UCO Bank

Deposits

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).

(For Schools/ Colleges/ Universities)
[Either in Current Deposit Account or in Savings Bank Account form]

Who can open the Account

The Product-Scheme is available for Govt. Recognised educational institutes (schools, colleges, universities) who hold Resident Indian Current Accounts or open new Current Account with UCO Bank. However, SB Accounts can also be opened of such institutes on production of an authorization letter to the bank from the respective Govt. Departments certifying that the concerned institute has been permitted to open Savings Bank Account.

Purpose

Collection of fees i.e. hassle free deposit of fees at any of UCO Bank Branches, thereby reducing administrative problems of the educational institutions.

Type of Account

Fee/Principal Collection Account (Current or Savings Bank Account) will be maintained with UCO Bank Branch which will be called the base branch.

Mode of Transactions

Intra-Bank Fund Transfer:
From Parents' Account to Principal Collection Account
Inter-Bank Fund Transfer:
From Parents' Account to Principal Collection Account}
Intra-City and Inter-City: Cash Deposit

Bank's Intersol Charges

No charges (upto Rs. 1 lac only)
Cash Deposit Intra/Inter City
Intra-Bank Fund transfer

NEFT Transactions

Parents of the wards can also deposit fees with their existing banker under NEFT.
NEFT charges as applicable of the respective Bank

KYC Compliance

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

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