Faq

1. For what purpose UCO Gold Loans are given?

   The objective of the Gold Loan Scheme is to provide loans to borrowers against pledge of their gold ornaments and coins to meet their urgent financial needs.

2. Who is eligible to avail UCO Gold loans?

   For agricultural and other priority sector advances, individuals, firms and companies fulfilling the criteria are eligible.
   For other than priority sector advances, individuals are eligible to apply.

3. What security has to be provided?

   Loan is to be considered against security of gold ornaments, jewellery and coins.

4. What is the margin required?

   A margin of 25% shall be maintained on the market price of the gold.

5. What is the rate of interest charged?

   Bank offers floating interest rates linked to Base rate and these rates change with change in the Base Rate of the Bank. For latest interest rates please refer our website.

6. Is there any maximum limit for availing Gold Loan?

   No, there is no ceiling on maximum amount of loan.

7. How do I repay my Gold loan?

   The due date for repayment of advance shall be fixed based on the purpose of loan for which it is sanctioned. Bullet repayments for principal are accepted.
   Interest is charged in case of loans for Agriculture and allied activities and Crop loans on relaxed terms.

8. What about the prepayment penalties?

   There are no prepayment charges.

9. What are the Bank’s Service Charges on Gold Loans?

   Service charges are applicable as follows:

   A) For Priority Sector

   Upto Rs. 10 Lac - Rs. 250/-
   Above Rs. 10 Lac - Rs. 500/-

   (B) For Non-Priority Sector

   Upto Rs. 5 Lac - Rs.500/-
   Above Rs. 5 Lac to Rs. 10 Lac - Rs.1000/-
   Above Rs.10 Lac - @0.20% on quantum of loan subject to a maximum of Rs.5000/-.

10. Who has to be approached to apply for a Gold loan facility?

    Nearest branch of UCO Bank or Retail Loan Hub of the city or customers can apply online at www.ucobank.com.

11. What are the interest rates for gold loans?

    Bank offers floating interest rates linked to MCLR of 1 Year and these rates change with change in the MCLR of the Bank. For latest interest rates please refer to our website.

For more details, please contact your nearest UCO Bank branch.

1. What is an Automated Teller Machine (ATM)?

   Automated Teller Machine is a computerised machine that provides the customers of banks the facility of accessing their accounts for dispensing cash and to carry out other financial transactions without the need of actually visiting a bank branch.

2. What type of cards can be used at an ATM?

   The ATM cards/debit cards, credit cards and prepaid cards (that permit cash withdrawal) can be used at ATMs for various transactions.

3. What are the services/facilities available at ATMs?

   In addition to cash dispensing ATMs may have many services/facilities such as:
   • Fast Cash Withdrawal
   • Balance Enquiry
   • PIN Change
   • Mini Statement
   • Self A/c & Third Party Fund Transfer
   • Card To Card Fund Transfer
   • Direct TAX Payment
   • Mobile Banking Registration
   • Cash Deposit
   • Regular bills payment
   • Purchase of Re-load Vouchers for Mobiles
   • Loan account enquiry etc.
   The services offered may vary from bank to bank, or may depend on the capacity of the machine to provide such services.

4. How can one transact at an ATM?

   For transacting at an ATM, the customer insert (swipe) their card in the ATM and enter their Personal Identification Number (PIN).

5. Can these cards be used at any bank ATM in the country?

   Yes. The cards issued by banks in India should be enabled for use at NPCI inter banks & VISA enabled ATM within India.

6. What is a Personal Identification Number (PIN)?

   PIN is the numeric password for use at the ATM. The PIN is separately mailed / handed over to the customer by the bank while issuing the card. This PIN has to be reset to a new PIN by the customer. Most banks force the customers to change the PIN on the first use. The PIN number should not be written the card, card holder etc as in such cases the card can be misused if card is lost / stolen.

7. What should one do if he forgets PIN or the card is sucked in by the ATM?

   The customer may contact the card issuing bank branch and apply for retrieval/issuance of a new card. This procedure is applicable even if the card is sucked in at another bank's ATM. Incase or forgotten PIN customers may request card issuing Branch for re-issuance or duplicate PIN

8. What should be done if the card is lost / stolen?

   The customer may contact the card issuing bank immediately on noticing the loss so as to enable the bank to block such cards.

9. Is there any minimum and maximum cash withdrawal limit per day?

   Yes, banks set limit for cash withdrawal by customers. The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank during the issuance of the card. This limit is displayed at the respective ATM locations. For cash withdrawals at other bank ATMs, banks have decided to maintain a limit of Rs 10,000/- per transaction. This information is displayed at the ATM location.

10. Do banks levy any service charge for use of other bank ATMs?

    As per the RBI circular dated July 17, 2009 and May 27, 2011, five free transactions are permitted per month (inclusive of financial and/or non-financial) at other bank ATMs for Savings Bank Account holders. For transactions beyond this minimum number of transaction, banks charge maximum of Rs 17/- & Rs 6/- per transaction for financial and non-financial transaction respectively.

11. What should be done in case during the cash withdrawal process, cash is not disbursed by the account gets debited for the amount?

    The customer may lodge a complaint with the card issuing bank. This process is applicable even if the transaction was carried out at another banks ATM.

12. How many days maximum would the bank require to re-credit the account for such wrong debits?

    As per the RBI instructions, banks may re-credit such wrongly debited amounts within a maximum period of 7 working days.

13. Are the customers eligible for compensation for delays beyond 7 working days?

    Yes, effective July 1, 2011, banks shall pay customers a sum of Rs. 100 per day for delays beyond 7 working days (if the complaint is lodged with the issuing bank within 30 days). This compensation shall be credited to the customer's account without any claim being made by the customer.

14. In case the compensation is not credited as mandated, what recourse does the customer have?

    For all such complaints customer may lodge a complaint with the local Banking Ombudsman if the bank does not respond.

15. Where can I hotlist or block my debit card?

    UCO Bank customer can hotlist or block their card on toll free no 1800 103 0123 and email at uco.custcare@ucobank.co.in

Click here for FAQ on National Electronic Funds Transfer (NEFT)

Click here for FAQ on Real Time Gross Settlement (RTGS) system

Click here for FAQ on Electronics Clearing Service (ECS) system

Click here for FAQ on Indo-Nepal Remittance Facility Scheme

1. What is Pradhan Mantri Jan-Dhan Yojana?

   Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking / Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

2. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?

   PMJDY focuses on coverage of households as against the earlier plan which focused on coverage of villages. It focuses on coverage of rural as well as urban areas. Earlier plan targeted only villages above 2000 population while under PMJDY whole country is to be covered by extending banking facilities in each Sub-Service area consisting of 1000 - 1500 households such that facility is available to all within a reasonable distance, say about 5 Km.

3. Whether Joint account can be opened in Pradhan Mantri Jan-Dhan Yojana?

   Yes, joint account can be opened.

4. Under this Scheme, where can I open an account?

   Account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet.

5. What is BSBDA Account ?

   Basic Savings Bank Deposit Account (BSBDA) has been defined by RBI vide its circular dated 10.08.2012. Its salient features are:
   1. There is no requirement of minimum balance.
   2. The services available include deposit and withdrawal of cash at bank branch as well as ATMs; receipt / credit of money through electronic payment channels or by means of collection / deposit of cheques.
   3. Maximum of 4 withdrawals a month including ATM withdrawal. No such limit for deposits.
   4. Facility of ATM card or ATM-cum-Debit card.
   5. These facilities are to be provided without any extra cost.

6. Whether there are any restrictions like age, income, amount etc. criteria for opening BSBDA by banks for individuals?

   Any individual above the age of 10 years can open BSBDA Account.

7. What is RuPay Debit Card?

   Rupay Debit Card is an indigenous domestic debit card introduced by National Payment Corporation of India (NPCI). This card is accepted at all ATMs (for cash withdrawal) and at most of the PoS machines (for making cashless payment for purchases) in the country.

8. What is PIN Number ?

   Personal Identification Number (PIN) is randomly generated code for use of ATM Card at the time of withdrawal of money from ATM Machine and also at the time of making payment on PoS.

9. How to keep your RuPay Card safe?

   Beneficiary of RuPay Card is required to keep the Card in safe custody. PIN should be changed at frequent intervals and should never be shared with anyone. While using the card at ATM Machine or PoS, PIN should be entered in machine very secretly so that nobody could even guess about the PIN Number. As far as possible, Card should be used at authorized places / centres only. Besides, PIN number should never be written on the Card.

10. What is special advantage of RuPay Debit Card?

    It provides accidental insurance cover upto Rs.1.00 lac without any charge to the customer.

11. Whether illiterate customers can be issued RuPay Card?

    Yes. However, Branch Manager will have to advise all the related risks to the illiterate account-holder at the time of issuance of RuPay Card.

12. How to link Mobile Number with Bank Account ?

    Mobile Number of an account holder is entered in customer's account in CBS System by the Bank on the basis of information given in the Account Opening Form. Also, for existing accounts, banks permit seeding through ATM, SMS from registered mobile, net-banking or on making a request in the branch (there may be variations depending on the bank).

13. How to keep debit card operational ?

    To get benefit of Accidental Insurance Cover, RuPay Debit Card must be used at least once in 45 days.

14. How long the debit card is valid and how to get Debit Card renewed ?

    Debit Card expiry date is mentioned on the Card itself. Account-holder is advised to get issued new card well before expiry date of his/her existing card by giving fresh application to the concerned bank.

15. If someone has two or more accounts and two or more RuPay Debit Cards, whether accidental insurance cove is available in each account / each card?

    Accidental insurance cover is available only in one account.

16. What is PoS Machine ?

    PoS stands for Point of Sale. PoS Machine is a small device installed at almost all Business Centres to facilitate cashless purchases to their customers.

17. Does a person already having a Bank account in any bank needs to open another account under Pradhan Mantri Jan-Dhan Yojna (PMJDY) to get the Accidental Benefit/Life Insurance Benefit under the Scheme?

    A person who is already having a bank account with any bank NEED NOT to open a separate account under PMJDY. He / she will just have to get issued a RuPay Card in his existing account to get benefit of insurance. Credit facility can be extended in the existing account if it is being operated satisfactorily.

18. What is the concept of overdraft of Rs.5000/- in PMJDY Account and for whom this facility is available?

    Overdraft facility upto Rs.5000/- will be available to one account holder of PMJDY per household after 6 months of satisfactory conduct of the account. To avoid duplication Aadhaar number will also be required. If Aadhaar number is not available then Bank will do additional due diligence and also seek declaration from the beneficiary.

19. Whether Overdraft facility can be availed in more than one account?

    Overdraft facility upto Rs.5000/- is available in only one account per household, preferably lady of the household.

20. What is Accidental Insurance Cover? Who will pay the premium ?

    Accidental Insurance Cover is Rs.1.00 lac and no premium is charged to the beneficiary -- NPCI will pay the premium. At present the premium is Rs.0.47 per Card.

21. If both husband and wife who are opening accounts under PMJDY are eligible for Accidental Insurance Cover of Rs.1.00 lac and Life Insurance cover of Rs.30,000/- and overdraft facility of Rs.5000/- in both the accounts separately?

    Accidental Insurance cover of Rs.1.00 lac and Life Insurance Cover of Rs.30000/- will be available to all account-holders. However, overdraft facility upto Rs.5000/- will be available to only one person in the family (preferably lady of the house).

22. What documents are required to open an account under Pradhan Mantri Jan-Dhan Yojana?

    (i) If Aadhaar Card / Aadhaar Number is available then no other documents is required. If address has changed, then a self certification of current address is sufficient.
    (ii) If Aadhaar Card is not available, then any one of the following Officially Valid Documents (OVD) is required: Voter ID Card, Driving Licence, PAN Card, Passport & NREGA Card. If these documents also contain your address, it can serve both as "Proof of Identity and Address".
    (iii) If a person does not have any of the "officially valid documents" mentioned above, but it is categorized as 'low risk' by the banks, then he/she can open a bank account by submitting any one of the following documents:
    1. Identity Card with applicant's photograph issued by Central/State Government Departments, Statutory / Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks and Public Financial Institutions;
    2. Letter issued by a gazette officer, with a duly attested photograph of the person.

    Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:

    "Those persons who do not have any of the 'officially valid documents' can open "Small Accounts" with banks. A "Small Account" can be opened on the basis of a self-attested photograph and putting his / her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he / she has applied for any of the Officially Valid Document, within 12 months of opening the small account.

23. If the present address is different than that of printed on Aadhaar Card, can the account still be opened under Pradhan Mantri Jan Dhan Yojana on the basis of Aadhaar Card?

    If address has changed, then a self certification of current address is sufficient.

24. What is meant by Insurance cover of Rs.30,000/- announced by Prime Minister in his speech of 28.08.2014?

    Modalities of this Scheme announced by the Prime Minister on 28.08.2014 are being worked out expeditiously and will be disseminated to General Public very soon.

25. Whether Cheque Book will be issued in accounts opened under PMJDY?

    In PMJDY accounts are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he / she will have to fulfill minimum balance criteria, if any, of the bank.

26. What are the direct / special benefits attached to PMJDY?

    Special benefits attached to the scheme are:
    1. Interest on deposit.
    2. Accidental insurance cover of Rs.1.00 lac
    3. No minimum balance required. However, for withdrawal of money from any ATM with Rupay Card, some balance is advised to be kept in account.
    4. Life insurance cover of Rs.30,000/-
    5. Easy Transfer of money across India
    6. Beneficiaries of Government Schemes will get Direct Benefit Transfer in these accounts.
    7. After satisfactory operation of the account for 6 months, an overdraft facility will be permitted
    8. Access to Pension, insurance products.

27. I have no official valid document for opening an account. Can I still open an account with bank?

    Reserve Bank of India (RBI) vide its Press Release dated 26.08.2014 has clarified as under:

    "Those persons who do not have any of the 'officially valid documents' can open "Small Accounts" with banks. A "Small Account" can be opened on the basis of a self-attested photograph and putting his / her signatures or thumb print in the presence of an officials of the bank. Such accounts have limitations regarding the aggregate credits (not more than Rupees one lac in a year), aggregate withdrawals (nor more than Rupees ten thousand in a month) and balance in the accounts (not more than Rupees fifty thousand at any point of time). These accounts would be valid normally for a period of twelve months. Thereafter, such accounts would be allowed to continue for a further period of twelve more months, if the account-holder provides a document showing that he / she has applied for any of the Officially Valid Document, within 12 months of opening the small account.

28. How much interest savings would earn in PMJDY Account?

    Interest rate applicable for Saving Bank Accounts (presently @ 4 % in most of the banks) shall be admissible to accounts opened under PMJDY Scheme.

29. How much interest will be charged by bank on overdraft facility in PMJDY?

    Base Rate + 2 % or 12 %, whichever is lower. At present it will be 12 %.

30. Whether banks will be organizing Account Opening Camps in future also?

    Yes. Nationalised banks have been asked to organize camps on all Saturdays from 8.00 AM to 8.00 PM. Banks can hold additional camps on other days also.

31. If I have required papers for issuance of Aadhaar Card, can I get Aadhaar Card in Bank and open my account under PMJDY simultaneously?

    Aadhaar Registration may be got done in Camps organized by UIDAI. In account opening camps also, endeavour is to make Aadhaar Registration Counter available.

32. Do you have to pay some fee to open a Bank account under PMJDY?

    No. There is absolutely no charge / fee for opening an account under PMJDY.

33. Can a minor (below 18 years of age) can open an account under PMJDY?

    A minor of above the age of 10 years can open his / her Savings Bank account in any bank.

34. Who is Business Correspondent Agent / Bank Mitra and what is their role in PMJDY?

    Business Correspondent Agents (Bank Mitras) are retail agents engaged by banks for providing banking services at locations where opening of a brick and mortar branch / ATM is not viable. Scope of activities of Business Correspondents / Bank Mitra are as under:
    1. Creating Awareness about savings and other products and education and advice on managing money and debt counseling.
    2. Identification of potential customers.
    3. Collection and preliminary processing of various forms for deposits including verification of primary information / data.
    4. Filling of applications / account opening forms
    5. Collection and payment of small value deposits and withdrawals.
    6. Receipt and delivery of small value remittances / other payment instructions.
    7. Furnishing of mini account statements and other account information.
    8. Any other service on behalf of the Bank, duly authorized by the appropriate authority etc.

35. How Bank Mitr helps us to use Banking Services ?

    Bank Mitr represent the bank concerned and enable a bank to expand its outreach and offer limited range of banking services at low cost, particularly where setting up a brick and mortar branch is not viable. Bank Mitrs, as agent of the Bank, thus are an integral part of the business strategy for achieving greater financial inclusion.

36. Who can be Bank Mitr ?

    Banks have been permitted to engage individuals / entities as Business Correspondent (Bank Mitrs) like (i) Retired Bank Employees (ii) Retired Teachers (iii) Retired Govt. Employees (iv) Ex-Servicemen (v) Individual owners of kirana / medical / fair price shops, individual Public Call Office (PCO) operators, Agents of Small Savings Scheme of Government of India / Insurance Companies, 'for profit' companies registered under the Indian Companies Act. Since 24.06.2014, RBI has permitted Non Deposit taking NBFCs as BCs in addition to above.

37. Can I get my PMJDY account transferred to other City / State upon my transfer posting to other States?

    All banks participating in PMJDY are on CBS (Core Banking Solution) platform and the account can easily be transferred to any branch of the bank in any city / town as per the request of the account-holder.

38. What is USSD based transaction and how to use it ?

    USSD is abbreviated form of "Unstructured Supplementary Service Data". USSD based Mobile Banking offers basic Banking facilities like Money Transfer, Bill Payments, Balance Enquiries, Merchant Payments etc. on a simple GSM based Mobile Phone, without the need to download application on a Phone as required at present in the Immediate Payment Service (IMPS) based Mobile Banking. Transactions can be performed on basic phone handsets. The user needs to approach his bank and get his mobile number registered. The bank will issue an MPIN (Mobile PIN) to the user. The user thereafter needs to dial *99# and the menu for using USSD opens. Thereafter customer has to follow selections on the menu to complete the transaction. Charges as applicable by the Telecom Operator (not more than Rs.1.50 per transaction as mandated by TRAI) may be applicable.

FAQs on Prime Minister Jan Dhan Yojna

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FAQs on Aadhaar Payment Bridge (APB) System

FAQs on e KYC

FAQs on RuPay Card and its Benefits

FAQs on Unstructured Supplementary Service Data (USSD)

FAQs on Pradhan Mantri Jan-Dhan Yojana (PMJDY)