||Features of 'Overdraft Facility'
||Nature of Facility
||Overdraft Facility for Indian Armed Forces and Para Military Forces
- Against salary for serving employees and
- Against pension of ex-servicemen / retired employees.
- Overdraft facility in case of unforeseen financial requirements.
||Eligibility and Quantum of Overdraft
||FOR CONFIRMED SERVING EMPLOYEES AND RETIRED EMPLOYEES
(Cadre - Serving Non-Officers, Serving Officers, Pensioners Non- Officers , Pensioners Officers)
- Minimum Rs. 10000/- and Maximum 1 month Net Take Home Salary or Rs. 1 lac whichever is lower.
- Grant of overdraft limit against salary drawn in the preceding month.
- Grant of OD limit after 3 months of satisfactory operation of the account.
||Rate of Interest
- Banks Base Rate plus 2%, subject to revision to be made from time to time at Banks sole discretion.
||Adjustment of Overdraft Facility
||FOR CONFIRMED SERVING EMPLOYEES
(UVS - Non-Officers and UVS - Officers)
- OD adjustment before remaining 6 months of service with the employer or till maintaining account with bank, whichever is earlier.
FOR EX-SERVICEMEN / RETIRED EMPLOYEES
(UVS - Pensioner Non-Officers and UVS - Pensioners Officers)
- OD adjustment within 6 months of disbursement.
- Clean and unsecured loan against salary / pension of serving and retired personnel.
- Branch Head (irrespective of Scale) will sanction the 'Overdraft Facility'.
||Transfer of UVS Account to other UCO Bank Branches
- There is no restriction in transfer of UVS Accounts from one branch of UCO Bank to other branches of UCO Bank, subject to the condition that the salary/pension of the concerned customer is credited to that particular Branch in case of outstanding 'Overdraft' balance.
||Transfer of UVS Account to other Banks
- 'UCO Veer-Shakti Salary Account' cannot be transferred/shifted to other Banks without full repayment of Bank's dues and 'No Objection Certificate' from the dealing branch.
- DP Note (A-1)
- Letter of Waiver (A- 47)
- Letter of Continuity (A- 3)
- Letter of Guarantee (A-21A)
- Application letter as per prescribed form
(Annexure II for Serving Employee and Annexure III for Ex-Servicemen /Retired Employee)
- For proper identification, the Bank branches should put a Rubber Stamp on Cover page of Savings Bank Pass Book as 'UCO VEER-SHAKTI ACCOUNT-SCHEME' before issuing it to the serving and retired employees of Indian Armed Forces and Para Military Forces.