UCO Bank is a leading public sector bank with extensive branch network across India. It provides various banking services to customers of all segments. One of its popular offerings is zero balance savings accounts that come with many benefits. These accounts help people join the formal banking system without having to worry about maintaining high balances. This blog covers key details around opening zero balance accounts at UCO Bank including types, online and offline process, interest rates and other associated terms.
Types of UCO Bank Zero Balance Account
UCO Bank offers various zero balance account options to suit different customer needs. The main types are:
1. Savings Bank Account
- Minimum initial deposit: ₹500
- Maximum balance: No limit
- Cheque book: Available
- Monthly withdrawal limit: 4 times free, above charges apply
2. Salary Account
- For salaried individuals
- Additional benefits like locker facility, personal accident insurance
3. Pension Account
- For senior citizens and pensioners
- Special services like priority treatment, passbook updates
How to Open UCO Bank Zero Balance Account Online?
UCO Bank provides the convenience of opening a savings account online without visiting a branch. Here are the simple steps:
- Visit UCO Bank website and select account opening option
- Enter basic details like name, date of birth etc
- Upload photo and signature as instructed
- Provide address and contact details
- Choose account type from options provided
- Read terms and accept online
- Your account will be instantly activated
How to Open UCO Bank Zero Balance Account Offline?
Opening a savings account offline at a UCO Bank branch allows customers to complete the KYC process and get their accounts verified in person. It involves basic documentation for identification and address proof.
- Visit the nearest UCO Bank branch with valid ID and address proof
- Collect the account opening form and fill in basic details
- Submit KYC documents are required under the Bank’s KYC norms
- An initial deposit is required based on the type of account
- Staff will verify documents and process your application
- You will receive account details and debit card within 7 working days
UCO Bank Zero Balance Account Interest rates
UCO Bank offers competitive interest rates on savings accounts for customers to earn returns on their deposits. The interest is calculated on a daily product basis and credited quarterly.
Interest Rates:
- On balances up to 10 lakh – 2.6% p.a.
- On balances above 10 lakh– 2.75% p.a.
Fees and charges of UCO Bank Zero Balance Account
UCO Bank keeps most banking services free for zero balance accounts. However, some services attract a nominal fee.
Key charges:
- ATM transaction fee after 5 free uses – ₹20 +GST/usage
- Cheque book after 10 leaves/year – ₹50+GST
- DD/PO issuance – ₹25+GST
- Statement printing – ₹100+GST/6 months
- Balance enquiry at ATM – ₹5+GST
- Late payment of loan EMIs – 2% of EMI
Eligibility criteria to UCO Bank Zero Balance Account Opening
UCO Bank has kept the eligibility bar very low to allow everyone the convenience of opening a zero balance account. The basic requirements are:
- Minimum age of 18 years
- Valid ID and address proof as per KYC regulations
- Nomination facility to be provided
- Minimum initial deposit required is ₹500 for regular savings accounts
- Offline accounts require physical presence for KYC
Documents required to open UCO Bank Zero Balance Account
Opening a bank account requires submitting valid Know Your Customer (KYC) documents. UCO Bank keeps the documentation simple.
Documents required are:
- Address proof: Voter ID, Passport, Driving License, Aadhaar card
- Identity proof: PAN card, Voter ID, Passport, Driving License
UCO Bank Zero Balance Account Welcome Kit
Once the account is opened, UCO Bank provides customers a welcome kit containing important documents and accessories.
The kit includes:
- Debit card for easy transactions
- Passbook to record deposits and withdrawals
- Cheque book with initial check leaves (if opted)
- ATM PIN mailers for using debit card securely
- Statement notifying account details
- Terms and conditions booklet
- Customer instruction slip and other key guides
UCO Bank Zero Balance Account Helpline
UCO Bank provides multiple contact options to assist customers regarding their zero balance accounts:
Head Office Address:
UCO Bank, 10, B. T. M Sarani, Kolkata – 700001, West Bengal
Toll Free Number: 1800 103 0123
The toll free helpline can be called from anywhere in India to receive clarification pertaining to account opening formalities, usage and servicing procedures.
Email Address: [email protected]
Final Word
UCO Bank makes the account opening process simple whether online or in-person. With minimal eligibility criteria and documentation standards, anyone can easily have a functional savings option to carry out daily transactions, receive deposits and earn interest on savings. The zero balance feature allows customers to reap banking advantages without commitments. By reviewing type of accounts and comprehensive fee structures, one can select the best suitable account for their needs.
FAQs
Yes, UCO Bank offers zero balance savings accounts. With a zero balance account, you do not need to maintain any minimum balance. You can open and use this account to undertake basic banking transactions like cash deposits and withdrawals without worrying about balance requirements.
UCO Bank does not require customers to maintain any particular minimum balance for savings accounts. You can open a savings account with just the minimum initial deposit and operate it without keeping a balance. This makes a UCO Bank savings account very convenient compared to other banks that impose monthly average balance rules.
UCO Bank is a major public sector bank in India. It is governed under banking regulation laws and falls under the domain of Ministry of Finance. As a government-owned bank, deposits in UCO Bank are considered very safe and secure compared to private banks.
Yes, UCO Bank can be considered a safe bank for customers to deposit their money and undertake banking activities. As a nationalized bank, it adheres to strict regulatory compliances and safety norms set by the Reserve Bank of India. UCO Bank also has a long history of over 100 years and has stood strong during various economic cycles.
UCO stands for United Commercial Bank. United Commercial Bank was earlier a privately owned bank established in 1943. Later on in 1969, it was nationalized and took on the new name of UCO Bank. So UCO Bank is short for United Commercial Bank.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
