UCO Bank Savings Account Interest Rate

UCO Bank has a number of Savings Account schemes. These accounts come with a host of advantages, further incentivizing people to save and also earn from their savings. The bank offers competitive rates of interest and add-on services with each account, so you earn as you save.

UCO Bank Savings Account Interest Rate

UCO Bank offers an annual interest rate of 4% on its Savings Accounts unless specified otherwise.

Savings Account Minimum Balance Requirements

UCO Bank has fixed the minimum balance to be maintained in their Savings Accounts, the details of which are mentioned below:

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 chequebook 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

Types of UCO Bank Savings Accounts

UCO Saral Savings Deposit Scheme: with the Saral Savings Scheme, you can enjoy the perks of a savings account such as a free Debit card and 40 cheque leaves a year. As an account holder, you will also be able to use the netbanking and mobile banking services, as well as fund transfer services like the NEFT/RTGS.

UCO Star Savings Deposit Scheme: Account holder will be eligible for 40 cheque leaves half-yearly at no charge, along with a Debit card plus an add-on card free of cost. Holders can also make fund transfers using NEFT/RTGS free of charge. Holders will not be charged for stop payments and can issue Demand Drafts/Pay Orders upto Rs. 10, 000 a day free. Amounts above the minimum balance would be swept out into term deposits of 179 days in multiples of Rs. 5,000, with interest at the prevailing deposit interest rate.

UCO No-Frills Savings Account: this account is specially designed for individuals who would not otherwise be able to open a Savings Account due to a variety of reasons. This account would allow them access to a savings mechanism and they would be able to issue Demand Drafts, issue cheques etc. It can be opened with an opening balance of just Rs. 5 and can be operated with zero balance as well and is a partial KYC compliant account. A total of 25 debit transactions can be made over a half-yearly period.

UCO Veer Shakti Savings Account: This is a Savings account exclusively for defence personnel, both serving as well as retired members. The Indian Armed Forces and para-military forces are eligible to receive their salaries and pensions through this account and avail a number of privileges and benefits such as personalised Debit Cards with add-on cards absolutely free and no processing charges for home and car loans. They will also have access to an overdraft facility with special privileges.

UCO Smart Kids Savings Scheme: This scheme’s objective is to inculcate a saving habit in children, encouraging them to save. The account can be opened by a child above 10 years and comes with benefits such as personalised ATM cards with a POS limit of Rs. 3,000 a day. Holders will also receive 2 cheque books free of charge every year. Fund transfers from parent/grandparents accounts would not be charged.

Eligibility Criteria:

A UCO Bank Savings Account can be opened by the following individuals:

Individuals above the age of 18 (either a single or joint account)
Minors above the age of 10 (the only joint account can be opened along with a parent/guardian, unless otherwise specified).

Documents Required to Open a Savings Account

A list of documents have to be provided when opening a Savings Account with UCO Bank. These are listed in the Know Your Customer (KYC) guidelines issued by RBI. All banks have to collect the same set of documents for verification purposes. The documents to be collected are listed below: