UCO Bank Savings Account

UCO Bank Savings Account provides a full-service banking experience, including internet banking, the ability to manage account balances, a Visa Debit Card, a zero balance account, simplified KYC criteria, and much more.

The savings bank (SB) account is open to minors over the age of 10 and adults over the age of 18. In addition to attractive UCO Bank savings account interest rate and other benefits, you will obtain a passbook, a cheque book, a high withdrawal limit, and a deposit limit.

UCO Bank Savings Account Interest Rate 2024

Balances

UCO Bank Saving Account Interest Rate

Rs. 10 lakhs

2.60% p.a.

More than Rs. 10 lakhs

2.75% p.a.

Features of UCO Bank Savings Account

There are several advantages to opening a savings bank account with UCO Bank.

  • In a savings bank account, your money is safe.
  • It comes with several perks and benefits. 
  • There are different savings accounts offered by UCO bank for various needs.
  • You may quickly access your account through the internet, your mobile device, or SMS.
  • By opening a savings account in UCO Bank, you also get access to a debit or credit card.
  • Money deposited in a savings bank account will earn a small amount of interest.
  • You can also access your account by using a phone banking service.
  • You can pay your utility bills for free via online banking or ECS.
  • UCO Bank has a significant number of ATMs located around the country, allowing you easy access to your funds.
  • If you save a lot of money, you may be rewarded with points and other benefits.

UCO Bank Savings Account Opening

If you want to save and open a Savings Account with a bank, you may now do so without the stress of long lines and numerous forms to fill out. You can open a new account online. 

  • Simply visit the bank's homepage and click on the "New Account Opening" option on the right side of the screen. A pop-up window will appear, from which you can choose the sort of account you want to open. 
  • After providing the relevant information and submitting the form online, you will be given a reference number. You can use these digits to track the status of your application submitted. 
  • After completing the form, you must send it along with the needed documents to the nearest UCO Bank branch. The bank will verify your documentation before activating your account and allowing you to begin saving.
  • You can also apply offline by going to a bank location and filling out an Account Opening Form.
  • Fill out the form and sign it before submitting it to the nearest branch with the required documentation. The bank will verify the submitted documents and notify you when your account is open so you can start saving.

Who Can Open a Savings Account in UCO Bank?

The following people can open a savings account in UCO Bank-

  • People over the age of 18.
  • Minors who are over the age of ten (unless otherwise noted, only joint accounts with a parent/guardian can be opened).

Documents Required to Open Savings Account in UCO Bank

While creating a Savings Account with UCO Bank, some documentation must be presented. They are outlined in the RBI's Know Your Customer (KYC) requirements. For verification purposes, all banks must collect the same set of documents.

The following documents must be collected-

  • Address Proof: Passport, driver's license, another bank's passbook, utility or phone bills, ration card, and so on.
  • Identity Proof: Passport, valid driver's license, Permanent Account Number (PAN) card, Voter ID card, Aadhar Card, Government-issued photo identity card, NREGA Card, and other documents are required.
  • Passport size photographs

Charges Associated

Minimum Balance

  • Rural: Rs. 250
  • Metro: Rs. 1,000
  • Urban: Rs. 1,000
  • Semi-Urban: Rs. 500

Types of Savings Accounts Offered by the UCO Bank

Following are the various types of Savings Accounts that can be opened at UCO Bank-

1) Saral Savings Account

  • Individual accounts with a cheque book require a minimum balance of Rs. 1,000 (urban and metro), Rs. 500 (semi-urban), and Rs. 250 (rural).
  • Pensioners are charged Rs. 100 (rural, semi-urban, and urban) and Rs. 250 (metro).
  • Every half-year, you will receive one complimentary cheque book with 20 cheque leaves. Following that, you must pay Rs. 3 per cheque.
  • There is also a Visa Debit Card and Standing Instructions accessible.
  • Immediate credit for outstation cheques up to Rs. 15,000.
  • Others are Rs. 250 (rural), Rs. 1,000 (semi-urban), and Rs. 1,500. (metro and urban).
  • For all depositors, the minimum balance for an account without a cheque book is Rs. 100 (rural), Rs. 250 (semi-urban), and Rs. 500 (metro and urban).
  • However, it is Rs. 50 for pensioners in all locations.

2) UCO Smart Kids Savings Account

  • Minors above the age of ten who can write and read can open and manage their own accounts.
  • There is no requirement for a minimum balance.
  • Get a customized ATM card with your picture on it. The daily withdrawal and shopping limit are Rs. 3,000. The total monthly limit is Rs. 15,000 for the same. The transaction limit for net banking is the same.
  • There is a nomination system in place.
  • Every year, you will receive two free cheque books. The account, however, cannot be overdrawn.
  • The annual interest rate is 3.50%.
  • A lovely passbook for the minor.
  • You can transfer money from natural grandparents or guardian accounts for free.

3) No-Frills Account

  • The minimum amount required for account opening is Rs. 5.
  • If you prefer to pay by cheque, the fee is Rs. 250.
  • In an emergency, you can withdraw the funds while maintaining a zero balance.
  • The bank enables up to 25 debit entries for free in a half-year period.
  • After this restriction, you must pay Rs. 3 for each extra entry in a half-year period.
  • Individuals over the age of 10 and under the age of 18 who can read and write may open a no-frills SB account for minors in their own name or jointly with another individual.

4) Motor Accident SB Account

  • According to the court order, anyone who has been involved in a car accident can open this account. It is a balance-free account.
  • There are no service fees to pay.
  • Nomination is accepted in the Term Deposit Account under court ruling.
  • A savings bank account comes in two varieties. SB 137, as mentioned in the court decision, is for the credit of monthly installments for the transfer of funds to other SB accounts. SB 135 for monthly installment credit from the associated SB account (operative) in the bank.
  • You can request withdrawals through the withdrawal form or through biometric authentication.
  • This SB account must be opened at the same branch as the term deposit.
  • This is a one-time operation account. However, in the case of a minor's account, the guardian is required by the court to handle it on their behalf.
  • You must fulfil the KYC requirements in accordance with the standards.
  • The bank does not permit product changes.
  • Customers can access Passbook.
  • The account can be transferred to the same bank using the same code scheme.
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