upto Rs 10000
IMPS -60 free in a year (5 IMPS per month ) upto Rs 10000
6
SMS Charge
100 % waived Free (for 1st Year)
100 % waived Free (for 1st Year)
100 % waived Free (for 1st Year)
100 % waived Free (for 1st Year)
7
Issuance of Debit Card
Rupay Select Debit card (personalized)
Only Issuance Free
AMC- Standard Charges Apply
Rupay Select Debit card (personalized)
Issuance Free
AMC- Standard Charges Apply
Rupay Select Debit card (personalized)
Issuance Free
AMC- Standard Charges Apply
Rupay Select Debit card (personalized)
Issuance Free
AMC- Standard Charges Apply
8
Locker Facility
10% concession on Small locker only
25% concession on Small locker only
50% concession on Small locker only
100% concession on Small locker Only
9
Personal Accident cover (Death)
Rs 10.00 Lacs
Rs 25.00 Lacs
Rs 50.00 Lacs
Rs 100.00 Lacs
10
Demat A/c
25% waiver on annual Fee
50% waiver on annual Fee
100% waiver on annual Fee
100 % waiver on annual Fee
11
Charges for closure of account within 12 month
Rural : 250
S U & Urban: Rs 500/-
Metro: Rs 1000
Rural : 500
S U & Urban: Rs 1000/-
Metro: Rs 2000
Rural : 1000
S U & Urban: Rs 1500/-
Metro: Rs 2500
Rural : 1500
S U & Urban: Rs 2000/-
Metro: Rs 3500
12
Concession in respect of documentation charges for HL/VL*
As per parent Scheme or 25% when no waiver in the parent scheme
As per parent Scheme or 25% when no waiver in the parent scheme
As per parent Scheme or 50% when no waiver in the parent scheme
As per parent Scheme or 50% when no waiver in the parent scheme
13
Concession in respect of processing charges/ upfront fee for HL/VL
As per parent Scheme or 25% when no waiver in the parent scheme
As per parent Scheme or 25% when no waiver in the parent scheme
As per parent Scheme or 50% when no waiver in the parent scheme
As per parent Scheme or 50% when no waiver in the parent scheme
14
Transfer of A/c to another Branch
free
free
free
free
15
Monthly E statement
1 free A/c statement per month online)
1 free A/c statement per month online)
1 free A/c statement per month online)
1 free A/c statement per month online)
16
Remittances (Ac to Ac)
Free unlimited
Free unlimited
Free unlimited
Free unlimited
17
Over Draft (OD) Facility
Facility of e-OD against fixed deposit is available.
Facility of e-OD against fixed deposit is available.
Facility of e-OD against fixed deposit is available.
Facility of e-OD against fixed deposit is available.
18
A/c for family
UCO Smart Kid for 2 children
UCO Smart Kid for 2 children
UCO Smart Kid for 2 children
UCO Smart Kid for 2 children
19
Credit Card facility
Available (at the option of customer) with applicable charges.
Available (at the option of customer) with applicable charges.
Available (at the option of customer) with applicable charges.
Available (at the option of customer) with applicable charges.
20
Term & Health Insurance
Available from channel partners at the option of customer with applicable charges.
Available from channel partners at the option of customer with applicable charges.
Available from channel partners at the option of customer with applicable charges.
Available from channel partners at the option of customer with applicable charges.
