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UCO Bank Savings Account

A savings bank account is a convenient place to place any surplus funds you may have. The funds you deposit earn a nominal rate of interest while you decide where to invest them. You can withdraw your funds at any time subject to maintaining a minimum balance as per the terms of the account. Most savings bank accounts offer facilities such as ATM card, credit / debit cards, check facility, internet banking, mobile banking, and so on.

UCO Bank provides a variety of services as well as some variants of savings bank account.

What is a Savings Account?

Uco Bank Savings Account

Savings bank accounts are the most common type of bank accounts that people open to deposit their savings. It is a convenient way to save money and earn a small interest until you need the cash or until you decide to invest it.

It is easy to open a savings bank account with UCO Bank. All you need to do is walk into the nearest branch and ask for an account opening form. The form is also available on the bank website. Once you have filled out the form you need to attach your KYC documents such as identity proof, address proof, age proof, and so on, and deposit the minimum required amount in the bank. That’s it. Your account is opened.

Some banks charge fees for services offered with savings bank accounts. The interest paid on funds in a savings bank account is nominal; however, your money is safe with the bank and you can withdraw it any time you please with no lock-in whatsoever.

Features and Benefits of UCO Bank Savings Account

There are a number of benefits of opening a savings bank account with UCO Bank.

  • Your money remains safe in a savings bank account.
  • UCO Bank Savings account comes with a host of offers.
  • Different savings account for different needs
  • You can easily access your account via the internet, your mobile, or SMS.
  • You can also call phone banking service to access your account.
  • You can pay your utility bills via net banking, or ECS at no extra cost.
  • UCO Bank has a large number of ATMs all over the country, so you have easy access to your money.
  • You may get reward points and other privileged services if you save large amounts.
  • Debit / Credit card facility is available with UCO Bank savings account.
  • Money you deposit in savings bank account will earn a nominal interest

Types of UCO Bank Savings Accounts

UCO Saral Savings Deposit Scheme

This account can be opened by any Indian resident, firm, or company. The following are the details -

Minimum balance required to be maintained in the account -

With Cheque Book

Region
Type of Account HoldersMetroUrbanSemi-UrbanRural
IndividualRs. 1000Rs. 1000Rs. 500Rs. 250
OthersRs. 1500Rs. 1500Rs. 1000Rs. 250
PensionersRs. 250Rs. 100Rs. 100Rs. 100

Without Cheque-Book Facility

Region
Type of Account Holders MetroUrbanSemi-UrbanRural
Non-PensionerRs. 500Rs. 500Rs. 250Rs. 100
PensionerRs. 50Rs. 50Rs. 50Rs. 50

Other features -

  • 1 booklet of 20 cheques will be issued free of cost once in every 6 months. Thereafter, a charge of INR 3 per cheque leaf will be applicable.
  • Outstation cheques of up to Rs. 15,000 will be credited immediately.
  • DD/TT/MT/PO facilities are available with applicable charges
  • NEFT / RTGS facilities available.
  • Free VISA debit card
  • Standing instructions facility available with applicable charge
  • Stop payment charges - INR 50 for rural branches INR 75 for other branches
  • Penalty for non-maintenance of minimum quarterly average balance -
    • At Rural branches with cheque facility : Rs.100/- per quarter
    • At Other Branches with cheque facility: Rs. 150/- per quarter
    • At all branches without cheque facility: Rs.100/- per quarter
  • Penalty applicable for closing account within 12 months of opening -
    • Rs. 100/- For Rural Branches
    • Rs. 200/- for Other Branches

UCO Bank No-Frills Savings Bank Account - Zero Balance Account

This account is suitable to those who are unable to maintain the minimum required balance in their account. The scheme was introduced to include the weaker section of society. This savings bank account does not offer the same facilities as other types of savings account. Here are the salient features -

  • Minimum amount for opening the account is INR 5 only. If the depositor wishes to avail check facility the minimum deposit amount is INR 250. The account may go below the minimum deposit amount in future and continue with zero balance if desired.
  • The minimum deposit required is the same irrespective of the region in which the parent branch is located - metro, rural, urban and so on.
  • Every Indian resident above age 10 may open a no-frills account either in his own single name or jointly with another person.
  • The depositor may only have a maximum of 25 debit entries in 6 months. If the number of debit entries exceeds this limit a charge of INR 3 per entry will be levied for that period of 6 months.
  • Usual charges for non-maintenance of initial deposit will be applicable where check book facility is availed.
  • No charges are applicable for standing instructions
  • Normal charges will be applicable for facilities such as DD/MT and check collection.
  • Where check book facility is granted, 1 check book of 20 checks will be issued every year and a charge of INR 2 per check leaf will be applicable for any additional checks.
  • No incidental or folio charges are applicable
  • All other charges will be levied as applicable to saving bank account.
  • KYC for no frills account has been simplified as under -
    • Where the depositor is unable to submit KYC document an introduction by a depositor who has completed full KYC will suffice for opening a no frills account. The introducing depositor must certify the address and photographs of the prospective depositor.
    • Where acceptable KYC documents are not available submitting other alternative documents to the satisfaction of the bank is acceptable. This is subject to the fact that if at any time the total credits in all the accounts held by the prospective depositor exceed INR 1 lakh or the amount in deposit exceeds INR 50000; no further transactions will be permitted until the depositor completes full KYC.

UCO Smart Kids Savings Bank Scheme

This account can be opened by minors of age 10 and above. The depositor must be able to read and write. No minimum balance is required to open this account. 2 cheque books will be issued per year free of cost. No overdraft facility will be available on this account.

One personalized ATM card will be provided with photograph of depositor. The per day limit for withdrawal is INR 3000 subject to an overall limit of 15,000 per month. The same limits apply to net banking facility.

The amount in deposit will earn an interest of 3.50% per annum similar to other types of savings bank accounts.

No charges are applicable for the following facilities -

  • Closure within 12 months of opening the account
  • Stop payment of checks
  • Standing instructions for RD and FD in depositor’s name.
  • Transfer of funds from natural guardian or grandparents’ accounts.

Nomination facility is available for this account. However, a guardian appointed to transact on behalf of the minor can make a nomination.

Birth certificate of the depositor must be provided as proof of age.

The minor must confirm the balance in his account by visiting the bank branch once he attains majority.

The UCO Smart Kids Savings Bank account can only be opened in the single name of the minor.

Net banking facility will be view only at the time of opening the account. In due course transaction facility may be granted.

UCO Bank Savings Account Interest Rate

Your money in UCO Bank savings account earns an interest at the rate of 3.5% per annum for amounts up to INR 50 lacs. For amounts above 50 lacs, the interest rate is 4% per annum. Please be aware that the interest rate is subject to change without prior intimation by the bank.

How to open a UCO Bank Savings Account

You can open an UCO Bank savings account by either visiting the bank website and downloading the account opening form or visiting the bank branch for a physical copy of the form. Either way, you will have to submit a signed physical copy of the form.

You need to submit all the KYC documents along with the application form. You may require an introduction by an account holder who has maintained an active account for the past 6 months.

UCO Bank Savings Account FAQS

1. What is the best interest rate on an UCO Bank saving account?

The interest rate on SB accounts ranges between 3 to 7 %. UCO Bank offers 3.5% on accounts with balance below 50 lacs and 4% on accounts with balance above 50 lacs. The interest rates are subject to change by bank authorities at any time. You may contact visit the nearest branch for more details.

2. How can I upgrade my Savings Account from one kind to the other?

Savings bank accounts cannot generally be upgraded however you may visit the nearest UCO Bank Branch for details on transfer/change of bank account.

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