Product Details
Bank Name
UCO Bank
Account Name
UCO Suvidha Salary Account
Account Type
Salary and Savings
Interest Rate
Interest shall be calculated on daily product basis.
The specified rate is 3.50% presently(upto Rs 50 lakhs) and 4% above Rs 50 lakhs as decided by the bank from time-to-time.
At present, interest is paid on a quarterly basis.
Free Debit Card
Free add- on card for the spouse for joint account holder. (Rupay Classic & Visa classic)
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Account Opening Fees
0
Annual Maintenance Fees
Free
Minimum Account Balance
Zero Balance Saving Bank Account.
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 Suvidha Salary Account
Special Features
Personal Death Insurance Scheme (PAIS) – Amount insured: INR 20 Lakhs to INR 1 Crore depending on salary.
Overdraft Facility up to 3 times of net take home pay
Eligibility Criteria
Regular Employees of various Ministries and Departments under the Central Government, State Govt., Union Territories, RBI, NABARD,PSU, Semi Govt. Corporations/ Boards /Autonomous Bodies of Central, State Govt. and Union Territories. Regular teaching and Non teaching staff of Govt. School, College, Universities etc.
Minmum age 21 Years.
Regular employee of Public and Private Limited Companies, Institutions, LLPs & Trust. Regular employee of Private University, College ,School & Hospitals.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Zero balance account.
Debit card issue charges are nil
Debit card annual maintenance charges are nil.
Free add- on card for spouse for joint account holder.(Rupay Classic & Visa classic)
Personal Death Insurance Scheme (PAIS) – Amount insured: INR 20 Lakhs to INR 1 Crore depending on salary.
Overdraft facility up to 3 times of net take home pay.
Cheque Book - 50 Cheques leaves free.
Cons
Low interest rate.
UCO Suvidha Salary Account Review
The account comes with decent value add features such as overdraft facility 3x of the take home pay. The biggest con associated with the account is that it offers a low interest rate.
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?
To open a UCO Suvidha Salary Account, you'll typically need to be an employee of a company that has a salary tie-up with UCO Bank. Here's a general overview of the process:
Check Eligibility:Ensure your employer has a salary tie-up with UCO Bank.
Confirm your eligibility based on your salary range (as there might be different account tiers with varying benefits).
Gather 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
Passport-sized Photographs: 2-3 recent photographs
Visit a UCO Bank Branch:Locate your nearest UCO Bank branch.
Collect the account opening form.
Fill out the form accurately and completely.
Submit the completed form along with the required documents.
Account Activation:The bank will verify your documents and process your application.
Once approved, your UCO Suvidha Salary Account will be activated. You will receive your account details, including your account number, debit card, etc.