UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. During FY 2013-14, its total business was ₹ 4.55 lakh crore. UCO Bank was ranked 294th among India’s most trusted brands according to the Brand Trust Report 2014, a study conducted by Trust Research Advisory. It was a rise of 796 ranks considering it was listed at the 1090th position among India’s most trusted brands in the Brand trust Report 2013. As of 30 March 2017 the bank had 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong. UCO Bank’s headquarters is on BTM Sarani, Kolkata.
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UCO Bank Saving Account Interest Rate
UCO Bank offers an annual interest rate of 4% on its Savings Accounts, unless specified otherwise.
UCO Bank Saving Account Minimum Balance Requirements
UCO Bank Saving Account has fixed the minimum balance to be maintained in their Savings Accounts, the details of which are mentioned below:
|Type of Savings Account||Minimum Quarterly Balance Requirement|
|UCO Veer Shakti Savings Account.||Nil|
|UCO Smart Kids Savings Scheme.||Nil|
|No-frills Savings Account.||Nil|
|UCO Star Savings Deposit Scheme.||Rs. 25, 000|
|UCO Saral Savings Deposit Scheme.||Minimum balance where cheque book is provided|
|Minimum balance where cheque book is not provided.|
|Depositors of every class.||Rs.500|
Opening a UCO Bank Saving Account
If you’re looking at saving and wish to open a UCO Bank Saving Account with the bank, you can now do it without the hassle of long queues and endless forms to fill. You can apply for a new account online.
Just go to the bank’s homepage and select the “New Account Opening” tab on the right of the screen. A pop up window will open, and you can select the type of account you wish to open. After entering the details requested and submitting the form online, you will be issued a reference number.
You can check the status of your application through the number. After filling in the form, you will have to submit both the form and the required documents to the nearest UCO Bank Saving Account branch. The bank will verify your documents, after which your account will be active and you can begin saving.
You can also apply offline, by visiting the bank’s branches and collecting an UCO Bank Saving Account Form. After filling and signing the form, submit it to the nearest branch with the requested documents. The bank will verify the documents submitted and notify you when your account is opened so you can begin saving.
Types of UCO Bank Saving Account
UCO Bank Saral Savings Deposit Scheme
UCO Bank Saving Account with the Saral Savings Scheme, you can enjoy the perks of a savings account such as a free Debit card and 40 cheque leaves a year. As an account holder, you will also be able to use the netbanking and mobile banking services, as well as fund transfer services like the NEFT/RTGS.
UCO Bank Star Savings Deposit Scheme
UCO Bank Saving Account holder will be eligible for 40 cheque leaves half-yearly at no charge, along with a Debit card plus an add-on card free of cost. Holders can also make fund transfers using NEFT/RTGS free of charge.
Holders will not be charged for stop payments and can issue Demand Drafts/Pay Orders upto Rs. 10, 000 a day free. Amounts above the minimum balance would be swept out into term deposits of 179 days in multiples of Rs. 5,000, with interest at the prevailing deposit interest rate.
UCO Bank No-Frills Savings Account
UCO Bank Saving Account this account is specially designed for individuals who would not otherwise be able to open a Savings Account due to a variety of reasons. This account would allow them access to a savings mechanism and they would be able to issue Demand Drafts, issue cheques etc.
It can be opened with an opening balance of just Rs. 5 and can be operated with zero balance as well and is a partial KYC compliant account. A total of 25 debit transactions can be made over a half-yearly period.
UCO Bank Veer Shakti Savings Account
This is a UCO Bank Saving Account exclusively for defence personnel, both serving as well as retired members. The Indian Armed Forces and para-military forces are eligible to receive their salaries and pensions through this account and avail a number of privileges and benefits such as personalised Debit Cards with add-on cards absolutely free and no processing charges for home and car loans. They will also have access to an overdraft facility with special privileges.
UCO Bank Smart Kids Savings Scheme
This scheme’s objective is to inculcate a saving habit in children, encouraging them to save. The account can be opened by a child above 10 years and comes with benefits such as personalised ATM cards with a POS limit of Rs. 3,000 a day. Holders will also receive 2 cheque books free of charge every year. Fund transfers from parent/grandparents accounts would not be charged.
Eligibility Criteria for UCO Bank Saving Account
A UCO Bank Saving Account can be opened by the following individuals:
- Individuals above the age of 18 (either a single or joint account)
- Minors above the age of 10 (only joint account can be opened along with a parent/guardian, unless otherwise specified).
Documents Required to Open UCO Bank Saving Account
A list of documents have to be provided when opening a Savings Account with UCO Bank. These are listed in the Know Your Customer (KYC) guidelines issued by RBI. All banks have to collect the same set of documents for verification purposes. The documents to be collected are listed below:
- Passport sized photographs
- Address proof
- Identity proof
Proof of Address Documents for UCO Bank Saving Account
Any one from the following list of documents can be submitted as proof of address to open an account:
- Aadhaar card.
- Driving license.
- Bank account statement.
- Utility bills (electricity, telephone).
- Income tax statement.
- Credit card statement.
Proof of identity Documents for UCO Bank Saving Account
Any one from the below list of documents can be submitted as proof of identity to open an UCO Bank Saving Account:
- Voter’s ID card.
- Permanent Account Number (PAN) card.
- Government issued photo ID card.
- Defence card.
- Aadhaar card.
- Driving license.