Extension of scheme period of ‘UCO 999 FIXED DEPOSIT SCHEME

‘UCO 999 FIXED DEPOSIT SCHEME’ FOR 999 DAYS

Extension of scheme period up to November 30th, 2012

KEY FEATURES

1. Name of the Scheme : UCO 999 FIXED DEPOSIT SCHEME

2. Scheme Code : TD 158

3. Deposit Duration : 999 DAYS

4. Rate of Interest : 9.30%

5. Senior Citizen : 9.80 % (additional 50 basis point)

6. Staff / Ex-Staff Members : 10.30 % (additional 100 basis point)

7. Staff & Senior Citizen : 10.55 % (additional 125 basis point)

8. Interest Payable Option : On Maturity / Quarterly / Monthly

9. Minimum Amount : ` 5000/- & thereof in multiples of ` 1000/-

10. Maximum Amount : Upto ` 100 lac

11. Scheme valid upto : November 30th, 2012 (revised date) 

Launching of a Grand Festive Offer from 20th September 2012

The Car Loan Processing charges stand fully waived and Home Loan Processing charges stand 50% waived from 20th September 12 to 31st December 12.

Full waiver of Processing Charges on both Home Loan and Car Loan where the customer avails both the Loans during the scheme period.

Car Loans (only for new cars) sanctioned and disbursed during the offer period and all Home Loans including take over accounts sanctioned during the offer period shall be eligible for the full waiver of Processing Charges.

Coinciding with the festive offer, the Bank has reduced the interest rate on Home Loan and Car loan w.e.f 20th September 2012.

Processing Charges on Car Loans have been waived in full and 50% in Home Loans during the period from 20th September 12 to 31st December 12.

Gist of the offer:

Name of the Campaign : Grand Festive Offer

Campaign Period :  20th September 12 to 31st December 12

Rate Of Interest

1. Home Loans

Less than Rs. 75 lacs: Base Rate i.e. 10.50%

Rs. 75 lacs and above: Base Rate + 0.25% i.e. 10.75%

2. Car Loans

Repayment upto 7 years : Base Rate + 0.25% i.e. 10.75%

Concession in Processing Charges:

1) Full waiver of Processing Charges on Car Loan

2) 50% waiver of Processing Charges on Home Loan

3) Combo Offer

a) Full waiver of Processing Charges on both Home Loan and Car Loan where the customer avails both the Loans during the scheme period.

b) Full waiver of Processing Charges would also be available to existing Home/ Car Loan borrowers who have regular Home/ Car Loan accounts outstanding with the Bank on the date of sanction of the new loans under the festive offer.

Special Condition:

Eligible Accounts The following accounts shall qualify for the processing fee waiver:

a) For Home Loans

Home Loan proposals including take over accounts sanctioned during the campaign period.

b) For Car Loans

Car Loan proposals (only for new cars) sanctioned and disbursed during the campaign period

The other terms and conditions of the offer are as follows:

1) Staff (wherever applicable) shall also be eligible for the above concession during the Offer period.

2) Except the above changes, all other existing terms and conditions of the UCO Car Loan and UCO Home loan Schemes shall apply.

UCO 111 Fixed Deposit scheme

1. The UCO 111 Fixed Deposit scheme has been withdrawn by the Bank from 30.09.2012.

2. UCO DHANVARSHA AND UCO DOUBLE FIXED DEPOSIT

SCHEMES EXTENDED UP TO 31-12-2012  UNDER SAME TERMS AND CONDITIONS.

3. Car Loans (only for new cars) sanctioned and disbursed during the offer period and Home Loans (for all purposes) sanctioned and disbursed (even partial) during the offer period shall be eligible for the waiver of Processing Charges.

INTIMATION TO CUSTOMERS

As per the Directives of Reserve Bank of India dated 3/9/2012, the non-CTS-2010 standard cheques in circulation in our Bank shall stand withdrawn before 31.12.2012.

Customers are hereby intimated to surrender non CTS-2010 cheques with them and obtain CTS-2010-Standard Cheques from the branches where they are having the accounts.

This is for favour of kind information.

RTGS & NEFT timing

RTGS Timings

Days	Customer Transactions
Monday - Friday	9:00 hours to 16:30 hours
Saturday	9:00 hours to 13:30 hours

NEFT Batch Timings

Monday - Friday

9:00,10:00,11:00,12:00,13:00,14:00,15:00,16:00,17:00,18:00,19:00 hours

Saturday

9:00,10:00,11:00,12:00,13:00 hours

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

Modification in UCO Dhan-Varsha Fixed Deposit Scheme

 Salient features of the new fixed deposit scheme ‘UCO DHAN-VARSHA’ are as under:

1.    The scheme would be applicable from May 10th, 2012 and will remain valid up to September 30th, 2012 (extension of the scheme duration revised w.e.f.01/07/2012). However, the Bank would reserve the right to modify, withdraw or extend the scheme anytime without any prior notice.

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

3.    Period of Deposit: 444 days

4.    Amount of Deposit Minimum Amount: ` 5000/- and thereafter in multiples of 1000/-. Maximum Amount:  5crore (enhancement of maximum deposit cap revised w.e.f.06/08/2012)

5.    Rate of Interest:  9.25% per annum compounded quarterly. The quarterly compounding would be done for the first four quarters and simple rate of interest would be paid on the compounded amount after the four quarters for the remaining number of days of the above deposit period. In addition to the payment of interest along with the principal at the time of maturity, Interest payment (at the option of the customer) is allowed also at quarterly rests.

6.    In all cases of premature withdrawals, the interest would be payable at 1% below the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the Bank as on the date of deposit or present rate, whichever is lower.

7.    Facility for availing loan/overdraft against Deposits under the Scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.

8.    The facility of nomination would be available under the Scheme.

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

10. No auto renewal is permitted under ‘UCO Dhan-Varsha Fixed Deposit Scheme’.  However, wherever no specific instructions are received from the depositors. Maturity proceeds will be renewed for a period of 1 year under Banks Normal Term Deposit Scheme

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

12. Transfer of Fixed Deposit under the Scheme within any branch of the Bank would be permissible without any charge as per the existing procedure.

13. Senior Citizen : Additional 0.50% or @ 9.75%

Modification in UCO Dhan-Varsha Fixed Deposit Scheme

The pattern of Deposit under UCO Dhan-Varsha fixed deposit schemes for 444 days has undergone a little modification. The maximum deposit amount of Rs. 100 lac is now enhanced up to Rs. 500 lac. There is no change in minimum amount of deposit i.e. Rs 5000/- and deposits in multiples of Rs. 1000/-thereof.

Transactions through Alternate Delivery Channel & Cheque Drop Box in each Bank Branch

The Ministry of Finance has advised to operationalize the Cheque Deposit (Cheque Drop Box) facility at every Branch & in full function Onsite ATMs particularly in metro/urban areas & provides cheque drop boxes at the onsite ATMs

Issuance of RuPay Brand ATM Debit Card for UCO KCC & RRB PBGB customers to be launched shortly

Government of India, Ministry of Finance along with NABARD has given guidelines to all the Public Sector Banks to introduce Kisan Credit Card (KCC), which could be enabled to be used at ATM’s, POS terminals and Micro-ATMs and has to be online magnetic strip cards.

In view of this Bank has decided to launch magstripe based RuPay brand Non Personalized Debit card for KCC customers.

There are 2 types of account schemes in KCC namely “CC104” & “C104A”. As per the said scheme “CC104” is linked with the account where the loan limit is up to 3 lakhs and “C104A” is linked with the account type where the loan limit is more than 3 lakhs.

The daily withdrawal limit applicable at ATM & POS would be restricted to Rs.50, 000/-. Bank has decided that for KCC account opened under “CC104” scheme, there will be no charges in usage at ATM’s. For “C104A” the charges will be same as per prevalent rate applicable to savings account on usage at ATM’s interchange at other Bank ATM’s.

Furthermore as per guidelines from NABARD on revised KCC scheme, the KCC account will be KCC cum SB account and the credit balance in the account to fetch interest at savings bank rate.

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.

Disabling of cash retraction facility in Diebold, NCR and Wincor make ATMs.

In terms of Reserve Bank of India approval the cash retraction facility has been disabled in this ATM.

You are therefore requested to kindly note that cash once dispensed from ATM shall not be taken back by the machine. Before leaving the ATM premises please ensure that you have collected the money dispensed by the machine.

For any assistance please contact to our customer care toll free number: - 1800 103 0123, 1800 345 0123 and 1800 345 3337 or mail at email id: - uco.custcare@ucobank.co.in

Know Your Customer (KYC)

In terms of the provisions of the Prevention of Money Laundering Act, 2002 and directions given by the Reserve Bank of India, all customers of the Bank are required to comply with the Know Your Customer (KYC) guidelines. 

In case of Joint Accounts, Account holders / applicants who are not closely related to each other would be required to establish their identity and address independently by submitting the aforesaid documents.

In case you would like to have any other information and clarification, please contact the concerned Branch Manager.

                Visit our website: www.ucobank.com

The following documents may be furnished for proof of identity and verification of address.

Proof of Present Address

Any of the following documents / papers

i)              Telephone Bill* ii)  Electricity Bill* i)               Bank Account Statement* ii)              Ration Card v) Letter from any recognized            public authority by which Identity and address of customer can be verified (subject to satisfaction of the Bank) iii)  Letter from a reputed Employer (provided the Bank is satisfied). *Latest copy of the Bills / Statement.

Proof of Identity

A. Photograph (S) of the account holders

B. Any of the following documents with authenticated photographs thereon : i)                      Passport ii)                     PAN card iii)      Voter’s Identity Card iv)     Driving Licence v)      Identity Card (subject to the Bank’s satisfaction) vi)      Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank.

Education Loan: Security

Up to Rs. 4 lacs: a) No Security 

b) Co-obligation of parents

Above Rs. 4 lacs and up to Rs.7.50 lacs a) Co obligation of parents and

b) Collateral Security in the form of suitable 3rd party guarantee.

Above Rs. 7.50 lacs a) Co-obligation of parents,

b) Tangible collateral security equivalent to full value of loan.

Income Tax Act

Director, Central Board of Direct Tax, in exercise of the power conferred by section 295 of the Income Tax Act, 1961(43 of 1961) has made the 5th Amendment in Rule 114B. These Rule may be called the Income Tax (Fifth Amendment) Rules, 2011.By the amendment, CBDT has issued Notification No.27/2011 dt. 26.05.2011, amending Rule 114B of the Income Tax Rules, 1962. With effect from 01.07.2011, certain additional transactions have been specified where PAN quoting has been made mandatory for persons entering into the following transactions:

1. Payment in Cash exceeding Rs. 25,000/- at any one time to a tour operator or to an authorized person as defined in clause © of section 2 of the Foreign Exchange Management Act,1999 in connection with tour to any foreign country,

2. Making application to Banking Company to which the Banking Regulation ACT,1949 apply or to any other company for issue of debit card,

3. Payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer as defined in clause (a) of section 2 of the Insurance Act,1938(4 of 1938),

4. Payment to a dealer – Of an amount of five lakh rupees or more at any one time or Against a bill for an amount of five lakhs rupees or more for purchase of bullion or jewellery

Education loan

More than one member of same family can avail Education loan up to Rs. 4 lac and each applicant will be treated as individual loan without clubbing / insisting the income of the family and the security. This guideline was circulated in compliance of the directive of the IBA Working Group for Education loan, vide its meeting held on 20th July 2007.

UCO Helpline

Cheque Forms

Apart from advising mandatory security features like quality of paper, water mark, bank’s logo etc., on the cheque forms, it has also been directed by Reserve Bank of India that no changes/corrections should be carried out on the cheques (other than for date revalidation purposes, if required). For any change in the Payee’s name, amount in figures or amount in words, fresh cheque forms should be used by customers. This will help banks to identify and control fraudulent alterations.

We know that paper-based cheque clearing, especially after the introduction of Magnetic Ink Character Recognition (MICR) technology, continues to be the popular mode of initiating payment transactions in the country. But, over a period of time, banks have introduced a variety of cheque designs, patterns, branding (Multi-city and Payable at par cheques), Pre-paid cheque (Magic cheque) etc. In order to reduce the incidence of cheque misuse, tampering and alteration, a number of security features were also introduced from time to time. Lately, introduction of Cheque Truncation System (CTS) at New Delhi for image-based cheque processing, and Speed Clearing for local processing of outstation cheques at 66 RBI notified centers across the country, are some of the fresh initiatives which have led to enhanced security features in cheques issued and handled by the banks.

Introduction of revised Pay –in–slip for Cash as well as Cheque deposits

Presently, we are having the following five Pay -in-slips for depositing cash and cheques in deposits & borrower accounts -

1. DS-2 Savings Account Pay-in-Slip

2. D-3 Current Account Pay-in-slip (for cash only)

3. D-4 Current Account Pay-in-Slip (for cheques only)

4. D-4M Pay-in-Slip cheques

5. D-51 Recurring Deposit A/C Pay -in- Slip

UCO bank has decided to introduce single Pay-in-slip replacing the above five, for depositing cash as well as cheques in various deposit or borrower accounts. The revised pay-in-slip would be used for depositing cash or cheques in SB,CA,CC,RD or Loan A/Cs where-in the PAN number of the A/c holder contact details of the depositor have been captured/mentioned to contact them in case of need .

It is called DS-2(R) Pay-in-slip & would be used for cash as well as cheque deposit s

Validity of Cheques

With effect from 1^st April 2012 Bank should not make payment of cheque/Draft/Pay Order/Banker’s cheque bearing that date or any subsequent date if they are presented beyond the period of three months from the date of such instrument. For existing cheque book/draft/pay order/banker’s cheque a rubber stamp should be affixed indicating the validity period of 3 months only from the date of issue with effect from 01.04.2012