Latest UCO Bank Savings Account Interest Rate – 2024

Founded in 1943, UCO Bank is a commercial bank owned by the government and is based in Kolkata. This bank’s savings account offers a comprehensive banking experience, featuring a net banking facility, simplified KYC criteria,  a zero balance account and other additional benefits.

This savings account is accessible to individuals aged above 18 and minors aged 10 and above. Furthermore, with this savings account you can earn an appealing UCO Bank savings account interest rate, and receive a passbook and chequebook for free. The following guide will help you learn about this bank’s interest rates and crucial details.

Recent UCO Bank Savings Account Interest Rates 2024

Here is a table that shows the latest UCO Bank savings account interest rate:

UCO Bank Savings Account Minimum Balance Required

The table attached below mentions the minimum balance required to maintain the UCO bank savings interest rate account: 

UCO Bank Savings Account Charges 

Here is a table that highlights the charges on the Union Bank savings interest rate accounts: 

Why Choose a UCO Bank Savings Account?

Here are some main reasons why one should opt for a UCO bank savings account:

• UCO Bank savings account provides a secure and risk-free option to store surplus funds, eliminating the need to carry cash and reducing the risk of theft.
• You can enjoy the convenience of digital banking services including UCO Bank net banking, mobile banking, etc. making it easy to manage your account without visiting a branch.
• UCO Bank offers zero-balance savings accounts without the need for a monthly maintenance balance.
• To receive funds from government programs, having a UCO Bank savings account is essential, ensuring seamless access to benefits. 

Key Benefits of UCO Bank Savings Account

Here are some vital benefits of opening a UCO bank savings account:

• The UCO Bank interest rates on savings accounts rate ensure a financial benefit compared to keeping cash in a locker.
• You can access a debit card facility with all UCO Bank savings accounts, allowing you to make purchases without the need for carrying physical cash. 
• With UCO’s savings account, you can enjoy discounts and reward programs based on your transactions. 
• A nomination facility is provided in their savings account.

How to Open an Online UCO Bank Savings Account?

Follow the below-mentioned steps to open a UCO Bank savings account online and avail the UCO Bank savings account interest rate:

• Step 1: Visit the official UCO Bank website.
• Step 2: Click on the ‘Savings Account’ in the main menu.
• Step 3: Once the page opens, select ‘Apply Now’.
• Step 4: Fill out the online application form provided on the next page.
• Step 5: Give consent to the bank contacting you by clicking the relevant box.

After providing consent, a bank representative will be assigned to assist you further.

How to Open an Offline UCO Bank Savings Account? 

Here are the simple and easy steps that you can follow to open a UCO savings account offline:

• Step 1: Visit the nearest UCO Bank branch.
• Step 2: Complete the savings account application form available at the branch.
• Step 3: Choose the type of savings account based on your preferences.
• Step 4: Provide your basic details and submit self-attested PAN and Aadhaar cards.
• Step 5: Compile all the required documents and submit them.

After the bank verifies your details, your UCO savings account will be opened. The bank will provide a welcome kit containing essential documents to facilitate easy account operation.

Eligibility Criteria to Open UCO Bank Savings Account 

You can open a UCO Bank Savings Account if you are:

• An individual aged 18 or above (either in your name or jointly).
• Minors who are 10 years old or above (only jointly with a parent or guardian, unless specified otherwise).

Documents Required to Open UCO Bank Savings Account

Here is a list of documents you are required to present to open a savings account at the UCO Bank:

• UCO Bank savings account application form
• Two recent passport-size photographs
• Proof of Identity (Aadhar Card, PAN Card, Government ID Card, NREGA Card, Driving Licence)
• Proof of Address (Ration Card, Utility Bills, Passport, Bank Statement)

Types of UCO Bank Savings Account and Its Features

UCO Bank provides various savings account options to its customers. The table below offers a quick summary of the different types of UCO savings accounts along with their features:

1. UCO Saral Savings Deposit Scheme

• Complimentary chequebook with 20 leaves provided every half-year; subsequent cheques cost ₹3 each.
• Visa Debit card and standing instructions are available.
• Immediate credit for outstation cheques up to ₹15,000.

2. UCO Suvidha Account

• You must be 21 years and above.
• Eligible for individuals with an average salary of ₹20,000 and above.
• 50 free cheque leaves are available in this account.
• You can earn a high interest rate with an auto sweep facility.
• Personal Accident Insurance of ₹20 lakhs.
• Eligible for individuals with an average salary of ₹20,000 and above.
• 50 free cheque leaves are available in this account.
• You can earn a high interest rate with an auto sweep facility.
• You must be 21 years and above.
• Eligible for individuals with an average salary of ₹20,000 and above.
• 50 free cheque leaves are available in this account.
• You can earn a high interest rate with an auto sweep facility.
• Personal Accident Insurance of ₹20 lakhs.

3. UCO Smart Kids Savings Account

• Minors aged 10 and above, who can read and write, can open and manage their accounts.
• Shopping limit of ₹3,000.
• Comes with a 3.50% annual interest rate.
• 2 free cheques books provided annually.
• Free money transfer from grandparents or guardian accounts.

4. No-frills Savings Account

• The minimum amount for account opening is ₹5.
• Emergency fund withdrawals with a zero balance.
• The cheque payment fee is ₹250.
• Individuals aged 10 to 18 who can read and write may open this account.

5. Motor Accident Claim Tribunal SB Account

• Balance-free account for anyone involved in a car accident, as per court order.
• No service fees are provided.
• The nomination facility is accepted in the Term Deposit Account under a court ruling.
• This savings account is available in two varieties – SB 137 for monthly instalment credit to other SB accountsSB 135 for monthly instalment credit from an associated SB account
• Withdrawals via form or biometric authentication.
• The account is accessible through a passbook.

Steps to Open UCO Bank Video KYC Savings Account 

To open a UCO Bank savings account through video KYC, you need to download the UCO mBanking Plus App/UCOPAY+ App on your mobile phone. Next, follow the below-mentioned steps:

• Step 1: Click on ‘New Insta Account Opening’ in UCO mBanking Plus or register as a Wallet user in the UCOPAY+ app.
• Step 2: Enter your full name, email ID, and mobile number for OTP authentication.
• Step 3: Click on ‘Insta Account Opening’ and enter the Aadhaar number for validation through the UIDAI server with OTP authentication.
• Step 4: Enter PAN card details, which will be matched against NSDL records for further account opening steps.
• Step 5: Provide the nominee details for online account opening.
• Step 6: Upload a scanned copy of Aadhaar Card, PAN Card and your signature.
• Step 7: Schedule a video KYC session at a convenient time.
• Step 8: VKYC officials conduct a video call, verifying the uploaded documents.
• Step 9: You need to sign online on blank paper in front of the bank official during the video call.

Upon the conclusion of video verification, the administration carefully examines the process and documents. After final VKYC approval by the bank official, KYC details are updated to the branch for further processing.

UCO Bank Savings Account Transaction Limit

The following table mentions the transaction limits on the different types of UCO savings account interest rates: 

How to Close a UCO Bank Savings Account?

To close your UCO Bank savings account, follow the steps mentioned below:

• Step 1: Obtain and fill out the UCO Bank Account Closure Form from the bank’s official website or your home branch. If there are joint holders they need to sign the form along with you.
• Step 2:  Attach a copy of KYC documents (identity and address proof) for all account holders. Moreover, self-attestation of these documents may be required.
• Step 3: Provide the balance cheque leaves, debit card, and passbook to your UCO bank branch. The closure request is processed upon the return of these items.

The bank verifies your submitted documents. Once verified, you can withdraw the balance amount from your account.You can choose either cash withdrawal or receive a cheque/DD in your favour. Alternatively, you can transfer the balance to another account for closure. After closure, the bank will send an email or SMS confirmation to your registered email ID and mobile.

Final Word

Savings accounts are easily accessible, enabling individuals to earn interest on their deposited funds. With UCO Bank, opening a zero-balance savings account is a quick and simple process. It offers attractive UCO Bank savings account interest rates to the customers that in total contributes to the growth of their funds in the long run.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.