Banks with high Interest rates in India

Ghanshyamdas Birla founded UCO Bank in 1943 as the 'United Commercial Bank.' It has its headquarter in Kolkata. UCO Bank has more than 3000 branches all over the country and four branches abroad in Hong Kong and Singapore.

Types of UCO Bank Savings Accounts

UCO Saral Savings Deposit Scheme: A customer can enjoy the perks and benefits of a savings account like a free Debit card and 40 free cheque leaves a year. A customer can use the net banking, mobile banking services and fund transfer services.

UCO Star Savings Deposit Scheme: Customers of the scheme are eligible for 40 free cheque leaves half-yearly, a debit card along with an add-on card for free. Customers can make fund transfers using NEFT and RTGS facilities at no extra costs.  Amounts above a minimum balance set by the customer would be swept out in multiples of Rs. 5,000 and converted into term deposits of 179 days at the prevailing interest rate for deposit accounts.

UCO No-Frills Savings Account: Specially designed for people who are unable to open a Savings Account, this account gives the customers access to a savings mechanism with facilities such as Demand Drafts, cheques etc. This account can be created with a minimum balance of Rs. 5 and operated as a zero balance account with the allowance of 50 debit transactions in a year.

UCO Veer Shakti Savings Account: This Savings account is exclusively designed for active and retired defense personnel. The Indian Armed Forces, as well as the para-military forces, can receive their salaries or pensions through this account. They can also avail many privileges and benefits such as free personalized debit cards with add-on cards and waived processing charges for home and auto loans. They also get access to overdraft facilities with special privileges.

UCO Smart Kids Savings Scheme: This scheme has an objective inculcating a saving habit in children and encouraging them to save money. A child above 10 years of age can open this account and receive benefits such as personalized ATM cards with a purchase limit of Rs. 3,000 per day. Account holders also receive two free chequebooks every year. Fund transfers from the accounts of parents and grandparents can be done without paying extra charges.

 

UCO Bank Savings Account Minimum Balance

Type of Savings Account	Minimum Quarterly Balance Requirement
UCO Veer Shakti Savings Account	Nil
UCO Smart Kids Savings Scheme	Nil
No-frills Savings Account	Nil
UCO Star Savings Deposit Scheme	Rs. 25, 000
UCO Saral Savings Deposit Scheme	Minimum balance where cheque book is provided
	Type	Metro	Urban	Semi-Urban	Rural
	Individual	Rs.1000	Rs.1000	Rs.500	Rs.250
	Pensioners	Rs.250	Rs.100	Rs.100	Rs.100
	Others	Rs.1500	Rs.1500	Rs.1000	Rs.250
	Minimum balance where chequebook is not provided
	Pensioners	Rs.50	Rs.50	Rs.50	Rs.50
	Depositors of every class	Rs.500	Rs.500	Rs.250	Rs.100

Eligibility Criteria

To open a UCO Bank Savings Account, one must be:

• Individuals above 18 years of age.
• Minors above 10 years of age under the guardianship of an elder.

Documents Required to Open a Savings Account

• Identity Proof: Passport, driver’s license with validity, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, etc.

• Address Proof: Passport, driver’s license, Passbook of another bank, Electricity or phone bills, Ration card, etc.

• Passport sized photographs