Product Details
Bank Name
UCO Bank
Account Name
UCO Saral Savings Deposit Scheme
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
VISA Debit Card
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
Metro-Rs. 1000 Urban-Rs1000 Semi Urban-Rs.500 Rural-Rs. 250
Debit Card Charges
Free
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
UCO Saral Savings Deposit Scheme
Special Features
None.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
1 booklet free (20 cheque leaves) per half year.
Free debit card.
Low minimum balance requirements between INR 250 to INR 1500.
Cons
Low interest rate.
Minimal value add features.
UCO Saral Savings Deposit Scheme Review
The account is a no-frills savings account. The interest offered on the account is quite low. Separately, the account offers minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
The UCO Saral Savings Deposit Scheme is likely a simplified savings account offered by UCO Bank. Here's how you can generally open such a basic savings account:
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 Saral Savings Account will be activated, and you'll receive your account details, including your account number, debit card, etc.