UCO Bank Savings Account
A savings account is the most common form of an interest-bearing deposit account which is held with a bank and provides a nominal interest rate. It is the first bank account for many, including young and the old, the rich and the poor.
Savings Account 101:
Having a savings account is advantageous on so many levels.
- Gain quick and easy access to your safely-stored funds, as it’s the most liquid of investments.
- Save for specific expenses: It instills a habit of savings and you can save money for specific expenses—like a vacation or use it as an emergency fund.
- Track your expenses: having a savings account is handy when it comes to tracking your expenses. You can keep an eye on the number of withdrawals and deposits made.
- Open a savings account with zero balance: There is no requirement for a large initial deposit, although the amounts differ from bank to bank.
- Avail of various facilities like net banking, mobile banking, SMS banking, and missed-call banking.
- Rewards feature: Often, you earn reward point for transacting with your Debit card, which can be later redeemed for Cashback or merchandise, as per the bank’s policies. The reward points details varies from bank to bank.
- Safety and security: your hard-earned cash is securely stored.
- Earn Interest: The cash stored in your account doesn’t sit idle—it accrues interest—however nominal it may be.
However, there are also some limitations: There are various fees associated with a savings account unless you maintain a certain balance each month. In such case, where you are not sure that you will be able to maintain the pre-requisite balance each month, it would be better to opt for the zero-balance account, although that would mean severely restricted features. Also, the interest on a savings account is far lower when compared to that of other investment instruments--say a Fixed Deposit account. Savings account offer low returns in comparison to other forms of savings, even though they are liquid investments and easily accessible in times of need.
Even with the downside, having a savings account is a must for all—those who are salaried, pursuing their education, businessmen, laborers, senior citizens, housewives etc. In short, a savings account is a must for people from every walk of life.
UCO Bank Savings Account
An UCO Bank savings account provides a host of banking benefits including easy accounts management, special banking facilities for senior citizens and minors, payments by issuing cheques, having a record of the income earned, interest on savings amongst other things. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an UCO Savings Account.
Features and Benefit of UCO Savings Account
There are various benefits to having a savings account with UCO Bank. Following is an overview.
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease with facilities like Net Banking and Mobile Banking.
Types of UCO Bank Savings Accounts
Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.
UCO Saral Savings Deposit Scheme
- 1 Cheque Book of 20 leaves free per half year
- Immediate credit of outstation cheques Up to Rs. 15000/- per occasion.
- PO/DD/TT/MT Facilities available with applicable charges.
- NEFT/RTGS Facilities available with applicable charges.
- FREE VISA Debit Card
- e-banking / Mobile Banking
No-frills Savings Bank Account
- Zero balance account
- Initial deposit amount: Rs. 5; Rs.250 for having Cheque Book facility
- For standing instructions - no charge will be levied.
- Relaxed KYC norms
UCO Smart Kids Savings Bank scheme
- Minors above the age of 10 years who can read and write will be allowed to open and operate savings bank accounts independently.
- Nil Minimum balance requirement
- 2 cheque books free per year.
- Personalised ATM cards with photograph issued
- Daily withdrawal and shopping limit of Rs.3000.00 and overall limit of Rs.15000 in a month.
UCO Savings Account Minimum Balance
The minimum balance required in UCO savings account differs with each kind of account. It is advisable to contact the bank directly for the most up to date details.
|Type of Savings Account||Average Monthly Balance Required|
|UCO Saral Savings Deposit Scheme||Metro: Rs. 1000, Urban: Rs. 1000, Semi Urban: Rs. 500, Rural: Rs. 250|
|No-frills Savings Bank Account||Nil|
|UCO Smart Kids Savings Bank scheme||Nil|
UCO Savings Account Interest Rate
UCO savings account comes with interest rates of up to 4% p.a., depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
UCO Bank Savings Account Charges
Different UCO Bank savings accounts have a different schedule of charges. It is better to contact UCO Bank directly for the most up to date charges.
How to open an UCO Bank Savings Account
UCO Bank savings account opening is easy and hassle-free. You can choose to open an account in the following ways:
Option 1: Fill the Online Account Opening form in detail, submit it along with your KYC information. The bank will get in touch with you.
Option 2: Visit your nearest UCO Bank branch with your KYC documents and talk to a UCO representative about your saving needs and accordingly open an account.
UCO Bank Savings Account FAQS
What is the best interest rate on an UCO Bank saving account?
The interest rates can go up to as high as 4% depending on the daily balance. For the latest interest rates, it is better to contact the nearest UCO Bank branch.
Who is eligible to open a basic savings account with UCO?
An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open an UCO bank savings account.
What is the eligibility criteria to open a savings account for Minors?
Minors above the age of 10 years who can read and write are allowed to open and operate savings bank accounts independently.