With an idea to set up a commercial bank to be controlled & managed by Indians with Indian capital, Ghanshyam Das Birla established United Commercial Bank, which is now known as the UCO bank, in 1943 at Kolkata. Nationalised in 1969 with the present shares of 84% held by the government, the bank has over 3000 branches & 500 ATMs across the country.
Individuals over 18 years of age are eligible to open a savings account with UCO Bank, either singly or jointly. Also, minors over 10 years of age can open account jointly with a parent or guardian or as per terms of the account.
To open an account, one has to submit along with passport sized photographs any one document each as proof of address & proof of identity. Documents that qualify are Aadhar card, Driving Licence, Bank Account statement, Passport, Electricity or Telephone bill, Income Tax Statement, Credit Card Statement, Voter's ID card, Government issued photo ID card, Defence card, PAN card, etc.
The bank provides an interest rate of 4% for all savings accounts.
1. UCO Saral Savings Deposit Scheme:
This savings account offers facilities such as free debit card, net banking with NEFT & RTGS, mobile banking, 40 free cheque leaves per year, etc.
The minimum quarterly balance that is mandatory to maintain is as under:
2. UCO Star Savings Deposit Scheme:
Required to maintain a minimum quarterly balance of Rs. 25000 in the account, this savings plan is featured with free benefits such as debit card, add-on card, net banking with NEFT & RTGS facility, 40 cheque leaves per half year, stop payment facility and issue of demand drafts or pay orders limited to Rs. 10000 per day. Facility of swipe out is also provided, where amounts over & above the minimum balance shall be transferred in multiples of Rs. 5000 to term deposits for 179 days at existing interest rates.
3. UCO No-Frills Savings Account:
This zero balance basic account which is semi KYC compliant can be opened by depositing a minimum of Rs. 5. Issue of cheques & demand drafts, 25 debit transactions per half year are allowed in this account.
4. UCO Veer Shakti Savings Account:
This zero balance savings account is designed for serving & retired defence personnel, in which their salary or pension can be deposited. Free personalised debit card; add on card, overdraft benefit & car or home loans incurring no processing charges.
5. UCO Smart Kids Savings Scheme:
This zero balance account designed for children above 10 years to inspire them to save has facilities such as 2 free cheque books per year, free transfer of funds from the accounts of parent or grandparent, personalised ATM card with Rs. 3000 limit per day at POS.