UCO Bank

Savings Bank Account Rules

  • Any person approved by the Bank may open a Savings Bank 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 Savings Bank 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.
  • 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 Savings Bank Account.
  • Every depositor while opening a Savings Bank Account shall be required to furnish PAN/GIR No. on the Account Opening Forms if the depositor is an Income Tax Assessee, or if not, to give declaration on form No. 60/61 as applicable.
  • Savings Bank 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. Guardian, opening an Account in the name of minor under his/her guardianship, shall have to give a declaration that the funds withdrawn from the account of the minor, from time to time, will be utilized for the benefit of the minor.
  • The Bank reserves the right to verify the details given in the Account Opening form through any third party, if necessary.
  • SB Accounts cannot be opened by any Trading or Business concern, regardless of its constitution. However, Clubs, Associations, Charitable Institutions etc. may open SB accounts subject to verification of their rules and bye-laws, copies of which are to be furnished to Bank before opening such account.
  • KYC compliance documents as applicable to various saving bank accounts to be submitted.
  • More than one SB account cannot be opened by an individual singly without special consent of the Bank. However joint account may be opened by the person along with some other person / persons where mode of operation must be specified.
  • Minors, having attained the age of 10 years and able to read and write, are allowed to open account singly.
  • In case of minor's account operated by the guardian, the right of the guardian to operate the account will cease upon the minor attaining majority. Any balance in the account will be deemed to be the exclusive property of the minor who has attained majority; and further withdrawals from the account will be allowed to the erstwhile minor alone after completing procedural formalities.
  • Cash and cheque to be deposited in the Bank should be handed over to the respective counters and no individual outside the respective counters have any authority to receive them.
  • The total number of withdrawals from the account whether by cheque or otherwise will not exceed 51 per half-year or such ceiling as may be decided by the Bank. For additional withdrawals, a service-charge at the rate decided by the Bank will be recovered from the account.
  • The SB account holder will be given 20 cheque-leaves free of cost in a half year as per the present norms of the Bank and this is subject to change as may be decided by the Bank. For additional cheque-leaves, service charge as may be decided by the Bank will be levied. The customer may at the time of opening the account opt not to use cheque books.
  • Account holder should carefully note that while issuing a cheque, he/she should ensure that sufficient balance is maintained in the account. Issuing cheques in anticipation of funds to be credited to the account is not permitted. Also, cheques issued and dishonoured due to account-holder's fault such as insufficiency of fund/cheques drawn irregularly etc. will attract, apart from service-charge levied by the Bank, penal provision under the law of the land.
  • Mutilated, postdated, stale and irregularly drawn cheque as also cheques containing extraneous matter will be refused payment. (No alteration on the cheques should be made)
  • When depositing cheques for credit to an account, depositors are required to cross them before handling over the same for collection. Cheques deposited in the account and returned unpaid will attract service-charge at the rate decided by the Bank plus interest as applicable.
  • Instruments such as Cheques, Demand Drafts and Dividend/Interest Warrants will be accepted for credit of an account only when the account has been properly KYC complied and such instruments must be drawn in favour of the account-holder and not endorsed to him/her.
  • The customer has to maintain minimum balance in the account as maybe prescribed by the Bank from time to time. Failure to maintain such minimum balance in the account will attract penalty as may be levied by the Bank.
  • For accounts operated by thumb-impression, the depositor must personally visit the Bank along with the pass-book to withdraw money from the account.
  • If the pass-book is lost and a duplicate thereof is sought, the depositor will have to pay the prescribed charges for a duplicate pass-book.
  • The pass-book and the cheque-book are very important documents. At the time of receiving the cheque-book, the account holder should count the cheques and draw the attention of the Bank if any cheque is missing therein. The pass-book and the cheque-book must be kept in secured possession of the account holder. Loss of the same if any must be brought to the notice of the Bank forthwith.
  • No charge will be levied for closure of account within 14 days.
  • If the account is closed after 14 days but before 12 months, a prescribed charge will be levied.
  • Bank reserve the right to close any account with prior intimation if it is not operated satisfactorily. The Bank's decision in such matter will be final.
  • Nomination is accepted in favour of a single individual only.
  • The 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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