UCO Bank

Fixed Deposit Account Rules

  • Any person approved by the Bank may open a Fixed Deposit Account. He / She has to sign the relative Account Opening Form in presence of authorized official of the Bank upon agreeing to comply with the rules governing Fixed Deposit Accounts.
  • The Bank will not open an account, which is to be operated under a cross mark or signature by the hand of another person.
  • An illiterate person may open Fixed Deposit Account to be operated by his/her thumb impression.
  • Two Passport size photographs (three, if the account is to be operated by thumb-impression) are required to be submitted by the depositors at the time of opening of a Fixed Deposit Account, unless such photographs are already available to the branch in respect of another account.
  • Accounts should be made KYC compliant.
  • Every depositor while opening a Fixed Deposit Account by tendering cash shall be required to furnish PAN/GIR Number or submit Form 60/61 if the deposit amount exceed Rs.50,000/-.
  • Deposits aggregating to more than Rs. 5 Lakh during the year will need submission of  PAN.
  • Fixed Deposit Account can also be opened by a natural guardian i.e. father or mother or by a guardian appointed by the Court on behalf of a minor, or by a minor having attained the age of 10 years.
  • The Bank reserves the right to verify the details given in the Account Opening form through any third party, if necessary.
  • Fixed Deposit Accounts can also be opened by Joint Stock Companies, Executors & Administrators in their names, Clubs, Societies, Associations, Educational Institutions, and Trusts, Sole proprietorship or Partnership Firms.
  • The same depositor in the same name can open more than one Fixed Deposit Account.
  • Fixed Deposit Account may be opened for a minimum period of 7 days and maximum period of 10 years.
  • The minimum amount required to open a Fixed Deposit is Rs.1000/-.
  • Interest is paid either monthly at discounted rate/quarterly for Fixed Deposit under Regular Income Scheme or on maturity of the deposit on cumulative basis under Kuber Yojna or Deposit Certificate scheme. Income Tax is deductible at source from such interest subject to Income Tax rules. The depositor should submit Form 15G/15H wherever applicable.
  • Senior Citizens who have attained the age of 60 years and above are presently offered Incentive rate over and above the normal interest range on Fixed Deposits regardless of the size of deposit but as per periodicity.
  • Every depositor is entitled to have a Fixed Deposit Receipt (FDR) for each deposit account containing the date of issue, name(s) of the depositor(s), period of deposit, date of maturity, rate of interest & maturity value of the deposit (except for deposit under Flexible Fixed Deposit Scheme). Every depositor is expected to preserve the FDR carefully. In case of loss of FDR, the depositor has to inform the Branch Manager and request for a duplicate. If the Branch Manager is satisfied that the FDR is irretrievably lost and the Bank is generally safe in issuing a duplicate one, he may authorize issuance of duplicate FDR on payment of prescribed charges and completion of formalities.
  • Premature withdrawal is allowed in case of all types of Fixed Deposit subject to prevalent penalty clause from time to time.
  • The depositor is also permitted extension of term of the deposit before expiry of the original term of deposit without application of penalty clause provided the deposit in question is agreed to be held for a further period reckoned from the date of extension which is longer than the remaining period of the original contract.
  • Transfer of a Fixed Deposit account from one branch to another is allowed on request of a customer due to change in his place of residence or place of work.
  • On due date depositor(s) is/are required to discharge on the FDR with a view to getting payment of maturity proceeds either in cash or by crediting his/her/their Savings Bank/Current Deposit Account with the same branch. However, in terms of provisions of Income Tax Act 1981, maturity yield of any Fixed Deposit amounting to Rs.20,000/- and above would be paid either by A/c. Payee Cheque or A/c. Payee Bank draft or by crediting Savings/Current Deposit account of the person to whom such deposit has to be repaid. FDR is not transferable i.e. it cannot be endorsed in favour of another person.
  • On maturity of the specified term, the depositor may also opt to renew the deposit for a further period in Fixed Deposit and change the period of deposit and amount of deposit. Also addition & deletion of names in a Joint Account is permitted.
  • The depositor may avail loan/advance against the security of the Fixed Deposit subject to extant rules of the Bank in respect of such loan/advance from time to time, and such rules will be applicable notwithstanding anything contained hereinabove.
  • Nomination facility is available in case of Fixed Deposit. The nominee must be an individual.
  • If the customer neither obtains payment nor renews the Fixed Deposit although the term is over, it is called an overdue Fixed Deposit. Payment/renewal of overdue Fixed Deposit is governed by following rules.
  • Renewal is carried out at the rate of interest prevailing on the date of maturity provided overdue period does not exceed 14 days from the date of maturity.
  • Where overdue period exceeds 14 days, interest would be paid provided the depositor renews the deposit for a further minimum period for which the deposit is lying overdue. If not renewed for a time equal to or more than overdue period, interest rate applicable to Savings Bank deposit is payable on the deposit.
  • The interest for the overdue period will be paid at the rate prevailing on the date of maturity or on the date of carrying out renewal, whichever is less. This interest may be paid to the depositor or clubbed with the deposit for renewal.
  • Bank reserves the right to alter or add to these rules and such alteration and additions shall be binding on the account holders.


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