Pre-funded Cheques

In order to help out and satisfy the need of our customers, the bank has introduced pre-FUNDED cheques with an upper limit inscribed on it to be used as gift cheques ; travelers cheques or as a normal cheque. The scheme shall operate in CBS branches only and such cheques are payable at par at all CBS branches.

The Facility is available to customers maintaining individual SB/CA account with us.

Cheque Feature:-

The cheques are printed as order cheques and attractively designed.

The cheques will be pre-funded.

The cheque books will be issued for a prepaid value of not exceeding Rs.10,000/- Rs.50,000/- / Rs.100000/- (i.e. cheque book containing 10 leaves - each leaf not exceeding Rs.1000/- ,Rs.5,000/- and Rs.10000/- )

Each cheque leaf shall bear a legend "Not over Rs.1000/- or Rs.5000/ or Rs.10,000/- "as the case may be.

A cheque book shall contain 10 leaves.

Normally one cheque book of a particular denomination shall be issued at a time. However, the depositor may request for another cheque book and bank may consider the requests .

The cheque shall not be valid for payment after 3 months from the date of issuance of the cheque book by the branch to the customer. The legend "Not valid after ................(date)" shall be printed on the cheques. The date to be entered by the branch shall be 3 calendar months after the date of issue of the cheque to the customer(s).

Product Delivery :

The product shall be delivered through CBS branches only and payable at par at all CBS branches .

Issuance of cheques

a An existing customer maintaining Current Account /SB Account can open a separate current account under this scheme with the same customer ID solely for the purpose of getting Prefunded Cheques. This account will be considered a supplementary account to the normal account and not a separate account.

b The account under this scheme will be exempted from Ledger Folio charges, Minimum balance charges and intersol transaction charges ( i.e. no charges will be levied to the account of the drawer of the Prefunded Cheques even if the cheques are paid by some other CBS branch ).

However, charges per cheque book of 10 leaves will be levied upfront @ Rs.100/- for cheque denomination of Rs.10,000/- and @ Rs.50/- for denomination of Rs.5000/- and Rs.1000/-.

c Prefunded Cheques will be issued on multiple occasions till the customer decide to discontinue the facility.

d Cheque-books will be issued for a prepaid value of not exceeding Rs.10,000/-, Rs.50,000/- and Rs.100000/- (i.e. cheque book containing 10 leaves - each leaf not exceeding for Rs.1000/- , Rs.5,000/- or Rs.10000/- as the case may be )

Stop Payment

The depositor can instruct stop payment of such cheques through any of the CBS branches and extant procedure for handling such request shall be applicable.  

Account closure

a) The customer may at any time opt to discontinue the Prefunded cheques facility and close the account. The supplementary account will then be closed and balance if any will be paid by pay order or crediting to the normal account.

b) At the time of closure of the account, it will be mandatory for the depositor to surrender all the unused cheque leaves.

c) In the event of depositor’s inability to surrender the unused cheque leaves due to certain reason, the Bank should be properly advised by the depositor not to honour such

cheques. Payment of the balance amount in the supplementary account in respect of such cheques shall be made after expiry of 6 calendar months from the date of issuance of the cheques as per the branch records and date entered on the cheque(s) indicating that the cheque(s) is/are not valid after that date.

Unused cheques

Such cheques which are not utilized within the validity

period may be surrendered and fresh cheques may

be got issued on payment of applicable charges.

Service charges shall be levied upfront @ Rs.100/ per cheque book of 10 leaves of Rs.10000/- denomination and @Rs.50/- per cheque book of 10 leaves for Rs.5000/- and Rs.1000/- denominations. Actual Courier Charges shall also be recovered additionally. 

ANTI MONEY LAUNDERING

Money laundering is a process whereby proceeds of illegal activities are converted into legitimate money through a series of financial transactions. In layman’s language, it is the process of converting black money into white money.

HOW IS MONEY LAUNDERED?

Money laundering is done through any financial transaction or a series of financial transaction that seeks to conceal the nature or source of proceeds derived from illegal activities. Usually, it involves three stages which are as follows: –

1) Placement: In this initial stage, the launderers try to physically dispose off the cash. This is done by reducing large amount into smaller chunks and depositing them in different accounts or other financial institutions.

2) Layering: In this stage, the proceeds are separated from the source through the use of layers of financial transactions. The layers are well designed to hamper the audit trail, disguise the origin of funds and provide anonymity. Examples of layering are: – premature payment of fixed deposits without regard to penalty, early surrender of annuity, purchase and sale of investment wise transfers disguising as payment of goods and services.

3) Integration: In the final stage, the laundered money is brought back into the economy so as to make it apparently legitimate fund. Examples are: – Investment in real estate, luxury assets, business venture etc.

Usually money laundering takes place in places other than where it has originated and in countries where anti money laundering act is not there or is not very strict

Verified by VISA

¢  Verified by Visa (VbV) is an easy to use, secured online payment service from UCO Bank that lets our customers secure online shopping using UCO Bank Visa Debit Card.

¢  Cards must be registered for VbV through the link provided in UCO Bank Website.

¢  At the time of on-line payment the customer can select any VISA payment gateway.

¢  At the time of on-line payment the customers has to provide the 3D-secure password selected by the customer  at the time of Registration process of VbV.

¢  With the power of Visa Debit cards, making online payment is simple and safe.

¢  Followings are the simple steps to do VbV:

1.    Open UCO Bank Website www.ucobank.com.

2.    Select Verified  by VISA

3.    Click on Register button { Existing users have to Enter Card Number, Password & click on Login Button to Login}

4.    Accept all terms & conditions and Click on “I Accept” button

5.    Enter ATM card number

6.    Enter ATM Expiry Date  

7.    Enter ATM PIN

8.    Now, click on “Next” Button.

9.    Enter other required details and

10. Click on “Submit” Button

(Remember the password for further transactions)

Waiver of Bank charges on NEFT transactions up to Rs. 1 Lac only

Bank charges on NEFT transaction up to Rs. 1 Lac is fully waived w.e.f. 1st July, 2012. In terms of communication received from Ministry of Finance, Govt. of India, Bank charges on NEFT transactions up to Rs. 1 Lac have been reviewed and Board of Directors in its Meeting held on 30.06.2012 has approved waiver of charges on NEFT transaction up to Rs. 1 Lac only, which would be applicable only for customers of the Bank.

RTGS System

What is RTGS System?

The acronym "RTGS" stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. This is the fastest possible money transfer system through the banking channel. Settlement in "real time" means payment transaction is not subjected to any waiting period; the transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.

How RTGS is different from National Electronics Funds Transfer System (NEFT)?

NEFT is also an electronic fund transfer system that operates on a deferred net settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. For example, : NEFT settlement takes place 6 times a day during the week days (9.30 am, 10.30 am, 12.00 noon, 1.00 pm,3.00 pm and 4.00 pm) and 3 times during Saturdays {9.30 am, 10.30 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time, contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.

Is there   any   minimum / maximum amount stipulation for RTGS transactions?

RTGS   system   is   primarily for large value transactions, the minimum amount to be remitted through RTGS is Rs. 1 lakh. There is no upper ceiling for RTGS transactions. No minimum or maximum stipulation has been fixed for NEFT transactions.

What is the time taken for effecting funds transfer from one account to another under RTGS?

Under normal circumstances the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank has to credit the beneficiary's account within two hours of receiving the funds transfer message.

Would   the   remitting   customer get acknowledgement   of   money   credited beneficiary's account?

The remitting bank receives a message for Reserve Bank that money has been credited receiving bank, based on this the remitting branch advice the remitting customer that money has been delivered to the receiving bank.

Would the remitting customer get back the money if it is not credited to the beneficiary's account? When?

Yes, it is expected that the receiving bank will credit the account of the beneficiary instantly. If the money cannot be credited for any reason, the receiving bank would have to return the money to the remitting bank within 2 hours. Once the money is received back by the remitting bank, the original debit entry in the customer's account is reversed.

Till what time RTGS service window is available?

The RTGS service window for customers transact is available from 9.00 hours to 16.00 hours on days and from 9.00 hours to 12.00 noon on Saturdays i.e. to accept the customer transactions for settler at the RBI during 9.00 hours to 16.00 hours on week days and between 9.00 hours and 12.00 noon/on Saturday. However, the timings between these hours would vary depending on the customer timings the branches have, for inter-bank transactions, the service window is available from 9.00 hours to 17.30 hours on week days and from 9.00 hours to/14.00 hours on Saturdays.

What about Processing Charges/Service Charges for RTGS transactions?

While RBI has waived its processing; charges for all electronic payment products till March 31.2 of service charges by banks is left to the disc the respective banks. The bank-wise charges levied   are   available   on   the   RBI website www.rbi.org.in.

What is the essential information that the remitting customer would have to furnish to a bank for the remittance to be effected?

The remitting customer has to furnish the following information to a bank for affecting a RTGS remittance:

Amount to be remitted

His account number which is to be debited

Name of the beneficiary bank

Name of the beneficiary customer

Account number of the beneficiary customer

Sender to receiver information, if any

The IFSC code of the receiving branch

How would one know the IFSC code of the receiving branch?

The beneficiary customer can obtain the IFSC code from his branch. The IFSC code is also available in the cheque leaf. This code number and bank branch details can be communicated by the beneficiary to the remitting customer.

Do all bank branches in India provide RTGS service?

No, all the bank branches in India are not RTGS enabled. As on April 30. 2008 more than 44,000 bank branches are RTGS enabled. The list of such branches is   available   on   RBI   websitettp://www. rbi.org.in/Scripts/Bs_view RTGS. aspx

Is there any way that a remitting customer can track the remittance transaction?

It would depend on the arrangement between the remitting customer and the remitting bank. Some banks with internet banking facility provide this service. Once the funds are credited to the account of the beneficiary bank, the remitting customer gets a confirmation from his bank either by an e-mail or by a short message on the mobile.

How can a remitting customer know whether the bank branch of the beneficiary accepts remittance through RTGS?

For a funds transfer to go through RTGS, both the sending bank branch and the receiving bank branch should have to be RTGS enabled. The lists are readily available at all RTGS enabled branches. Besides, the Information is available at RBI websitettp://rbidocs.rbi.org.in/rdocs/RTGS/DOCs/Listof RTGSBanks.xls

Considering that more than 44,000 branches at more than 5000 cities / towns / taluka places are covered under the RTGS system, getting this information would not be difficult.

How much volume and value of transactions are routed through RTGS on a typical day?

On a typical day, RTGS handles about 30,000 transactions a day for an approximate value of Rs. 2, 00,000 crore.

Whom do I can contact, in case of non-credit or delay of credit to the beneficiary account?

Contact your bank/branch.

If the issue is not resolved satisfactorily, the Customer Service Department of RBI maybe contacted at -

The Chief General Manager,

Reserve Bank of India,                                                  

Customer Service Department,

1st Floor, Amar Building, Fort,                                 

Mumbai 40000l

Or

Send an e-mail to cgmcsd@ rbi.org.in

NEFT System

What is NEFT System?

National Electronic Funds Transfer (NEFT) system is a nationwide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

Are all bank branches in the system part of the funds transfer network?

No. As on April 30, 2008, around 44,000 branches of 85 banks are participating. Steps are being taken to widen the coverage both in terms of banks and branches.

Whether the system is centre specific or has any geographical restriction?

No. there is no restriction of centers or of any geographical area   inside   the   country.   The system   uses   the   concept   of   centralized accounting system and the bank's account that is sending or receiving the funds transfer instructions, gets operated at one centre, viz, Mumbai only.   The   individual   branches participating   in   NEFT   could   be   located anywhere across the country, as detailed in the list provided on RBI website.

What is the funds availability schedule for the beneficiary?

Beneficiary gets the credit on the same Day or the next Day depending on the time of settlement.

How does the NEFT system operate?

Step-1: The remitter fills in the NEFT Application form giving the particulars of the beneficiary (bank-branch, beneficiary's name, account type and account number) and authorizes the branch to remit the specified amount to the beneficiary by raising a debit to remitter's account. (This can also be done by fusing; net banking services offered by some of the banks.)

Step-2: The remitting branch prepares; a Structured Financial Messaging Solution (SFMS) message and sends it to its Service Centre for NEFT.

Step-3: The Service Centre forwards the same to me the local RBI (National Clearing Cell, Mumbai) to be included for the next available settlement. Presently, NEFT is settled in six batches at 09.30, 10.30, 12.00, 13.00, 15.00 and 16.00 hours on weekdays and 09.30, 10.30 and 12.00 hours on Saturdays.

Step-4: The RBI at the clearing centre sorts the transactions bank-wise and prepares accounting entries of net debit or credit for passing on to the banks participating in the system. Thereafter, bank-wise remittance messages are transmitted to banks.

Step-5: The receiving banks process the. Remittance messages received from RBI and effect the credit to the beneficiary’s accounts.

How is this NEFT System an improvement over the existing RBI-EFT System?

The RBI-EFT system is confined to the 15 centers where RBI is providing the facility, whereas here is no such restriction in NEFT as it is based in the centralized concept. The detailed list of tranches of various banks participating in NEFT system is available on RBI website. The system also uses the state-of-the-art technology for the communication, security etc, and thereby offers better customer service.

How is it different from RTGS and EFT?

NEFT is an electronic payment system to transfer funds from any part of country to any other part of the country and works on Net settlement, unlike RTGS that works on gross settlement and EFT which is restricted to the fifteen centers only where RBI offices are located.

Any limit on the amount of individual transaction?

There   is   no   value   limit   for   individual transactions.

What about Processing Charges/Service Charges?

While RBI has waived the processing charges till March 31, 2009. Levy of service charges by banks is left to the discretion of the respective banks. The bank-wise details of charges levied are available on the RBI website.

How will I know which are the branches participating in the NEFT?

RBI   publishes   the   list   of bank branches participating in the NEFT on its website i.e. http://www. rbi.org. in/scripts/ neftaspx

What is IPS Code (IFSC)? How it is different from MICR code?

Indian Financial System Code (IFSC) is an alpha numeric code designed to uniquely identify the bank-branches in India. This is 11 digit code with first 4 characters representing the banks the next character reserved as control character (Presently 0 appears in the fifth position) and remaining 6 characters to identify branch. The MICR code has 9 digits to identify the bank-branch.

How I will know, what is the IPS Code of my Bank-branch?

RBI had since advised all the banks to print IFSC on cheques leaves issued to their customers. You may also contact your bank-branch and get the IPS Code of that branch.

Whom I can contact, in case of non-credit or delay in credit to the beneficiary account?

Contact your bank / branch.

If the issue is not resolved satisfactorily, NCC, Nariman Point of Reserve Bank of India may be contacted on efthelpdeskncc@rbi.org.in

Or

 Write to -

The General Manager, Reserve Bank of India,

National Clearing Centre. First Floor, Free Press House, Nariman Point, Mumbai-400027

Is it necessary to have a bank account to originate the NEFT transaction?

Primarily, NEFT is an account to account funds transfer system. Even customers not maintaining an account with an NEFT bank can remit funds up to Rs. 50,000/- to the credit of another bank account.

Is it necessary that the beneficiary should have an account at the destination bank-branch?

Yes.  NEFT is an account to account funds transfer system.

Can I receive foreign remittances through NEFT?

This system can be used only for remitting Indian Rupee among the participating banks within the country.

Can I send remittances abroad using the NEFT?

No.

Can I originate a transaction to receive funds from another account?

No.

Can I send/receive funds from/to NRI accounts?

Yes, but subject to applicability of provisions of FEMA.

Would the customer receive acknowledgement of money credited to beneficiary?

No, however electronic acknowledgement is generated for the customer that his money is received by the beneficiary at the sender branch.

Would the remitting customer get back the money if it is not credited to the beneficiary's account?

Yes. The remitting customer gets back the money if it is not credited to the beneficiary account.

Till what time NEFT   service window is available?

There are six settlements at 09.30, 10.30, 12.00, 13.00, 15.00 and 16.00 hours on weekdays and 09.30, 10.30 and 12.00 hours on Saturdays.

What is the essential information that the remitting customer would have to furnish for the remittance to be effected?

The essential information that the remitting Customer has to furnish is:

Beneficiary details such as beneficiary name and account number

Name and IFSC of the beneficiary bank branch.

ls there any way a remitting customer can track the remittance transaction?

The remitting customer can track the remitting transaction through the remitting branch only as the remitting branch is informed about the status of the remitted transactions.