UCO Suvidha Salary Account Scheme
Who can open the Account?
Employer
- For the convenience of salary disbursement, the Employer should open the Corporate Current account with any branch of UCO Bank and as per rules of the Bank.
- Minimum number of employees 20.
- Net take home salary of the each employee should be Rs. 10000/- and above.
Employees
- Regular/confirmed employees of State/Central Govt., PSUs, Semi Govt. Organizations, Public Ltd. Companies, Private Sector/ Multinational Organization, Govt. Educational Institutions.
- Minimum age 21 years.
Employee/ Employer Benefit
- Employee will enjoy benefit of “ANY WHERE BANKING” along with many Add-On facilities even during his vacation with family outside his/her place of work. In case of employee's transfer to any other centre, he/she can retain the same salary account number for receiving salary credits.
- Employer can disburse salary across various centres in the country. Salary can be uploaded by the base branch which is maintaining the current account/salary disbursement account of the employer.
- Facility for deposit of various taxes, corporate e-banking can be provided. If 500 or more employee accounts are opened under the scheme, then corporate terminal with facility for viewing of accounts & printing of statements etc. can be provided.
- Bank may consider installing an ATM at company's site depending on business feasibility.
Collection/ Clearing of Instruments:
- Cheques, Interest/ Dividend warrants, Demand draft/Pay order etc. can be deposited.
Nomination Facility
- Nomination facility in savings account will be insisted upon for such accounts.
Account Operations:
- Employee can also deposit cash from other sources in the a/c as in ordinary SB accounts.
- Customer may withdraw fund through ATM card or withdrawal slip or cheque.
KYC Compliance
- Account will have to be fully KYC compliant as per rules.
Add on Facilities
- ATM cum VISA Debit Card : Free
- Internet Banking with utility bill payment facility : Free
- Mobile Banking : Free
- NEFT : Free upto Rs. 1 lac
- RTGS : As Applicable
- Cheque Book: 40 Cheque leaves free per annum
Overdraft Facility
- Min. net take home salary should not be below Rs. 10,000/- consecutively for 3 months prior to application for OD.
- Overdraft limited to 1 month of net take home salary or Rs. 1 lac whichever is less.
- Grant of OD after 3 months of satisfactory a/c operation.
- OD adjustment before remaining 2 yrs. of service with the employer or till maintaining the account with bank, whichever is earlier.
- No processing charges for OD facility.
Terms and Conditions
- Employer has to give a letter to the Bank for opening salary accounts of their employees under UCSSA Scheme.
- For convenience of salary disbursement, the Employer should open the Corporate Current Account with any branch of UCO Bank, as per rules of the Bank.
- Employer to inform the Bank in case any of the employees maintaining 'UCSSA' is transferred/resigns/suspended/ terminated and should also undertake to adjust the employee's OD-debt, if any outstanding.
- All other applicable charges remain the same as are applicable for Savings Bank Account Customers (except the minimum balance requirement).
