UCO Bank

PART B - UCO Veer-Shakti - OVERDRAFT FACILITY

SERVING AND RETIRED EMPLOYEES OF INDIAN ARMED FORCES & PARA MILITARY FORCES
SN Services Features of 'Overdraft Facility'
1. 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.
2. Purpose
  • Overdraft facility in case of unforeseen financial requirements.
3. 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.
4. Rate of Interest
  • Banks Base Rate plus 2%, subject to revision to be made from time to time at Banks sole discretion.
5. Processing Charges
  • NIL
6. 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.
7. Security
  • Clean and unsecured loan against salary / pension of serving and retired personnel. 
8. Delegated Power
  • Branch Head (irrespective of Scale) will sanction the 'Overdraft Facility'.
9. 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.
10. 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.
11. Documentation
  • 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)
12. Account Operations:
  • 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.

top

Latest at UCO :
  • © 2016 All Rights Reserved
  • You are Visitor Number : 13297394
  • wcag