Product Details
Bank Name
UCO Bank
Account Name
Zero balance savings account offered by UCO Bank.
Account Type
Savings
Interest Rate
Upto Rs 10 lakhs 2.60% (Linked with Repo)
over Rs 10 lakhs 2.75% (Not Linked with Repo)
Free Debit Card
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Account Opening Fees
The Savings account can
be opened with a minimum
initial deposit of INR 5/-.
Annual Maintenance Fees
No charges
Minimum Account Balance
In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs.250/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.
Debit Card Charges
Not specified.
NEFT Charges
Rs. 10,000- Nil
Rs. 1 lakh- Nil
Rs. 1 lakh to Rs. 2 lakh- Rs. 17
More than Rs. 2 lakh- Rs. 17
Free if done online.
IMPS Charges
Upto Rs-1,000/- NIL
Rs. 1,000- Rs. 10,000/- 2.55 + applicable GST
Rs. 10,001 – Rs. 1,00,000/- Rs. 5.09 + applicable GST
Rs. 1,00,001- Rs. 5,00,000/- Rs. 14.41 + applicable GST
Free if done online.
Fees and Charges
No-Frills Savings Bank Account (Zero Balance)
Special Features
None.
Eligibility Criteria
The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account.
Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Zero balance account.
Upto 25 debit entries in a half-year are allowed free in these accounts.
Cons
Low interest rate.
Minimal value add benefits.
UCO No-Frills Savings Bank Account (Zero Balance) Review
The account offers low interst rate. It offers minimal value add benefits. Overall the account has limited appeal.
Abhijeet Saxena
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Product Review
Account Opening and Procedure
How to open an Account?
Here's how you can generally open a UCO No-Frills Savings Bank Account (Zero Balance):
1. Visit your nearest UCO Bank branch.
2. Collect the account opening form.
3. Fill out the form accurately and completely.
Provide your personal details, such as name, address, contact information, etc.
4. Submit the form and required documents.
Proof of Identity: Aadhaar Card, PAN Card, Passport, Driving License, Voter ID
Proof of Address: Recent utility bills, passport, driving license, voter ID
Photographs: 2-3 recent photographs
5. Account Activation:
The bank will verify your documents and process your application.
Once approved, your UCO No-Frills Savings Account will be activated, and you'll receive your account details, including your account number, debit card, etc.