UCO Bank offers its customers a wide range of financial products in the savings account bank category. These savings accounts by UCO Bank provide customers with all types of features and benefits as per their requirements. Read on to find out about UCO Bank’s savings account types, interest rate 2023, eligibility criteria, documents required for opening a savings account, and how to apply for UCO Bank savings account online and offline.
UCO Bank Savings Account Interest Rates
|Account Balance||Interest Rate|
|Up to Rs. 10 lakh||2.60%|
|Above Rs. 10 lakh||2.75%|
Note: The above-mentioned interest rates are updated as on 21st November 2023.
Also Read: Best Savings Account Interest Rates 2023
Types of UCO Bank Savings Account
Features and Benefits of UCO Bank Savings Account
No-Frills Savings Bank Account (Zero Balance)
UCO Bank offers No-Frills Savings Bank Account which is a zero balance savings account in order to provide a savings account to a larger section of the society. This savings account ensures that no individual goes without having a savings account. This savings account provides below-mentioned features:
- The account can be opened with an initial deposit of Rs. 5. However, if the account holder wants to avail cheque book facility then the minimum deposit needs to be Rs. 250
- No minimum balance needs to be maintained
- The account holder can make up to 25 debit entries in a half-year
- If the account holder has availed for cheque book facility, he/she needs to maintain minimum balance of Rs. 250. If the account holder fails to do so then charges for not maintaining minimum balance will be levied
UCO Suvidha Salary Account (UCSSA)
UCO Suvidha Salary Account comes in four variants namely: Classic, Silver, Gold and Platinum. Individuals can open this savings account under following varinats:
|Variant||Gross Monthly Salary||Daily Cash Limit||POS Limit|
|Classic||Up to Rs. 25,000||Rs. 25,000||Rs. 50,000|
|Silver||Above Rs. 25,000 – Rs. 60,000||Rs. 50,000||Rs. 1,00,000|
|Gold||Above Rs. 60,000 – Rs. 1,25,000||Rs. 50,000||Rs. 1,00,000|
|Platinum||Above Rs. 1,25,000||Rs. 75,000||Rs. 2,00,000|
UCO Smart Kids Savings Bank Scheme
UCO Smart Kids Savings Bank Scheme is a savings account for minors who are above the age of 10 years who can read and write. There is no need to maintain any minimum balance in this savings account by UCO Bank. This savings account offers below-mentioned features and benefits:
- 2 cheque books are provided for free every year
- A personalised debit card is provided with a photograph on it having withdrawal and shopping limit of Rs. 3,000 and overall limit of Rs. 15,000 in a month
- No charges on closing the account within 12 months
- Joint account cannot be opened in this savings account
UCO Saral Savings Deposit Scheme
UCO Saral Savings Deposit Scheme varies from category to category. Below-mentioned are the features provided to different categories:
- The account holder needs to maintain minimum balance with chequebook facility as under:
|Individual||Rs. 1,000||Rs. 1,000||Rs. 500||Rs. 500|
|Others||Rs. 1,500||Rs. 1,500||Rs. 1,000||Rs. 250|
|Pensioners||Rs. 250||Rs. 100||Rs. 100||Rs. 100|
- The account holder needs to maintain minimum balance without chequebook facility as under:
|All other depositors||Rs. 500||Rs. 500||Rs. 250||Rs. 100|
|Pensioners||Rs. 50||Rs. 50||Rs. 50||Rs. 50|
- One cheque book having 20 cheque leaves will be provided per half year, thereafter, Rs. 3 will be charged per cheque leaf
- A Visa debit card is provided for free
- Net banking and mobile banking facility is available
- 100 will be charged for closing the account within 12 months for rural branches
- 200 will be charged for closing the account within 12 months for other branches
Documents Required for Opening a Savings Account in UCO Bank
If an individual wants to open a savings account in UCO Bank, the individual needs to present below-mentioned documents:
- Aadhaar card
- PAN card/Form 60
- Driving license
- Voter’s identity card issued by Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name and address
Eligibility Criteria to Open a Savings Account in UCO Bank
Individuals need to fulfill the below-mentioned eligibility criteria to be open a savings account in UCO Bank:
|Account Type||Eligibility Criteria|
|UCO Suvidha Salary Account||
|No-Frills Savings Bank Account (Zero Balance)||
|UCO Smart Kids Savings Bank Scheme||Minors who are above the age of 10 years and can read and write|
|UCO Saral Savings Deposit Scheme||
UCO Bank Savings Account Fees and Charges
|Issuance/Revalidation/Cancellation of Demand Draft||Rs. 130 per instrument|
|Account closing within 14 days||No charges|
|Account closing after 14 days but before 12 months||
|Attestation of customer’s signature on documents (per occasion)||Rs. 180|
|Issuance of new ATM card/PIN/Add on||
|Cash withdrawal through Visa Networked ATMs||Rs. 110 + 2% of the currency conversion charges per transaction|
How to Open UCO Bank Savings Account Online
To open an online savings account in UCO Bank, the applicant can refer to the following steps:
Step 1: Go to UCO Bank’s official website and navigate towards ‘Savings Account’ on the main page
Step 2: Click on ‘Savings Account’, you will be redirected to a new page
Step 3: On the next page, click on ‘Apply Now’ option
Step 4: You will be directed to an application form, fill that form
Step 5: Upon filling the form, click on the provided box and provide your consent to the bank to call you
Step 6: Once you give authorization to the bank to call or SMS you, the bank will assign a representative to assist you further
How to Open UCO Bank Savings Account Offline
If the applicant wants to open an offline savings account in UCO Bank, he/she needs to follow the below-mentioned steps:
Step 1: Visit UCO Bank’s nearest branch and fill out the savings account application form
Step 2: Provide all your basic details as asked in the application form
Step 3: Provide your self-attested PAN and Aadhaar card
Step 4: Choose the type of savings account you want to open as per your requirements
Step 5: Collate all your documents with your proof of identity and submit the documents
Step 6: Once you provide all the details, the bank will verify the details and open your account
The bank will provide a welcome kit with all essential documents to help you operate the account.
Know More about UCO Bank
UCO Bank Savings Account FAQs
Q. What should I do if during the cash withdrawal process, cash is not disbursed and the amount is debited from my account in UCO Bank?
Ans. In such a case, you should call the customer care of UCO Bank immediately or lodge a complaint.
Q. What is the process to hotlist or block my UCO Bank’s debit card?
Ans. Customers of UCO Bank can call on the toll-free number 1800 103 0123 and email at firstname.lastname@example.org to hotlist or block their debit card.
Q. What is UCOPAY+?
Ans. UCOPAY+ is UCO Bank’s mobile wallet application. It can be used to transfer money to other wallet users and bank accounts.
Q. How can I open an instant account in UCO Bank?
Ans. You can open an instant account in UCO Bank through UCOPAY+. UCO Bank has introduced feature of instant account opening through this app.
Q. What is the name of UCO Bank’s mobile banking app?
Ans. UCO mBanking Plus is the name of UCO Bank’s mobile banking app.
Q. Are there any charges to process UPI payments in UCO Bank?
Ans. No. UCO Bank doesn’t levy any charges to process UPI payments right now.
Q. What are the IMPS charges in UCO Bank?
Ans. UCO Bank’s IMPS charges are as follow:
- Up to Rs. 10,000 – Rs. 3
- 10,001 – Rs. 1,00,000 – Rs. 6
- 1,00,001 to Rs. 2,00,000 – Rs. 17