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 :
UCO Bank has launched UCO Skill Loan Scheme for providing loan facility to individuals who intend to take up skill development courses. | No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account. | KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. | Prevent Unauthorized Transactions in your demat account -- Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day (issued in the interest of investors). | Service charges on Bills, Remittances, Deposit, Lockers including GST @18% w.e.f 01.08.2017 | We do not advertise our Bank's name/logo on any website posing as customer service points,Bank's customer service point, APNA customer service point, Bankmitra etc. Public is hereby cautioned against any such fraudulent advertisement & is advised to stay away from such fraudulent entities. | Release of Provisional List of Selected Candidates in CRP(PO)-VI 2nd List, by IBPS Mumbai for FY 2017-18 | Release of Provisional List of Selected candidates in CRP(PO)-VII, by IBPS Mumbai for the FY 2018-19 | Release of Provisional Select List of candidates selected in CRP-VII by IBPS, Mumbai for FY 2018-19 | Release of Provisional Select List of candidates selected in CRP-VI 2nd List by IBPS, Mumbai for 2017-18 |
  • © 2016 All Rights Reserved
  • You are Visitor Number : 11064292
  • wcag