No-frills Savings Bank Account Money Back Recurring Deposits Friend-in-Need Scheme Two-way Deposit Scheme Lakshmi Yojana Kuber Yojana Flexible Fixed Deposit Scheme Special Deposit Scheme for Senior Citizens Current Account in Foreign Currency at our Indian Branches Fixed Deposits in Foreign Currency at our Overseas Branches Revised Minimum Balance Schedule UCO Tax Saver deposit Scheme - 2006 Uco Premium Plus Account Opening Forms

New Deposit Scheme titled "UCO No-frills Savings Bank Account"

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 :

1. Title of the Scheme - "UCO No-frills Savings Bank Account".
     
2. Initial deposit for opening the account and maintenance of minimum balance - The 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.

3. 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.
     
4. 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.
    
5. Charges to be levied -
    
   1. 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.
   2. For standing instructions - no charge will be levied.
   3. Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.
   4. 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.
   5. No incidental and folio charges will be levied in these accounts.
   6. All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered.
         
6. 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 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 :

   1. 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

   2. Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

      However, while opening such 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.

UCO Bank's attractive Deposit Schemes
promise you high growth and easy liquidity

Besides the facilities of opening Current Deposit/Savings Bank Deposit/regular Recurring Deposit and Fixed Deposit accounts, customers in UCO Bank are provided with a number of well thought out deposit schemes, tailor made to suit different needs of different people - each in its own way maximizing the benefits for the depositor.

MONEY BACK RECURRING DEPOSITS
         (MAKES YOUR DREAMS COME TRUE)

It is a long term Recurring Deposit scheme with intermediate withdrawal facility. Deposits are to be made every month, and the maturity period is after 120 months. You will be having two options :

• You may opt to have one intermediate withdrawal at the end of 60 months and get the final payment at the end of 120 months, or

• You may withdraw immediately at the end of 36 months and 72 months, and get the maturity amount at the end of 120 months.

The scheme meets your long term monetary requirements.

  FRIEND-IN-NEED  SCHEME
         (A FIXED DEPOSIT WITH CHEQUE FACILITY)

This Term Deposit earns high interest and simultaneously offers overdraft facility through a Current Account. Cheque facility is available for withdrawal of money limited to 90% of the deposit. The drawals together with interest can be paid back in instalments, without affecting the growth of the deposit. This unique combination of fixed deposit with cheque facility comes as your true friend in meeting your emergency needs.

  TWO-WAY DEPOSIT SCHEME
         (MAKES YOUR IDLE MONEY GROW)

This deposit scheme is devised to invest the surplus fund that you may keep in your Savings Bank or Current Account. Under the scheme, the surplus fund is invested in short term deposits for 46 days, and then is either paid back or renewed, as desired by you. The deposit earns a high interest while retaining its liquidity. The periodical transactions can be automatic as per your instructions. By making use of your idle money, the scheme provides you an option to meet both your short term and long term requirements.

  LAKSHMI YOJANA
         (A HOPE FOR YOUR FUTURE)

It is a long term Recurring Deposit scheme with variable monthly deposits. The interest on deposit is calculated as the minimum monthly balance between the 10th and the last day of a month, and is credited to the account every half year. The amount deposited will attract interest as applicable to Term Deposits. Upto 90% loan facility on deposit amount is available at a nominal interest. The Yojana is best suited to shaping a bright future for your child.

  KUBER YOJANA
        (A SAFE DEPOSIT TO INCREASE YOUR WEALTH)

A long term fixed deposit scheme. Interest is compounded every quarter by way of reinvestment. Thus the scheme generates a large sum of money at the time of maturity. The scheme meets the need for a safe long term investment.

  FLEXIBLE FIXED DEPOSIT SCHEME
        (A FIXED DEPOSIT WHOLLY AT YOUR BENEFIT)

Deposits are accepted under reinvestment plan with the difference that a part of the deposit can be prematurely encashed without affecting the remaining portion that continues to earn interest at the agreed rate. Withdrawal is allowed in multiples of Rs.5000/-. It is indeed a matchless scheme to take care of your emergency needs.

SPECIAL DEPOSIT SCHEME FOR SENIOR CITIZEN  

1.1 For all term deposits (domestic/NRE), from Senior Citizens of age 60 years and above, regardless of size of deposits, an additional interest of 0.5 per cent over the normal rate of interest will be payable on maturity periods of one year and above. This will be applicable for fresh term deposits and renewals.  

1.2 Verification of Age: For the purpose of verification of age, at the time of opening a new term deposit account of a Senior Citizen, the branches should satisfy about the age by verifying any of the following documents :-  

1. Secondary School Leaving Certificate indicating date of birth,
2. LIC Policy,
3. Voters Identity Card,
4. Pension Payment Order,
5. Birth Certificate issued by the competent authority,
6. Passport, or
7. Any other document acceptable to the branches.

1.3 Renewal of Accounts of Senior Citizens    

Once the age of a Senior Citizen is verified for accepting a term deposit under this special scheme, bank shall not seek proof of age for renewal of the deposit or for accepting subsequent term deposits from the same depositor under this special scheme.  

1.4 Treatment of Joint Depositors    

For term deposits from Senior Citizens jointly, with other person below the age of sixty years, under this special scheme, it has to be ensured that the name of the Senior Citizen is noted as the first name in the application for such deposits.  

1.5 Automatic Transfer to Nominee    

For this special deposit scheme for Senior Citizens, there will be automatic transfer of deposits to the nominees of such depositors in the event of death of the depositor.  

1.6 Eligibility for Members of Staff  

Branches may pay additional interest to our retired staff members, who are senior citizens on their fresh term deposits and on renewals of existing term deposits as follows:

Period of Deposit	Normal Staff Privilege	As a Senior Citizen	Total extra interest
180 days to less than 3 years	1%	0.25%	1.25%
3 years and above	1%	0.50%	1.50%

There is no restriction in regard to the minimum amount. However, the amount of maximum deposit shall not exceed Rs. 25 lacs per ex-staff member.

Senior Citizens also enjoy the following facilities :-  

(a) Waiver of Penalty for Premature Withdrawal :  For all fresh term deposits and renewals under the Special Deposit Scheme for Senior Citizens, there will be no penal rate for premature withdrawal of term deposits.  However, interest rate applicable in case of premature withdrawal of deposit will be the rate as prevailing at the time of opening the deposit account and as applicable for the period for which the deposit was actually kept with the bank.  

(b) Free Remittance Facility :  All deposit holders under the Special Deposit Scheme for Senior Citizens will be offered free remittance facility up to Rs. 5000/- (Rupees five thousand only) per month i.e. without payment of any commission . However, to avail of this free service, requisite funds to be remitted must be routed through the depositors Current or Savings account.  

(c) Loan Facility :  Depositors under this scheme will be eligible for loans under the UCO Pension Scheme.

For all these attactive deposit schemes, please contact your nearest UCO Bank branch.

CURRENT ACCOUNT IN FOREIGN CURRENCY AT OUR INDIAN BRANCHES

Eligibility 

Resident Individuals only

Type of Account

Current Account only

Interest

The account does not bear any interest.

Currency of the Account

Account may be opened in US Dollars, Great Britain Pound, Euro and Japanese Yen.

Minimum Balance to be maintained

US Dollars	US$ 500/-
GBP	GBP 325/-
Euro	Euro 500/-
Japanese Yen	JPY 60,000/-

Maximum Amount/Balance in the Account

There will be no upper ceiling on the balances held in the account.

Joint Accounts

Joint RFC (D) account can be opened with a resident eligible to open RFC (D) account.

Nomination Facility

Nomination facility is permitted.

Permitted Credits in the Account

Foreign exchange acquired by the Resident Individual:

1. while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or
2. from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or
3. by way of honorarium or gift while on a visit to any place outside India; or
4. represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.
5. foreign exchange earned and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals. Foreign exchange earnings could be through export of goods and/or services, royalty, honorarium, etc.

Permitted Debits in the Account

Debits to the account shall be for payment towards current/capital account transactions in accordance with the existing foreign exchange regulations only.

Download Application Form

FIXED DEPOSITS IN FOREIGN CURRENCY AT OUR OVERSEAS BRANCHES

Eligibility 

Resident Individuals only

Type of Account

Fixed Deposit Account

Currency of the Account

Account may be opened in US Dollars, Great Britain Pound, Euro and Australian Dollar.

Minimum Amount

US Dollars	US$ 5,000
GBP	GBP 3,000
Euro	Euro 4,000
AUD	AUD 7,000

Interest

Please contact our domestic or overseas branches.

Tenure of Deposits

For the period from one month onwards.

Funds for Opening the Account

Funds can be remitted by Resident Individuals through our ‘A’ & ‘B’ category Indian branches or any other Authorised Dealer in India designated by them for all the remittances under the Scheme in compliance to RBI circular No. A.P. (DIR Series) Circular No. 64 dated February 4, 2004 or as amended from time to time.

Premature withdrawal of deposits

The interest is paid at the rate of half of one percent below the rate for the period for which the deposit has actually remained with the overseas branch, as prevailing on the date of issue/renewal or date of payment, whichever is lower. No interest is paid if the deposit has remained with the overseas branch for less than 30 days.

Loans

No loan is envisaged by RBI under the Scheme.

Local Rules to Apply

All deposits will also be subject to Local Rules in the country of Deposit as prevailing from time to time.

Download Application Form

Mandatory Dsiclosures

Revised Minimum Balance Schedule for deposit accounts(effective from 01.04.2004)

A. Current Deposit Account

Category of depositors	As per location of Branch Office
	Metro	Urban	Semi-urban	Rural
Individual	Rs.3000/-	Rs.3000/-	Rs.2000/-	Rs.1000/-
Others	Rs.5000/-	Rs.5000/-	Rs.2500/-	Rs.2000/-

B. Savings Bank Account
(With cheque book facility)

Individual	Rs.1000/-	Rs.1000/-	Rs.500/-	Rs.250/-
Others	Rs.1500/-	Rs.1500/-	Rs.1000/-	Rs.250/-
Pensioners A/C	Rs.250/-	Rs.100/-	Rs.100/-	Rs.100/-

(Without cheque book facility)

All class of depositors	Rs.500/-	Rs.500/-	Rs.250/-	Rs.100/-
Pensioners A/C	Rs.50/-	Rs.50/-	Rs.50/-	Rs.50/-

UCO No Frill Savings Bank A/c
Minimum initial deposit Rs.5/- (Rs.250/- with cheque book facility)
(A/c will be in operation even with zero balance)

R/D A/Cs
Minimum instalment Rs.50/-

Fixed Deposit A/c
Minimum deposit Rs.1000/-

UCO Tax Saver Deposit Scheme - 2006

UCO Tax Saver Deposit Scheme 2006 is a Term Deposit Scheme with maturity of not less than 5 years subject to lock in period of 5 years.

Who can open the Account -

1. An individual for himself
2. Hindu undivided family ;
3. Jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor :

In the case of deposits in joint names, the benefit under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.

Amount of Deposit -

Minimum Rs.100/- and maximum Rs.1 lac in a year (1st April to 31st March).

Period of deposite and payment on maturity -

The period of deposit under the scheme shall be not less than five years.

Rates of interest on Fixed Deposits under the UCO TAX SAVER Scheme, where the deposit has to be essentially kept for a period of 5 years, will be the rate for term deposit for a period of 5 years with effect from 11.01.2010 as under :

Category of Depositor	Rate of Interest % P.A.
General	7.25%
Sr. Citizen	7.75%
Staff/Ex-staff/Ex-staff who is also Sr. Citizen	7.75%

Income Tax Benefits -

Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act upto a maximum limit of Rs.1 lac (subject to the overall ceiling of Rs.1 lac alongwith other deductions already available under 80C)

Nomination facility- available

Transfer from one branch to another -permitted. Inter bank transfer not allowed.

Loan against the deposit and Pledging of term deposit receipt - Not allowed

Issue of Duplicate Term Deposit Receipt - Duplicate receipts may be issued in accordance with the guidelines in this regard.

Applicability of Income Tax on Interest Income - Interest on these term deposits shall be liable to tax under the Income Tax Act.

UCO PREMIUM PLUS

The Bank has introduced a new product --- UCO PREMIUM PLUS CURRENT ACCOUNTS [UPCCA] designed to offer a comprehensive range of REMITTANCE services covering DD / TT /MT / RTGS / NEFT / Pay Orders etc. This simple product aims at maximizing the benefits for the customer who require regular movement of funds. Normal service charges would be applicable for all other services except the remittance services.

SCHEME FEATURES

Free Remittance

UCO PREMIUM PLUS offers free remittance facility up to 2 times of the chosen Minimum Monthly Average Balance (MAB) on a daily basis to current account holders who opt to maintain stipulated minimum balance with the bank. Maximum daily remittance limit shall not exceed Rs.20 lacs for the Minimum Monthly Average Balance (MAB) criteria of Rs.10 lacs.

STARTING OF THE FACILITY

A customer may avail the facility upfront from the date of opening of the UCO PREMIUM PLUS Account. Penalty for non maintenance of minimum balance shall be applicable from the 2^nd month onwards.

A Person or an entity eligible to open Current Deposit Account as per RBI directives can open UCO PREMIUM PLUS. However, Banks including Co-operative Banks, RRBs and Financial Institutions are not eligible to open accounts under the scheme.

Existing Current Account holders may opt to convert their normal current accounts by signing an undertaking as given in the annexure regarding compliance of the scheme requirements.

The product will be sold through all CBS branches

Account can be opened with initial deposit of Rs.10000/=. However, it can be converted into UCO PREMIUM PLUS when minimum balance in the account reaches the stipulated minimum balance criteria and the depositor opt for the scheme by signing the prescribed option form cum undertaking regarding minimum balance, penalty etc. for the purpose (Annexure I). All existing depositor meeting the scheme criteria shall also be eligible to join the scheme on signing the option form cum undertaking (annexure I)

A depositor opting for the product need to maintain a minimum Average Monthly Balance (I,e average daily balance during the calendar month). For a broken month (account opening / closing month) average will be taken for actual number of days.

The minimum Monthly Average Balance to be opted by the customer should be Rs.1 lac. Higher balance may be chosen in multiple of Rs.1 lac.

Free Composite Remittance facility by way of DD/TT/MT/RTGS/ Pay Orders etc. shall be allowed every day upto 2 times of the minimum Average Monthly Balance.

The Free Remittance facility shall not exceed Rs.20 lac per day for which minimum balance requirement would be Rs.10 lac..

Opening of accounts shall be subject to compliance of the KYC norms for the depositors.

Click here for Annexure-1

Account Opening Form