Who can introduce a Current Account?

i) Any current account holder whose account is at least six months old and is being operated in a satisfactory manner.

ii) A responsible member of the locality, know to the Manager or any officer of the branch, although the introducer himself may not be an account holder of the branch.

iii) Introductory letter from the commanding officer of the concerned military unit along with the identity card of the military personnel shall serve the purpose of introduction.

iv)  Any officer of the bank having signing power.

v) Any other confirmed staff member of the branch.

REQUIREMENT OF PERMANENT ACCOUNT NUMBER (PAN) OR GENERAL INDEX REGISTER (GIR) NUMBER WHILE OPENING CURRENT ACCOUNT

With effect from 1st November 1998, it has become obligatory on the part of Banks to obtain PAN or GIR number from the persons opening current account under the provision of Rule 114B of Income Tax Rules 1962. PAN or GIR Number is to be mentioned on the account opening form. The details of guidelines in this regard are furnished below.

i) Every prospective account holder at the time of opening current account shall be required to furnish PAN or GIR number on the account opening form.

ii) If the party is not an Income Tax Assessee, he shall have to give declaration in Form No. 60.

iii) If the party is not an Income tax assessee because he derives all his income only from agricultural sources, he shall have to give declaration in Form No. 61.

iv) Under the provision of Rule 114 B of IT Rules 1962, it would be necessary for the Bank to verify the proof of residence also at the time of opening account.

Minimum Balance Schedule: Current Account

                           Metropolitan      Urban     Semi-Urban Rural

Individuals                3000              3000      2000            1000

Others                       5000              5000     2500             2000

The bank has introduced tierised current accounts to provide additional services to the current account holder customers depending upon the average balance maintained in their current accounts. These facilities are available in all CBS enabled branches and selected fully computerized branches at present. The three tierised current accounts are namely. Basic, UCO value and UCO Premium.

Note: Though no interest can be paid on current account credit balance there are few exceptions to it. Interest is payable at Savings Bank rate on the credit balance of a deceased depositor’s account till balances are paid to the legal heirs. The system will also apply to sole proprietary firms.