UCO Double Fixed Deposit Scheme

The Bank will be launching a new term deposit product titled ‘UCO Double Fixed Deposit Scheme’ from June 1st, 2012 at all our branches across the country.

* ‘UCO Double’ Fixed Deposit offers a higher interest rate of 9.35% per annum assuring the depositor to double the principal amount in 90 months / 7 years and 6 months.

 *‘UCO Double’ would be open for a limited duration beginning from June 1st, 2012 and upto September 30th, 2012.

 *The minimum amount of deposit under ‘UCO Double’ would be ` 5000/- and thereafter in multiples of ` 1000/- with a maximum amount of ` 1 crore.

*Special incentive rate for Senior Citizen, Staff/Ex-Staff and Ex-Staff & Senior Citizens.

We give below the key features of UCO Double Fixed Deposit Scheme as under:

Deposit Duration : 90 months (7 years and 6 months)

Rate of Interest : 9.35%

Senior Citizen : 9.85 % (additional 50 basis point)

Staff Members : 10.35 % (additional 100 basis point)

Staff & Senior Citizen : 10.85 % (additional 150 basis point)

Minimum Amount : 5000/- and thereof in multiples of 1000/-.

Maximum Amount : Upto   1 crore

Launch Date of the Scheme : June 1st, 2012.

Scheme closes on : September 30th, 2012

1.       Title of the Scheme:

UCO DOUBLE Fixed Deposit Scheme

2. Period of operation of the Scheme:

The scheme would be open for the general public from June 1st, 2012 and will remain valid up to September 30th, 2012.

However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

3. Eligibility to Open Account:

Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

4 KYC (Know Your Customers) Norms:

KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.

5. Period of Deposit:

90 MONTHS (7 Years And 6 Months)

6. Amount of Deposit:

a) Minimum Amount:

:- ` 5000/- (thereafter in multiples of ` 1000/-)

b) Maximum Amount

:- Upto ` 100 lac

7. Rate of Interest 9.35% per annum and the interest will be compounded quarterly.

8. Payment of Interest:

Interest will be paid only at the time of maturity along with principal with quarterly compounding effect.

However, the payment/credit of interest to the account will be subject to TDS as applicable.

9. Premature Withdrawal:

In all cases of premature withdrawals, the interest would be payable at 1% below the applicable card rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit and not at the contractual rate.

10. Loan/Overdraft against the Deposits:

Facility for availing loan/overdraft against ‘UCO DOUBLE’ deposit scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.

11. Nomination:

The facility of nomination would be available under the scheme.

12. Payment to Nominee/ Legal Heirs:

In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

13. Participating Branches:

All branches of the Bank would be authorized to open the ‘UCO DOUBLE’ deposit accounts under the Scheme.

14. Application Form:

The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme.

The branches shall invariably take an undertaking from customers stating that “I have read, understood and accepted the terms and conditions of the UCO DOUBLE Fixed Deposit Scheme”.

15. Issue of Term Deposit Receipt:

The branch under the Scheme shall issue a fixed deposit receipt for the deposit amount received on our usual form for the Fixed Deposit Receipt.

16. Automatic Renewals:

No auto renewal is permitted under ‘ UCO DOUBLE Fixed Deposit Scheme’.

However, wherever no specific instructions are received from the depositors, the maturity proceeds will be renewed for a period of 1 year under Banks Normal Term Deposit Scheme.

17. Tax Implications:

Tax would be deductible at source as per the prevailing Income Tax rules.

18. Transferability:

The deposit is not transferable.

However, the deposits are transferable from one branch to another branch in the same name(s) would be permissible without any charge and as per the existing Bank’s procedure.

19. Special benefits for Senior Citizen/ Staff / Ex-Staff/Senior Citizen & Ex-Staff:

Deposits from under-mentioned categories of depositors shall be allowed incentive as per the existing norms.

20. Acceptance of Deposits under the Scheme:

Deposits under the Scheme would be accepted only when accruing as a fresh Fixed Deposit for the Bank.

In other words, the existing Fixed Deposits cannot be directly renewed under the scheme through a premature extension as usual and the existing Fixed Depositors who wish to convert into the scheme would have to compulsorily take premature payment of their existing deposits and pay the usual penal charges for premature closure.

However, any existing Fixed Deposit maturing during the scheme period would be eligible to enter into the scheme as it would be a fresh deposit for the Bank under the Scheme.

21. Applicability of normal Fixed Deposit Rules:

Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.