UCO- No Frill Savings Account

The salient features of the scheme are as follows:

1.    INITIAL DEPOSIT FOR OPENING THE ACCOUNT: The account can be opened with a minimum initial deposit of Rs. 5/-.  In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs. 250/-

2.    MAINTENANCE OF MINIMUM BALANCE: The account may be allowed to go even below the minimum initial deposit and the account may continue even with “Zero” balance.

3.    Opening of Account under the scheme – The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.

4.    ELIGIBILITY FOR OPENING ACCOUNT: (a) The eligibility for opening “No-frills” Account is the same as that for opening general Savings Bank Account.  (b) Minors above the age 10 and below 18 years who are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.

5.    RESTRICTION OF NUMBER OF WITHDRAWALS: In this account up to 25 withdrawals in a half-year are allowed free.  In case the withdrawals exceed 25, during a half-year, charge will be levied @Rs.3/- per additional entry during a half-year.

6.    CHARGES TO BE LEVIED: For accounts opened with initial deposits of Rs. 250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even up to zero balance, usual charge for non-maintenance of initial deposit shall be levied.

7.    Standing Instructions – No charge will be levied.

8.    Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.

9.    For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year.  Any additional requirement of cheques leaves during a year will attract a charge of Rs.2/- per cheque leaf.

1.    COMPLIANCE OF KYC GUIDELINES: If a person wants to open the account and is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address, the account may be opened for that person, subject to compliance of the following: (a) Introduction from another account holder who has been subjected to full KYC procedure.  The introducer’s account with the Bank should be at least six month old and should show satisfactory transactions.  (b) Photographs of the customer who wants to open the account. (c) Address of such persons should be certified by the introducer or furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

Note: The customer should know that if at any point of time the balance in all his/her accounts with the bank (taken together) exceeds Rs. 50,000/- or the total credits in the accounts exceed Rs. 1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure of the customers are complied with.