UCO Tax Saver Deposit Scheme – 2006

UCO Tax Saver Deposit Scheme 2006 is a Term Deposit Scheme with maturity of not less than 5 years subject to lock in period of 5 years.

Who can open the Account -

1.            An individual for himself

2.            Hindu undivided family;

3.            jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor:

In the case of deposits in joint names, the benefit under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.

Amount of Deposit -

Minimum Rs.100/- and maximum Rs.1 lac in a year (1st April to 31st March).

Period of deposite and payment on maturity -

The period of deposit under the scheme shall be not less than five years.

Rates of interest on Fixed Deposits under the UCO TAX SAVER Scheme, where the deposit has to be essentially kept for a period of 5 years, will be the rate for term deposit for a period of 5 years as under:

               

	Pre Revised Rate	Revision in Rate w.e.f. 10.02.2012
Category of Depositor	Rate of Interest % pa	Rate of Interest % pa
General	9.25	9.25
Sr. Citizen	9.75	9.75
Staff/Ex-staff/Ex-staff who is also Sr. Citizen	9.75	9.75

Income Tax Benefits -

Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act upto a maximum limit of Rs.1 lac (subject to the overall ceiling of Rs.1 lac alongwith other deductions already available under 80C)

Nomination facility- available

Transfer from one branch to another -permitted. Inter bank transfer not allowed.

Loan against the deposit and Pledging of term deposit receipt - Not allowed

Issue of Duplicate Term Deposit Receipt - Duplicate receipts may be issued in accordance with the guidelines in this regard.

Applicability of Income Tax on Interest Income - Interest on these term deposits shall be liable to tax under the Income Tax Act.

"UCO No-frills Savings Bank Account"

In order to include a larger cross-section of the population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses, namely, minimum initial deposit for opening of the account which is difficult to arrange by such population, maintenance of minimum balance failing which charges are levied etc., it has been felt expedient to introduce a new Savings Deposit Scheme titled "UCO No-frills Savings Bank Account".

The salient features of the scheme so designed are as follows:

1.         Title of the Scheme - "UCO No-frills Savings Bank Account".

2.         Initial deposit for opening the account and maintenance of minimum balance - 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/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.

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.

3.         Eligibility for opening "No-frills Savings Bank Account" - The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and 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.

4.         Restriction of number of withdrawals/debit entries in "No-frills" Account - up to 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charges will be levied @ Rs.3/- per additional entry during a half-year.

 

5.         Charges to be levied -

a.         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 upto zero balance, usual charge for non-maintenance of initial deposit shall be levied.

b.         For standing instructions - no charge will be levied.

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

d.         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 cheque leaves during a year will attract a charge of Rs.2/- per cheque leaf.

e.         No incidental and folio charges will be levied in these accounts.

f.          All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered.

6.         Compliance of KYC Guidelines - Simplified KYC procedures for opening of Accounts as advised through Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 may be adhered to. The salient features of the Circular are mentioned hereunder for ready reference:

In case, the person concerned who wants to open the account 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 of the customer, the account may be opened for those persons 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. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer.

or

b.         Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

However, while opening such accounts the customer should be made aware that if at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/- or 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 in regard to verification of identity and address of the customer through the documents as specified are complied with.

UCO SMS BANKING SERVICE

An Overview

UCO SMS Banking is a technology based new service offering from UCO Bank to its customers for their convenience allowing them to avail selected banking services via their mobile phone using SMS.

SMS Banking Services are operated using both PUSH & PULL Messages.

PUSH Messages (Alerts) are the customized alerts. Under this service, customer registered for Mobile Banking facility shall be able to get SMS alerts for various activities on his account. Such messages are those that the Bank chooses to send out to a customer’s mobile phone for which the customer needs to be registered under UCO SMS Banking Service by submitting one time application to the bank for availing the facility.

PULL Messages (Request) are those that are initiated by the customer using his mobile phone for obtaining information or performing a transaction in the bank Account, for example ‘balance enquiry’ or ‘cheque status enquiry’.

Now you can access your bank account and avail a host of banking services and enquiries through your mobile phone with our UCO SMS Banking Service.

Download SMS Banking Application Form
Download SMS Banking Terms & Conditions
Some of important questions related to the sms banking are discussed below:

What can I get alerts for?

Our SMS Banking Service provides you information in the form of SMS alerts for various activities performed on your account.

•           Salary Credit

•           Account getting debited

•           Account getting credited

•           Cheque bounce

•           Balance above certain limit

•           Balance below a limit

•           Bill payment / Bill registration (through e-banking) alert

•           Batch alerts

•           Promotional alerts

•           Greetings

What can I do using Mobile Banking?

Our SMS Banking Service provides you host of functionalities that you may avail using your mobile phone.

•           Balance enquiry

•           Last three transactions

•           Cheque status enquiry

•           Account statement request

•           Change of SMS Password

•           Suspending self from SMS Banking Services

•           Sending message to Branch Head

How does it work?

SMS Banking works through a set of Text Message (SMS) through which you can perform a wide range of information based or query based transactions from your mobile phone, without even making a call.

•           All you need to do is to type in the specified ‘keyword’ and some other required parameters in the message box of your Mobile phone and send it to 56161

•           You will get a system generated response in the form of a text message (SMS) on your mobile phone screen within a few seconds.

See Keywords assigned for various ‘Request Facility’

Sno	Description	Key word	Parameter1	Parameter2	Parameter3
1	Balance Enquiry (for Primary A/c)	UCOBAL	mPIN
2	Balance Enquiry (for other A/c)	UCOBAL	mPIN	A/c No.
3	Last 3 transactions	TRAN	A/c No.	mPIN
4	Cheque Status Enquiry	CHQST	A/c No.	mPIN	Cheq No.
5	Account statement request	ACSTT	A/c No.	mPIN	Month
6	Change of SMS password	CHNGPW	mPIN	New mPIN
7	Suspending self from SMS Banking Service	SUSPND	A/c No.	mPIN
8	Sending message to RM of the Bank	MSGBM	A/c	mPIN	Message

SMS to be sent to 56161 by the customer from his Mobile phone.

For Example for balance enquiry, type the message in the message box of your mobile phone in the following manner and send the same to 56161. You will get system generated response.

UCOBAL  <mPIN>

For balance enquiry of other account (if more than one accounts are linked)

  UCOBAL  <mPIN>  <14 digit Account number>

A Brief Journey Of UCO Bank’s Logo

Year 1943

The first Logo of the Bank was circular in form with the name of the Bank inscribed in the ring separating the outer circle and the inner circle. Within the inner circle the Southern, Western and Eastern portion of the Indian peninsula (undivided) is shown surrounded by the seas, symbolizing vastness and unlimited scope of the Bank. Within the land mass, the hands containing the coins symbolize the hands of Lakshmi, the Goddess of Wealth; the motor pump symbolizing agricultural growth through growth of industry. The boat and the ship in the water on both sides, stand for overseas trade on both sides of the globe.

Year 1958

The Bank adopted the new Logo in 1958. Here, the lion, the wheel and the elephant appearing on the top panel of the shield have been taken from the Ashoka Pillar of Sarnath to signify the Indian origin of the Bank. The wavy water-line and the ship 1958 indicate that the river port, Kolkata, is the Head Office of the Bank. The ship also represents Commerce and the cog-wheels, Industry, both closely connected with Banking. The Calottes versicolor (lizard) on the crest, taken from the flag of Kubera, the mythical God of Wealth, is symbolic of Money and Banking; the bezants, likewise, have, since the inception of the 15th-century Italian Bank of Medici, been accepted as symbols of Lending and Dealing of money.

1973

In 1973, the Bank adopted a new Symbol. It was in orange. Orange is a complementary color - a mixture of two primary colors, red and yellow. Red stands for dynamism, yellow for future and vibrancy. The design took the Bank's token as the basic idea. It incorporates U with two hands directed upwards, signifying progress.

1983

In the year 1983, the Bank decided to change to the Symbol which is continuing. The new symbol is an octagon with an inlaid square, two uplifted hands and a coin. The coin held in the hands signifies the security of the deposits of customers. The uplifted hands signify progress of the Bank and its aspirations. The color of the symbol continues to be orange, which conveys warmth of co-operation.

1991

From September 1991, the color of the logo was changed to peacock blue keeping the basic design unchanged, and has been continuing since. The new color, incidentally, symbolizes purity and eternity implying integrity and continuity of the Bank.

Mission and Vision

MISSION:

To be a Top-class Bank to achieve sustained growth of business and profitability,fulfilling socio-economic obligations, excellence in customer service; through up gradation of skills of staff and their effective participation making use of state-of-the-art technology.

•         Country-wide presence

•         Strong Capital Base

•         A Well Diversified Asset Portfolio

Branch representation in Top 100 Centres (as per deposits) in the country

VISION:

To emerge as the most trusted, admired and sought after World class financial Institution and to be the most preferred destination for every customer and investor and a place of pride for its employees

UCO BanK : Overview

Founded in 1943, UCO Bank is a commercial bank and a Government of India Undertaking. Its Board of Directors consists of government representatives from the Government of India and Reserve Bank of India as well as eminent professionals like accountants, management experts, economists, businessmen etc.

•    We are in the Service to Community since 1943.

•    We have more than 2000 Branches spread all over India and Abroad.

• We also operate two Major International Financial Centres namely Hongkong and Singapore.

•    We have our Correspondents/Agency arrangements all over the world.

•    We undertake Foreign Exchange Business in more than 50 Centres in India.

We have Foreign Exchange Dealing Operations at 1 Centre

Work and Its Secrets

This is a small book of postcard size containing merely 10 pages but its messages are relevant and worth mentioning. It is actually a speech delivered by Swami Vivekananda at Los Angeles, California on January 4, 1900.  It was published by Advaita Ashrama, Mayavati, Almora, Himalayas. I read the second edition (1951) of this book. This book describes the secrets of work as the title of the book suggests.

The principal secret of work is: “One should pay as much attention to the means of work as to the end.”

Generally we think only of the ends of the work, we do not pay attention to the means of the work. We keep our eyes on the end and follow any path to achieve that end. But the purity of both the end and the means are needed.

This book teaches many lessons. Some of the great lessons are quoted here:

“It is the cause that produces the effect”

“Weakness is death”

“Strength is life”

“Desire is the father of all misery”

“The perfectly unselfish man is the most successful”

“Be, therefore, not a beggar, be unattached”

“The whole of life is giving”

“A river is continually emptying itself into the ocean and is continually filling up again”

“Every day we renew our determination to be unattached”

“There never has been a blow undeserved”

“If I get real control of myself, the blow will never come”

“We only get what we deserve”

“Get hold of yourself”

“We came here to sip the honey and we find our hands and feet sticking to it. We are caught though we come to catch. We come to enjoy, we are being enjoyed. We come to rule, we are being ruled. We work to get everything from nature but we find in the long run that nature takes everything from us- depletes us and casts us aside.”

“Whenever failure comes, if we analyze it critically, in 99% of cases we shall find that it was because we did not pay attention to the means.”

“If only we had power to detach ourselves at will, there would not be any misery”

“We get caught. How? Not by what we give but by what we expect. We get misery in return for our love, not from the fact that we love, but from the fact that we want love in return. There is no misery where there is no want.”

” Nothing can happen to us, unless we make ourselves susceptible to it”

“No disease can come to me until the body is ready……we get only that for which we are fitted‘’