UCO Bank is a public sector bank in India with global business surpassing Rs 10 lakh crores in the year of 2022.With such a humongous customer base, it’s only fitting that the bank has a plethora of savings account options to suit the varied customer requirements.
Opening a savings account is one of the most popular banking activities in India and here, we shall be helping you with the savings account interest rates of UCO Bank, types of UCO Bank savings accounts, minimum balance requirement and features so as to help you make an informed decision.
UCO Bank Savings Account Interest Rate, 2023
|Balance||Rate of Interest (p.a.)|
|Up to Rs 10 lakhs||2.60%|
|Above Rs 10 lakhs||2.75%|
Disclaimer: The above-mentioned UCO Bank savings account interest rates are effective from 13th March 2023 and are subject to change.
UCO Bank Savings Account Minimum Balance
‘UCO No-Frills’ Savings Bank Account is the most basic savings account offered by the bank with an intention to include a larger cross-section of the population. This is a zero balance UCO Bank savings account which means there is no penalty levied on the account holder if the account balance shoots down to nil. The name of the account – “No-frills Savings Bank Account (Zero Balance)” – says exactly the same. An Indian resident of 10 years or more age is eligible to open this account in single or joint-holding capacity. Along with this, there’s another savings account, viz. ‘UCO Smart Kids Savings Account’ which is UCO Bank’s account for minors where again, there’s no restriction on keeping a minimum balance. This means that this UCO savings account for minors can be maintained with zero balance.
Types of UCO Bank Savings Accounts
There are four different types of UCO Bank savings accounts that one can choose from, as detailed below. Along with these, there’s a special account by the name of ‘Motor Accident Claim Tribunal SB Account’ that’s designed for crediting the maturity amount of term deposit on monthly basis for Beneficiaries or victims of Motor Accidents (as per court order).
UCO Suvidha Salary Account (UCSSA)
- Can be opened with zero balance
- Has fours (4) variants for gross monthly salary of:
- Classic – Up to Rs 25,000
- Silver – Above Rs 25,000 to Rs 60,000
- Gold – Above Rs 60,000 to Rs 1.25 lakhs
- Platinum – Above Rs 1.25 lakhs
- Complementary UCO Bank debit card offered with zero issuance and maintenance charges
- Daily Cash and POS/Online limit of:
- Classic – Rs 25,000/ Rs 50,000
- Silver – Rs 50,000/ Rs 1 lakh
- Gold – Rs 50,000/ Rs 1 lakh
- Platinum – Rs 60,000/ Rs 2 lakhs
- Offered with higher interest rate if opted auto-sweep facility (minimum amount Rs 25,000)
- Overdraft facility available for up to two times the net take-home salary
How to Open a UCO Bank Savings Account Online?
To open a UCO Bank savings account, there are two modes to go about it – online and offline. While the offline route is quite self-explanatory, i.e. you simply go to the nearest UCO Bank branch and contact the bank personnel to assist you in opening a savings account of your choice, as per your eligibility. The online mode calls for a step-by-step guide, as given below:
Step 1: Go to UCO Bank website (https://www.ucobank.com/english/personal-deposites.aspx) or open the UCO Bank mobile banking app.
Step 2: Find ‘Savings Account’ and click on ‘Apply Now’ button displayed in red.
You’ll be redirected to the online account opening page as given below:
Step 3: Fill in the details, i.e. your name, address, mobile number, email-ID, etc.
Step 4: Type in the numeric value asked and click on ‘Generate OTP’. This is to verify your mobile number and to determine you’re not a robot.
Step 5: Type in the OTP that you’ll get on your mobile number and proceed with the steps as they follow.
How to Transfer Funds from UCO Bank Savings Account?
To transfer funds from your UCO Bank savings account, there are various modes available, viz. – internet banking and mobile banking (via UCOPAY+) which includes the likes of NEFT, RTGS, IMPS and UPI, while the other options include ATM cash/cheque deposit, at-the-bank cheque deposit and demand draft.
Here, we’re giving you steps to transfer money online using the UCO Bank netbanking option:
Step 1: Log into your UCO Bank netbanking account.
Step 2: Find ‘Payment and Transfer’ and click on ‘Initiate NEFT/RTGS’ or ‘Initiate IMPS’, as per your requirement.
Step 3: Enter the details required such as the debit account, credit account, amount and remarks. (If you haven’t added beneficiary prior, then click on ‘Manage Beneficiary’ and add the same before initiating the transfer process).
Step 4: Read and agree to the Terms and Conditions and click on “Continue”.
Step 5: Check and confirm the details you’ve entered by generating and entering the OTP and finally hitting the ‘Submit’ button.
And, that’s it!
Features & Benefits of UCO Bank Savings Accounts
The following are the benefits of UCO Bank savings account:
- Option to open savings account with zero balance
- Minimum balance requirement not very high
- 2 account options with zero balance requirement
- Complementary debit cards issued as per the customer’s eligibility
- Auto-sweep in option offered with higher interest rate
- Option to upgrade the account, if eligible
UCO Bank Customer Care
The below-mentioned are the ways via which one may contact the UCO Bank customer care number for feedbacks, grievances, queries and more:
- UCO Bank toll free number – 1800 103 0123
- Register your customer feedback online using this web link – https://apps.ucoonline.in/cust_feedback/Home_Page.jsp
- For UCO Bank debit card hotlisting – SMS: HOT<space><last 4 digits of card no.> to 9230192301
UCO Bank Savings Account: FAQs
Currently, you’ll get 2.60% interest on your UCO savings account with a balance up to Rs 10 lakhs. If your account balance is more than that, you’ll get 2.75% interest.
Yes, UCO Bank No Frills Savings account and UCO Smart Kids Savings Bank Scheme are two account that come with zero balance requirement.
UCO Suvidha Salary Account is the specific account for salaried individuals.
No. Sukanya Samridhi is a government scheme which is offered by all the commercial scheduled banks in India. This is only for the girl-child and is not a savings account.
You can use your ATM card that you got with your UCO Bank savings account for cash withdrawal, balance enquiry, PIN change, cash deposit, mobile banking registration, mini statement and more.