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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.
About 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.
There are a number of benefits of opening a savings bank account with UCO Bank.
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
Without Cheque-Book Facility
Other features -
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 -
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 -
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.
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.
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.
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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