UCO Bank Savings Account

UCO Bank Savings Account
Monthly Average Balance (MAB)
  • Rs. 100
  • A zero balance account is available
Interest Rate 3.50% to 4.00%
Types of SB Accounts
  • Saral Savings Deposit Scheme
  • Smart Kids Savings Bank Scheme
  • No-Frills Account
  • Motor Accident Claim Tribunal SB Account

UCO Bank Savings Account gives a full-fledged banking experience with internet banking, the flexibility of maintaining acc. balance, Visa Debit Card, zero balance account., simplified KYC guidelines, and a lot more. The savings bank (SB) account is available for minors over 10 years of age, and individuals over 18 years of age. You will receive a passbook, cheque book, high withdrawal limit, and deposit limit, apart from other facilities.

In this post, we will discuss UCO Bank Savings Account and their types, along with their features, charges, eligibility, documentation, interest rates, and FAQs.

Features and Types of UCO Bank Savings Accounts

We will take you through the details of different UCO (United Commercial Bank) SB Account:

1. UCO Saral Savings Deposit Scheme

Here are the details of this UCO Bank Savings Account.

A) Features

  • The minimum balance for an account with a cheque book is Rs. 1,000 (urban and metro), Rs. 500 (semi-urban), and Rs. 250 (rural) for individuals
  • For pensioners, it is, Rs. 100 (rural, semi-urban, and urban), and Rs. 250 for metro
  • For others it is, Rs. 250 (rural), Rs. 1,000 (semi-urban), Rs. 1,500 (metro and urban)
  • The minimum balance for an account without a cheque book is Rs. 100 (rural), Rs. 250 (semi-urban), Rs. 500 (metro and urban) for every kind of depositor
  • But for pensioners it is Rs. 50 across every location
  • Every half-yearly, you will receive one cheque book for free containing 20 cheque leaves. After this, you have to pay Rs. 3 per cheque
  • Visa Debit Card and Standing Instructions are also available
  • Immediate credit of outstation cheques at a time of up to Rs. 15,000

B) Charges

  • Charges for non-maintenance of quarterly average balance (minimum) is Rs. 100 for rural branches with a cheque and other branches without a cheque, and Rs. 150 other branches with a cheque
  • Charges for account closure within 12 months are Rs. 200 for other branches and Rs. 100 for rural branches

2. UCO Smart Kids Savings Bank Scheme

Here is what you must know about this UCO Bank Savings Account:

A) Features

  • Minors over 10 years of age who can write and read can open and operate this account on their own
  • There is no minimum balance requirement
  • The interest rate per annum is 3.50%
  • Attractive passbook for the minor
  • You can transfer funds for free from the natural grandparents or guardian accounts
  • Get a personalized ATM Card with your photograph. The daily shopping and withdrawal limit is Rs. 3,000. The overall monthly limit for the same is Rs. 15,000. The same is the transaction limit for net banking
  • A nomination facility does exist
  • Get 2 cheque books for free every year. But the account cannot be overdrawn

B) Proof of age

  • Birth certificate provided by the Municipality/Corporations/Panchayat/Declaration by a natural guardian
  • After attaining majority, the minor on whose name the account is must confirm the account balance
  • You cannot open a joint account

C) Charges

  • No processing charges for an education loan in the future
  • No charges apply if you close the account within 1 year
  • No fees apply for Stop Payment

3. UCO No-Frills Savings Bank Account (Zero Balance)

Here is more information about his UCO Bank Savings Account:

A) Features

  • The minimum amount you need to deposit at the account opening is Rs. 5.
  • The same is Rs. 250 if you opt for a cheque facility.
  • In case of emergencies, you can withdraw the amount and maintain zero balance.
  • Up to 25 debit entries are what the bank allows for free in a half-year
  • After this limit, for every additional entry in a half-year, you have to pay Rs. 3
  • Individuals over 10 years of age and below 18 years who can read and write may choose to open a no-frills SB account for minors in their name or jointly with any other individual

B) KYC Guidelines

  • You have to adhere to Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 and complete the KYC procedures accordingly
  • If you are unable to provide the specified documents, then an introduction from another account holder is required for further steps. The introducer must have completed full KYC norms
  • Also, the bank account of the introducer should be at least 6-months old with satisfactory transactions
  • The introducer has to certify the account holder’s photographs, identity, and address
  • In such a case, if the balance in the account is over Rs. 50,000 at any point of time, and the acc. exceeds in total credits over Rs. 1 lakh in a year, you cannot make further transactions until you fulfill the KYC requirements

C) Charges

  • If the balance for accounts with checkbook where the initial deposit is Rs. 250, goes below the said amount even up to zero balance, then the standard charges for non-maintenance are chargeable on the initial deposit
  • Normal charges are applicable for cheque collection and MT/DD issuance
  • There are no fees for Standing Instructions
  • No folio and incidental charges are applicable

4. UCO Motor Accident Claim Tribunal SB Account

This is a MACTSBA (Motor Accident Claim Tribunal SB Account). Here are the details:

  • As per the court order, whoever are the victims or beneficiaries of motor accidents can open this account. It is a zero-balance account.
  • You must open this SB account in the same branch that holds the term deposit
  • This is a single-operation account. But in the case of a minor’s account, the guardian has to operate the same on behalf as per the court order
  • You have to complete the KYC norms as per the guidelines
  • No product change is allowed by the bank
  • Passbook is available for customers
  • You can transfer the account to the same bank under the same code scheme
  • There are no service charges applicable
  • Nomination is accepted as per court order in the Term Deposit Account
  • You can open two types of a savings bank account. SB 137 for the credit of monthly installments for transfer of funds to other SB accounts as the court order mentions. SB 135 for credit of monthly instalment from the linked SB account (operative) in the bank
  • You can request withdrawals from the withdrawal form or biometrically authenticated payment

UCO Bank Savings Account Interest Rate

  • The interest rate is per annum
  • The rate of interest is 4.00% for a balance over Rs. 50 lakhs
  • The rate of interest is 3.50% for a balance up to Rs. 50 lakhs

Frequently Asked Questions on UCO Bank Savings Account

Here are the FAQs:

You can avail of NEFT/RTGS/e-banking/mobile banking, DD/PO/MT/TT.

For Stop Payment, you have to pay Rs. 50 and Rs. 75 per instrument for rural and other branches, respectively.

Standing Instruction is free from SB account to Recurring Deposit or Fixed Deposit account in your own name. Also, Standing Instruction is up to Rs. 25,000 per instance.

This UCO Bank Savings Account is for metro, semi-urban, urban, and rural branches. There is no differentiation for the maintenance of minimum balance and initial deposit across the location of branches.

This account is for crediting the term deposit’s maturity amount on a monthly basis.