UCO Bank

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

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

Add on Facilities

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).