UCO Bank Savings Account Interest Rates
UCO Bank formerly known as United Commercial Bank is an Indian public sector bank. UCO Bank was ranked 1948 in Forbes Global 2000 list of year 2018. The bank offers various banking solutions to its customers such as loan schemes, deposit schemes Banking services, value added e-banking services and many more.
Name | UCO Bank[1] |
Formerly | United Commercial Bank |
Headquarters | Kolkata, West Bengal |
Type | Public |
Industry | Banking Financial services |
Founded | 6 January 1943 |
Founder | G.D. Birla |
Owner | Government of India |
Website | www.ucobank.com |
UCO Bank Savings Account Interest Rates
Savings account is a type of account that people open to deposit their savings for their future use. It is a conventional way to save money and to earn a small interest until you decide to invest it. UCO Bank offers various types of savings account with various benefits and attractive interest rates. Today in this post we are going to discuss about UCO Bank savings account interest rates, types of savings account offered by UCO Bank, benefits and features of savings account, minimum balance required to maintain the account and many more.
Read Also: Canara Bank Savings Account Interest Rates
Benefits and Features of UCO Bank Savings Account
- UCO Bank savings account comes with various offers
- It provides you with the facilities of Internet Banking, Mobile banking, SMS alerts for free of cost, through which you can easily access your account
- UCO Bank offers different types of account for different needs
- You can also pay your utility bills via net banking
- Debit card, Credit card facilities are offered by UCO Bank
- You will also earn an interest for the money you deposit in your savings account
Types of UCO Bank Savings Account
1. UCO Saral Savings Deposit Account
This account can be opened by any resident of India or company. In this scheme NEFT/RTGS facilities are available, free VISA Debit Card is offered at no additional cost, 20 cheques will be issued free of cost in a year. Penalty fees for closing account within 12 months of opening is Rs 100 for rural branches and Rs 200 for other branches.
2. UCO Bank No-Frills Savings Bank Account
This savings account is a zero-balance savings account where no minimum balance needs to be maintained. This savings account is specially designed for the one who is unable to maintain the minimum required balance in their account. This scheme is basically designed for the weaker sections of the society. Minimum amount for opening the account is INR 5 only. The bank will not levy any folio charges under this account. 20 cheque leaves will be provided in a year for free of cost.
3. UCO Smart Kids Savings Account
This account is for minor citizens. Minors who are more than 10 years old can open this account. No minimum balance needs to maintained for this account. 2 cheque books will be issues every year free of cost. No overdraft facility will be available on this account. One personalized ATM card will be offered with photograph of depositor. Nomination facility is available in this account. The per day limit of withdrawal is INR 3000 subject to an overall limit is 15,000 per month. The interest rate per annum is 3.50%.
4. UCO Motor Accident Claim Tribunal SB Account (MACTSBA)
Whoever are the victims or beneficiaries of motor accidents can open this account. This is a zero-balance account. KYC norms will be applicable for this account, you must complete the KYC norms as per the guidelines. Passbook is available for the customers.
UCO Bank Savings Account Interest Rates
You can get interest rate up to 2.50% per annum for all the balance held in the savings account across all types of savings account. UCO Bank FD interest rates ranges from 2.90% to 7.15% p.a. to regular citizens and 3.15% to 7.25% p.a. to senior citizens on tenures ranging from 7 days to 5 years and above.
UCO Bank FD Interest Rates
Tenure | Regular | Senior Citizen |
7 days to 1 month | 2.75% | 3.15% |
30 days to 45 days | 3.00% | 3.25% |
46 to 60 days | 3.75% | 4% |
61 days to 90 days | 3.75% | 4.00% |
91 days to 180 days | 3.90% | 4.15% |
181 days to 364 days | 4.70% | 4.95% |
1 year | 4.90% | 5.15% |
1 year 1 day to 2 years | 5.00% | 5.50% |
2 years 1 day to 3 years | 5.00% | 5.50% |
3 years 1 day to 4 years 364 days | 5.00% | 5.50% |
5 years to 10 years | 5.00% | 5.50% |
Balance | Rate of Interest |
Up to Rs 10 lakh | 2.60% p.a. |
Above Rs 10 lakh | 2.75% p.a. |
Minimum Balance Required as per Savings Account
Types of Account | Minimum Balance |
UCO Saral Savings Deposit Scheme | Metro: Rs 1,000 Urban: Rs 1,000 Semi-Urban: Rs 500 Rural: Rs 250 |
No Frills Savings Bank Account | NIL |
UCO Smart Kids Savings Bank Account | NIL |
Motor Accident Claim Tribunal AB Account (MACTSBA) | NIL |
How To Open UCO Bank Savings Bank Account
Opening a savings bank account at UCO bank is very easy. You can open your savings bank account vis online or offline. You can open your savings account through online without any hassles, just visit the official website of your bank select ‘New Account Opening’ tab on the right side of your screen and select the type of account you want to open and enter all your details and documents and submit your form online. You will be provided a reference number, and through the number you can check your application status. After filling the form, you will have to submit both the form and required documents to your nearest UCO bank branch. After verifying all your documents your account will be opened.
You can also open your bank account through offline by visiting the nearest branch and filling up the form along with all your personal details. You will need to submit all the KYC documents along with the application form.
Eligibility Criteria
- Any Indian Residents
- Individuals above the age of 18
- Minor citizens (only joint account can be opened along with a parent/guardian)
Documents Required
- ID proof
- Address proof
- Passport sized photographs
- Bank account statement
- In case of account opened in the name of minors and pensioners, proof of age documents such as birth certificate have to be submitted
FAQs
1. What is UCO Bank formerly known as?
Ans: UCO Bank is formerly known as United Commercial Bank.
2. Can I open savings account with low deposit?
Ans: Yes, UCO Bank offers savings account for weaker sections of the society and the minimum amount to open the account is Rs 5 only.
3. Can I open my UCO Bank Savings Account through online?
Ans: Yes, you can open your savings bank account through both online and offline method.
4. What is the interest rate offered by UCO Bank Savings Account?
Ans: UCO bank offers an interest rate from 2.60% p.a. to 2.75% p.a.
5. What are the documents required to open a savings bank account?
Ans: To open a savings bank account one must need to submit the following documents –
- ID proof (Voter ID, PAN Card, Aadhar Card etc)
- Address proof
- Passport sized photographs
- Bank account statement
- In case of account opened in the name of minors and pensioners, proof of age documents such as birth certificate have to be submitted
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