MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

UCO Bank Savings Account Interest Rates

UCO Bank Savings Account Interest 2020-21

Last Updated 12th Aug 2020

6th August 2020 – RBI keeps Repo Rate unchanged at 4%

Saving Account Interest Rate
Saral Savings Deposit Scheme 2.50% - 2.75%
No-frills Savings Bank Account (Zero Balance) 3.50% - 3.50%
UCO Smart Kids Savings Bank Scheme 3.50% - 3.50%

UCO Bank Bank Savings Accounts Interest Rate

UCO Bank offers an interest rate ranging between 2.50% to 2.75% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With UCO Bank Savings Account youth and minors can get additional benefits on their Savings Account.

Features

UCO Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on UCO Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of UCO Bank savings account are:

  • It offers interest rates from 2.50% to 2.75% p.a. You can easily access UCO Bank Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from UCO Bank Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain UCO Bank Savings account, you require a minimum balance of AQB ranges between Rs. 250 and Rs. 1,000.
  • UCO Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with UCO Bank Savings Account.
  • With Auto Sweep Facility of UCO Bank, your account can be linked to Multi Option Deposit MOD account.

UCO Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Saral Savings Deposit Scheme 2.50% - 2.75% AQB ranges between Rs. 250 and Rs. 1,000
No-frills Savings Bank Account (Zero Balance) 3.50% - 3.50% NIL
UCO Smart Kids Savings Bank Scheme 3.50% - 3.50% NIL

UCO Bank Savings Account Products

  • Saral Savings Deposit Scheme: UCO Bank offers interest rates ranging between 2.50% to 2.75% on Saral Savings Deposit Scheme.You can open a Saral Savings Deposit Scheme in UCO Bank by depositing AQB ranges between Rs. 250 and Rs. 1,000 amount as minimum balance.
  • No-frills Savings Bank Account (Zero Balance): If you have deposited your excess funds in a No-frills Savings Bank Account (Zero Balance), you can get interest at 3.50% to 3.50% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • UCO Smart Kids Savings Bank Scheme: UCO Bank provides interest rates ranging between 3.50% to 3.50% on UCO Smart Kids Savings Bank Scheme. The minimum balance requirement to open this account is NIL.

FAQs

How much interest is charged by UCO Bank on Savings Account?

UCO Bank offers an interest rate of 2.50% to 2.75% on Savings Account.

What is the minimum amount required for opening Savings Account in UCO Bank?

The minimum amount required for opening Savings Account in UCO Bank is AQB ranges between Rs. 250 and Rs. 1,000.

What are the balance non - maintenance Charges on UCO Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by UCO Bank are Rs. 100 to Rs. 150.

What are the UCO Bank ATM Transaction charges on Savings Account?

UCO Bank ATM Transaction charges on Savings Account are Rural branches with cheque facility : Rs. 100 per quarter; Other branches with cheque facility :Rs. 150 per quarter; At all branches without cheque facility: Rs. 100 per quarter.

How does UCO Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by UCO Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does UCO Bank offer Debit Card to the account holder?

Yes, various Debit Cards are offered, differing according to the product. Some of the popular savings account products of UCO Bank with the type of Debit Card offered are listed in the table below.

Saral Savings Deposit SchemeVISA Debit Card
No-frills Savings Bank Account (Zero Balance)ATM cum Debit Card
UCO Smart Kids Savings Bank SchemePersonalised ATM cards with photograph

Interest rate on all UCO Bank deposits products listed in the table above is 2.50% to 2.75%.

What is the eligibility criteria to open a savings account in UCO Bank?

Eligibility criteria for UCO Bank savings account -

  • This account is for resident Indians of 18 years of age and above

UCO Bank News - Aug 2020
  • 2020-08-04 : UCO Bank reports Rs. 21.46 crore PAT in Q1 news
    UCO Bank posted a net profit of Rs.21.46 crores for the period ended June 30, 2020, as against a net profit of Rs.16.78 crores for the period ended March 31, 2020. The bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.4436.57 crores during the period ended June 30, 2020. In addition to this, total deposits which include FD, RD, current and savings accounts increased by 1.4% to Rs 1,95,119.60 crore.
  • 2019-10-17 : Public Sector Banks plan to implement doorstep banking
    Public Sector banks are set to launch the doorstep banking facility for their customers. The facility will allow customers to withdraw and deposit cash without visiting the bank. The doorstep service will assist through a call center, website, and mobile app. Further, to launch this facility, UCO Bank filed a ‘Request for Proposal’ on behalf of all public sector banks that will adopt a common service provider for this purpose.
  • 2018-12-18 : UCO Bank expects profitability boost
    Public sector lender, UCO Bank is hoping that its profitability for the current fiscal will increase due to an increase in its current account savings account (CASA) deposits. The strong growth in its overall performance and CASA deposits is expected due to the agreement signed between India and Iran for oil imports payment in rupees resulting in a positive impact on the balance sheet of the bank.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...