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UCO Bank Savings Account

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Savings Account
  • Instant money transfer
  • 24x7 ATM withdrawals
  • Attractive rate of interest

The UCO Bank is a commercial bank established in the year 1943 in Kolkata. Previously known as the United Commercial Bank, it was set up by Ghanshyam Das Birla, who wanted to start a commercial bank managed by Indians and with Indian capital. The bank soon opened branches across British India. After independence it also opened overseas branches.

UCO Bank was nationalised in 1969. The government holds an 84% stake in the bank presently. The bank currently operates out of over 3000 branches and also manages almost 500 ATM’s across the country.

Besides banking, the bank also involves itself in social outreach programmes and measures. The bank actively participates in activities and schemes to benefit communities in both urban as well as rural areas.

In keeping with the bank’s mission of providing the best quality products and services, it has also launched a number of Savings Account schemes. These accounts come with a host of advantages, further incentivising people to save and also earn from their savings. The bank offers competitive rates of interest and add-on services with each account, so you earn as you save.

UCO Bank Savings Account Interest Rate

UCO Bank offers an annual interest rate of 4% on its Savings Accounts, unless specified otherwise.

Savings Account Minimum Balance Requirements

UCO Bank has fixed the minimum balance to be maintained in their Savings Accounts, the details of which are mentioned below:

Type of Savings Account Minimum Quarterly Balance Requirement
UCO Veer Shakti Savings Account Nil
UCO Smart Kids Savings Scheme Nil
No-frills Savings Account Nil
UCO Star Savings Deposit Scheme Rs. 25, 000
UCO Saral Savings Deposit Scheme Minimum balance where cheque book is provided
Type Metro Urban Semi-Urban Rural
Individual Rs.1000 Rs.1000 Rs.500 Rs.250
Pensioners Rs.250 Rs.100 Rs.100 Rs.100
Others Rs.1500 Rs.1500 Rs.1000 Rs.250
Minimum balance where cheque book is not provided
Pensioners Rs.50 Rs.50 Rs.50 Rs.50
Depositors of every class Rs.500 Rs.500 Rs.250 Rs.100

Opening a UCO Bank Savings Account

If you’re looking at saving and wish to open a Savings Account with the bank, you can now do it without the hassle of long queues and endless forms to fill. You can apply for a new account online. Just go to the bank’s homepage and select the “New Account Opening” tab on the right of the screen. A pop up window will open, and you can select the type of account you wish to open. After entering the details requested and submitting the form online, you will be issued a reference number. You can check the status of your application through the number. After filling in the form, you will have to submit both the form and the required documents to the nearest UCO Bank branch. The bank will verify your documents, after which your account will be active and you can begin saving.

You can also apply offline, by visiting the bank’s branches and collecting an Account Opening Form. After filling and signing the form, submit it to the nearest branch with the requested documents. The bank will verify the documents submitted and notify you when your account is opened so you can begin saving.

Types of UCO Bank Savings Accounts

UCO Saral Savings Deposit Scheme: with the Saral Savings Scheme, you can enjoy the perks of a savings account such as a free Debit card and 40 cheque leaves a year. As an account holder, you will also be able to use the netbanking and mobile banking services, as well as fund transfer services like the NEFT/RTGS.

UCO Star Savings Deposit Scheme: Account holder will be eligible for 40 cheque leaves half-yearly at no charge, along with a Debit card plus an add-on card free of cost. Holders can also make fund transfers using NEFT/RTGS free of charge. Holders will not be charged for stop payments and can issue Demand Drafts/Pay Orders upto Rs. 10, 000 a day free. Amounts above the minimum balance would be swept out into term deposits of 179 days in multiples of Rs. 5,000, with interest at the prevailing deposit interest rate.

UCO No-Frills Savings Account: this account is specially designed for individuals who would not otherwise be able to open a Savings Account due to a variety of reasons. This account would allow them access to a savings mechanism and they would be able to issue Demand Drafts, issue cheques etc. It can be opened with an opening balance of just Rs. 5 and can be operated with zero balance as well and is a partial KYC compliant account. A total of 25 debit transactions can be made over a half-yearly period.

UCO Veer Shakti Savings Account: This is a Savings account exclusively for defence personnel, both serving as well as retired members. The Indian Armed Forces and para-military forces are eligible to receive their salaries and pensions through this account and avail a number of privileges and benefits such as personalised Debit Cards with add-on cards absolutely free and no processing charges for home and car loans. They will also have access to an overdraft facility with special privileges.

UCO Smart Kids Savings Scheme: This scheme’s objective is to inculcate a saving habit in children, encouraging them to save. The account can be opened by a child above 10 years and comes with benefits such as personalised ATM cards with a POS limit of Rs. 3,000 a day. Holders will also receive 2 cheque books free of charge every year. Fund transfers from parent/grandparents accounts would not be charged.

Eligibility Criteria:

A UCO Bank Savings Account can be opened by the following individuals:

  • Individuals above the age of 18 (either a single or joint account)
  • Minors above the age of 10 (only joint account can be opened along with a parent/guardian, unless otherwise specified).

Documents Required to Open a Savings Account

A list of documents have to be provided when opening a Savings Account with UCO Bank. These are listed in the Know Your Customer (KYC) guidelines issued by RBI. All banks have to collect the same set of documents for verification purposes. The documents to be collected are listed below:

  • Passport sized photographs
  • Address proof
  • Identity proof

Proof of Address Documents

Any one from the following list of documents can be submitted as proof of address to open an account:

  • Aadhaar card
  • Passport
  • Driving license
  • Bank account statement
  • Utility bills (electricity, telephone)
  • Income tax statement
  • Credit card statement

Proof of identity Documents

Any one from the below list of documents can be submitted as proof of identity to open an account:

  • Passport
  • Voter’s ID card
  • Permanent Account Number (PAN) card
  • Government issued photo ID card
  • Defence card
  • Aadhaar card
  • Driving license


  • In the case of accounts opened in the name of minors and pensioners, proof of age documents such as a birth certificate have to be submitted.
  • In the case of joint accounts, all applicants have to submit the documents specified above.

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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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