Anindya Saha Banking Project
97
COMPARATIVE WORKING PAPER ON UNITED COMMERCIAL BANK BY NAME: Anindya Saha COURSE: Post Graduate Programme in Business Management. SEMISTER: 1 ST Semester ROLL No: 5 SECTION: Banking and Insurance Project supervisor: Rajesh Kumar
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Transcript of Anindya Saha Banking Project
COMPARATIVE WORKING PAPER
ON
UNITED COMMERCIAL BANK
BY
NAME: Anindya SahaCOURSE: Post Graduate Programme in Business Management.SEMISTER: 1ST SemesterROLL No: 5SECTION: Banking and Insurance Project supervisor: Rajesh Kumar
INTERNATIONAL INSTITUTE OF BUSINESS STUDIES
NOIDA, H215, SEC-63, UTTAR PRADESH
2008-2009
Logo of UCO bank
UCO BANK HEAD QUARTER
ACKNOWLEDGEMENT
At onset I would like to express my gratitude to the UCO bank and its members for such cooperation and help which enabled me to complete my study.
I would like to thank our college for giving us opportunity in taking such practical knowledge.
It is my proud privilege to express my deep sense of gratitude and acknowledge profound appreciation to Sir Rajesh Kumar, faculty of IIBS, for his enthusiastic and able guidance, valuable suggestions and constant encouragement throughout the project work.
Finally, I have no matching words to express my debt to my friends who ushered in strength during the entire course of study.
Executive Summary
1. PROJECT TITLE: COMPARATIVE WORKING PAPER ON THE UNITED COMMERCIAL BANK.
2. PLACE OF STUDY: UCO BANK, NEWDELHI.
3. ORGANISATION: THE UNITED COMMERCIAL BANK.
4. PROJECT GUIDE: MR RAJESH KUMAR
5. OBJECTIVES: THE MAIN OBJECTIVE OF MYPROJECT IS TO FIND OUT AND STUDY THE PRESENT CONDITIONS, FEATURES AND PERFORMANCE OF UCO BANK.
6. RESEARCH METHODOLOGY: PRIMARY DATA COLLECTION CONSISTS OF PERSONAL
INTERACTION WITH THE BANK EMPLOYEES AND CUSTOMERS.
SECONDARY DATA COLLECTION CONSISTS OF INTERNET CATALOGUE AND ANNUAL REPORTS.
INTRODUCTION
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.
Shri S.K. GoelChairman & Managing Director
Shri V.K. Dhingra Executive Director
Vision Statement
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.
Mission Statement
To be a Top-class Bank to achieve sustained growth of business and profitability, fulfilling socio-economic obligations, excellence in customer service; through upgradation of skills of staff and their effective participation making use of state-of-the-art technology.
Global banking has changed rapidly and UCO Bank has worked hard to adapt to these changes. The bank looks forward to the future with excitement and a commitment to bring greater benefits to you.
UCO Bank, with years of dedicated service to the Nation through active financial participation in all segments of the economy - Agriculture, Industry, Trade & Commerce, Service Sector, Infrastructure Sector etc., is keeping pace with the changing environment. With a countrywide network of more than 2000 service units which includes specialised and
computerised branches in India and overseas, UCO Bank has marched into the 21st Century matched with dynamism and growth!
Overview
We are in the Service of Community since 1943. We have nearly 2000 Service Units spread all over India.
We also operate in 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 4 Centres.
Strengths
Country-wide presence Overseas Presence with Profitable Overseas Operations
Strong Capital Base
High Proportion of Long Term Liabilities
A Well Diversified Asset Portfolio
A Large and Diversified Client Base
Fully Computerised Branches at Major Centres
Branch representation in Top 100 Centres (as per deposits) in the country
Organisation Structure
Headquartered in Kolkata, the Bank has 35 Regional Offices spread all over India. Branches located in a geographical area report to the Regional Office having jurisdiction over that area. These Regional Offices are headed by Senior Executives ranging upto the rank of General Manager, depending on size of business and importance of loacation. The Regional Offices report to General Managers functioning at Head Office in Kolkata.
Commitment to Customers
In all our promotional activities, we will be fair and reasonable in highlighting the salient features of the schemes marketed by us. Misleading or unfair highlighting of any aspect of any scheme/service marketed by the Bank leading to unfair practice shall not be resorted to by the Bank.
In commemorating the 50th Year of Independence of India, the Bank released a booklet entitled " Our Commitment to Customers " incorporating the Citizen's Charter on services provided by the Bank.
In our continuing Endeavour to serve our customers better, we have considerably extended the business hours for public transaction at the branches on all week-days. We have also introduced a number of NO HOLIDAY branches. These branches are open all 365 days a year. Besides, several of our branches have Express DD Counter from where Demand Drafts can be purchased without any waiting time.
Names of Zonal Offices and their e-mail addresses :
Sl. No ZONE NAME E Mail id
3 BANGALORE [email protected]
4 BAREILLY [email protected]
5 BEGUSARAI [email protected]
6 BHAGALPUR [email protected]
7 BHOPAL [email protected]
8 BHUBANESWAR [email protected]
9 BURDWAN [email protected]
10 CHANDIGARH [email protected]
11 CHENNAI [email protected]
12 CUTTACK [email protected]
13 DHARAMSHALA [email protected]
14 GUWAHATI [email protected]
15 HOWRAH [email protected]
17 INDORE [email protected]
18 JAIPUR mailto:[email protected]
19 JALANDHAR [email protected]
20 JODHPUR mailto:[email protected]
21 JORHAT mailto:[email protected]
22 KOLKATA [email protected]
23 LUCKNOW mailto:[email protected]
24 MUMBAI [email protected]
25 NAGPUR [email protected]
26 NEW DELHI mailto:[email protected]
27 PATNA [email protected]
28 RAIPUR mailto:[email protected]
29 RANCHI [email protected]
30 SALTLAKE [email protected]
31 SAMBALPUR mailto:[email protected]
32 SHIMLA [email protected]
33 SURI mailto:[email protected]
34 TRIVANDRUM [email protected]
35 VARANASI [email protected]
Nodal Officer handling public grievances :
Shri P.K. SharmaGeneral Manager(General Admn. & Customer Service)UCO Bank1B, Russel StreetKolkata-700 071Tele No.: (033) 2226-6458Fax No.: (033) 2226-6459E-mail Id: [email protected] [email protected]
Compliance Officer for Investors' Grievance Redressal Cell
Mr. S.K. GhoshAsst. General Manager & Company SecretaryCompliance OfficerUCO BankHead Office (Finance Department, 3rd Floor)1, R.N. Mukherjee RoadKolkata-700 001Tel. No.: (033) 22316858Fax No. (033) 22485625E-mail: [email protected]
UCO BANK'S Share Prices
NSE Chart
08-12-2009, 12:34PM, India time
Last Change Open High Low Volume
55.95 -0.65 56.30 57.10 55.40 267609
%Change 52 week range
-1.15% 61.50 to 22.10
09 Nov 2009 07 Dec 2009
Closing price Rs 55.80 Rs 56.60
BSE Sensex 16,498.72 16,983.14
Highest price Rs 60.80 on 23 Nov 2009
Lowest price Rs 51.10 on 27 Nov 2009
Average price Rs 56.55
Average volume 1,169,013
Financial Results 2009
Financial Result 2009
:: Financial Result 2008
Audited Financial Results for the Year Ended 31st March, 2009
(Rs.in Lakhs)
Particulars
Quarter Ended
31.03.2009(Audited)
Quarter Ended
31.03.2008(Audited)
Year Ended31.03.2009(Audited)
Year Ended31.03.2008(Audited)
1. Interest earned (a)+(b)+(c)+(d) 216428 177819 812138 650856
(a) Interest/discount on advances / bills 163949 129488 619666 475525
(b) Income on investments 46604 45335 175518 157204
(c) Interest on balances with Reserve Bank
of India and other inter-bank funds 5323 2181 14358 10430
(d) Others 552 815 2596 7697
2. Other Income 35634 27510 101990 77213
3. Total Income (1+2) 252062 205329 914128 728069
4. Interest Expended 178957 138783 647668 502081
5. Operating Expenses (i) + (ii) 40361 33856 146298 130593
(i) Employees Cost 27509 23081 99754 89454
(ii) Other operating expenses 12852 10775 46544 41139
6. Total Expenditure (4+5) 219318 172639 793966 632674
(excluding Provisions and
Contingencies)
7. Operating Profit 32744 32690 120162 95395
(Before Provisions and Contingencies) (3-6)
8. Provisions (other than tax) and Contingencies 21721 25521 63128 57630
...of which provision for NPA 7124 17200 26842 37007
9. Exceptional Items
10. Profit(+)/Loss(-) from Ordinary Activities before tax (7-8-9) 11023 7169 57034 37765
11. Tax expenses 3567 2119 8684 5669
… of which provision for FBT 75 116 268 309
12. Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11) 7456 5050 48350 32096
13. Extraordinary items (net of tax expenses) (MAT Credit) (2800) (3549) (7422) (9120)
14. Net Profit/(Loss) for the period (12-13) 10256 8599 55772 41216
15. Paid-up equity share capital (Face Value Rs.10/- each) 54936 79936 54936 79936
16. Reserves excluding revaluation reserves 224571 168517 224571 168517
(As per balance sheet of previous accounting year)
17. Analytical Ratios
(i) Percentage of shares held by Govt. of India 63.59% 74.98% 63.59% 74.98%
(ii) Capital Adequacy Ratio: Basel-I 9.75% 10.09% 9.75% 10.09%
Basel-II 11.93% 11.02% 11.93% 11.02%
(iii) Earning per share (EPS) (in Rs.) (Not Annualised)
a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year 1.36 0.63 6.62 # 4.02
b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year 1.87 1.08 7.63 # 5.16
(iv) NPA Ratios
a) Amount of Gross NPA 153951 165195 153951 165195
b) Amount of Net NPA 81267 109230 81267 109230
c) % of Gross NPA 2.21 2.97 2.21 2.97
d) % of Net NPA 1.18 1.98 1.18 1.98
e) Return on Assets (Annualised) (%) 0.40% 0.40% 0.59% 0.52%
18. Public Shareholding
- No. of Shares 200000000 200000000 200000000 200000000
- Percentage of Shareholding 36.41% 25.02% 36.41% 25.02%
19. Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
Number of Shares Nil Nil Nil Nil
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) Nil Nil Nil Nil
Percentage of Shares (as a % of the total share capital of the Company) Nil Nil Nil Nil
b) Non-Encumbered
Number of Shares 349360000 599360000 349360000 599360000
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) 100% 100% 100% 100%
Percentage of Shares (as a % of the total share capital of the Company) 63.59% 74.98% 63.59% 74.98%
# If there is no change in capital structure in the current year Earnings Per Share before and after Extraordinary item would have been Rs.6.05 and Rs. 6.98 respectively.
Segment Reporting as on 31.03.2009PART : A BUSINESS SEGMENT
(Rs.in Lakhs)
Sl.No. ParticularsQrt Ended31.03.2009(Audited)
Qrt Ended31.03.2008(Audited)
Year Ended31.03.2009(Audited)
Year Ended31.03.2008(Audited)
1) Segment Revenue
i) Treasury Operations 67569 59853 231435 200597
ii) Corporate/Wholesale Banking 111183 87132 374462 266677
iii) Retail Banking 72127 56902 299239 257759
iv) Other Banking Operations 1179 1436 8986 3029
v) Unallocated 3 6 5 7
Total Income from operation 252062 205329 914128 728069
2) Segment Results
i) Treasury Operations 18400 8442 6739 1082
ii) Corporate/Wholesale Banking (1190) (5294) 23689 14780
iii) Retail Banking (4974) 4617 25976 25854
iv) Other Banking Operations 1179 1436 8986 3029
v) Unallocated (2392) (2033) (8356) (6980)
Total Profit Before Tax 11023 7168 57034 37765
3) Capital Employed
(Segment Assets - Segment Liabilities)
i) Treasury Operations 61866 37024 61866 37024
ii) Corporate/Wholesale 159957 115603 159957 115603
Banking
iii) Retail Banking 127684 106415 127684 106415
iv) Other Banking Operations 0 0 0 0
v) Unallocated 46198 44179 46198 44179
Total Capital Employed 395705 303221 395705 303221
PART : B GEOGRAPHIC SEGMENT
(Rs.in Lakhs)
ParticularsQrt Ended31.03.2009(Audited)
Qrt Ended31.03.2008(Audited)
Year Ended31.03.2009(Audited)
Year Ended31.03.2008(Audited)
Domestic
i) Revenue 243970 196799 879481 694069
ii) Assets 10429113 8381513 10429113 8381513
International
i) Revenue 8092 8530 34647 34000
ii) Assets 737304 597981 737304 597981
Global
i) Revenue 252062 205329 914128 728069
ii) Assets 11166417 8979494 11166417 8979494
NOTES
1. The financial results for the year ended 31.03.2009 have been audited by statutory central auditors and approved by the Board of Directors at its meeting held on 8th May, 2009.
2. The financial results for the year ended 31.03.2009 have been arrived at after providing for non-performing assets, standard assets and investment depreciation as per prudential norms issued by the Reserve Bank of India (RBI) and making necessary provision for Income Tax, Deferred Tax. Fringe Benefit Tax, Depreciation on Fixed Assets, etc.
3. In terms of the Revised Accounting Standard (AS)-15 necessary provision for
Employee Benefits viz. Pension, Gratuity, Leave Encashment, Sick Leave, LFC/LTC, etc. has been made. Rs.118.07 crore (Rs.71.97 crore) towards current year’s liability and Rs.88.68 crore (Rs.88.68 crore) towards amortisation of the increase in liability have been charged to Profit & Loss Account. The unamortised portion of the increase in liability is Rs.266.06 crore (Rs.354.75 crore) as on 31.03.2009.
4. On approval of Bank’s capital restructuring plan by the GOI effective from 22.12.2008, Bank has converted Rs.250 crore out of equity holding of the GOI into Perpetual Non-Cumulative Preference Shares (PNCPS) of equal amount carrying a coupon rate of Repo + 100 basis points to be reset annually, resulting in reduction of Bank’s equity share capital from Rs.799.36 crore to Rs.549.36 crore and GOI’s equity share holding from 74.98%to 63.59%. EPS for three months / year ended 31.03.2009 has been arrived at taking into account the above restructuring. GOI has further subscribed to PNCPS of Rs.450 crore on 30.03.2009 carrying an annual floating coupon benchmarked to Repo rate with a spread of 100 basis points to be reset annually. These PNCPS form part of Tier I Capital.
5. During the year the Bank has raised subordinated debt of Rs. 275 crore (Rs.420 crore) by issue of unsecured redeemable bonds under Tier II Capital.
6. Pending outcome of negotiations on wage revision between Indian Banks’ Association on behalf of member banks and Unions of workmen / officers, an ad-hoc provision of Rs.50 crore has been made during the quarter aggregating to Rs.150 crore for the year ended 31.03.2009.
7. On implementation of GOI’s “Agricultural Debt Waiver & Debt Relief (ADWDR) Scheme 2008”, the preliminary claim, duly certified by the Central Statutory Auditors of the Bank for Rs. 525.28 crore was lodged with RBI. Rs. 215.36 crore being 41% of the claim lodged has been reimbursed by the RBI during the year ended 31st March, 2009. However, no effect has been given in the accounts in respect of the Debt Relief Scheme to Other Farmers for the year ended 31st March, 2009.
8. Observation of the Central Statutory Auditors : Provision of Rs.50 crore against advances by way of Credit Linked Notes (CLNs) amounting to Rs.101.44 crore following petition for bankruptcy by a holding company of the issuer of CLNs.
Our reply : The bankruptcy of issuer of CLNs is one of the Events of Default and the issuer has to thereupon deliver the FCCBs to the CLN holder. Bank has lodged claim with the Bankruptcy Trustee for the underlying FCCBs issued by the reference entities which are of good rating and financial standing. Bank as an abundant precaution has made provision of Rs.50 crore during the year against these CLNs and continues to recognize this as Standard Advance.
9. As per Guidance Note on Accounting for credit available in respect of MAT under the Income Tax Act, 1961, bank has recognized MAT credit of Rs.74.22 crore (Rs.91.20 crore), as bank opines that the MAT credit can be set off within the specified period as per I.T.Act, 1961.
10. Reconciliation of outstanding entries in Suspense Accounts and Inter Branch/Office Accounts has been completed up to 31.03.2009 and reconciliation for the remaining period is also in progress. The impact of such reconciliation on the accounts will not be material.
11. Dividends @ Re.1 per equity share of Rs.10 each and at stipulated rate on PNCPS have been recommended by the Board.
12. Number of Investor Complaints:- (i) Outstanding at the beginning of the quarter-07, (ii) Received during the quarter-316, (iii) Disposed of during the quarter-320 and (iv) Outstanding at the end of the quarter-3.
13. The previous period figures have been regrouped /rearranged wherever necessary.
For UCO BankSubodh Kumar Goel
(Chairman & Managing Director)
Brij Mohan MittalExecutive Director
Virendra Kumar Dhingra Executive Director
Place: KolkataDate: 08.05.2009
Citizens’ Charter
Introduction :
This Citizens’ Charter replaces the earlier one released in 1998. This Charter has been prepared to promote fair banking practice and give information in respect of various activities related to customer service being offered by our offices and branches. This Citizens’ Charter is based on the model Charter prepared by a Select Committee appointed by Indian Banks’ Association. This Charter is not a legal document which creates statutory rights and obligations.
As stated above, the basis of the Charter is our striving to provide excellent customer service to all our customers at all service points. In order to do so, we rely on the following principles:
Quality :
This indeed is the sine-qua-non for any service oriented institution. An inbuilt mechanism to continually upgrade the standard of service has been put in place by the Bank.
Choice :
We understand that the customer is bound to choose among the various alternative products and services being offered by various banks operating in the industry. This makes it all the more necessary for us to introduce from time to time innovative ideas and technology which will translate into better services being offered by us.
Standards :
All our customers are entitled to know the basic standards for the common services which
we provide. In this regard, we have set down time norms for each of our services. This time norms are displayed in the banking hall in all our branches.
Accountability :
We have over the years built up a fairly reliable system fixing accountability for errors/lapses in provision of services. Most of the complaints are redressed on the spot. In case, the Manager at the grassroot level is unable to redress a particular complaint, the same is referred to a higher authority for disposal within 45 days. Details of the redressal system are also available at each and every branch office.
Transparency :
There is absolutely no secrecy regarding the services offered by our branches and the procedures that are followed by the Bank. Basic information relating to rules and regulations governing the services are made known to all customers at all points of delivery. This transparency, we believe, helps in strengthening our bonds with each and every customer.
Zero corruption :
The bank is totally committed to provide all its services at charges which are specified and laid down. We honour the above principle and request our customers not to pay any bribe but report the same immediately to the competent authority in case they are being coerced by any of our staff members for any favour, in kind or otherwise. Anonymous complaints will not be entertained. .
CHAPTER – II
A. Common Practices followed by our Branches
1. Display of business hours.
All Branches prominently display business hours including banking hours in the banking hall. They also display weekly holiday. In case the branch is a Seven Day Branch the same is prominently displayed in the bank’s sign board.
2. Provision of separate ‘Enquiry’ or ‘May I Help You’ counter at large branches.
At these counters, which are available in selected branches all the relevant information which any customer may require regarding his day-to-day banking transactions is made available. In all other branches the customers may contact the Manager and other staff members in case they have any specific enquiry.
3. Display of interest rates.
As and when the bank changes interest rates for various deposit schemes as well as advances the same are displayed on the Notice Board provided in the banking hall.
4. Display of Time – Norms for various banking transactions.
Time norms for various banking services are displayed at all the branches for the convenience of the customer. These time norms which are indicative relate to transactions covering cash payments, issuance of Demand Drafts/Fixed Deposit Receipts, payment of Demand Drafts, opening of Savings Bank/Current Account, updation of pass books, issuance of Statement of Accounts etc. The details are provided in Annexure - A to this Charter.
5. Details relating to various schemes.
Pamphlets giving details relating to various deposit and credit schemes offered by the branch are available with the Branch Manager. Details pertaining to fast collection of outstation cheques are also displayed in the banking hall of branches participating in such collections. Likewise Express DD Counters etc. are operating in selected branches and details regarding the same are available with the Manager.
6. Grievance Redressal Procedure.Each and every branch is provided with a complaint register. This is available with the Manager. In the banking hall of the branch, name of the Nodal Officer at the Regional Office and the bank’s Chief Nodal Officer in the rank of General Manager at Head Office are mentioned alongwith their telephone numbers in case any customer requires their assistance. Details relating to Banking Ombudsman Scheme are also available with the Branch Manager.
B. Fair Banking Practices
All their customers are requested to follow the below given simple practices which will enable them to safe-guard their money with the bank and facilitate quick transactions in their accounts with greater degree of reliability.
1. Ensure safe custody of cheque book and pass book. 2. Preferably use reverse carbon while writing a cheque
3. Issue crossed/account payee cheques as far as possible.
4. Check the details of the cheque, namely, date, amount in words and figures, crossing, etc., before issuing it. As far as possible, issue cheques after rounding off the amount to nearest rupee.
5. Not to issue cheque without adequate balance ; maintain minimum balance as specified by the Bank.
6. Send cheques and other financial instruments by Registered Post or by courier.
7. Bring pass book while withdrawing cash from savings bank account through
withdrawal slip. Get pass book updated from time to time.
8. Use nomination facility.
9. Note down account numbers, details of FDR, locker numbers, etc., separately.
10. Inform change of address, telephone number, etc. to the Branch.
11. Inform loss of demand draft, fixed deposit receipt, cheque leave(s)/book, key of locker, etc. immediately to the Branch.
12. Avail standing instructions facility to repeat transactions.
13. Provide feedback on our services.
14. Pay interest, instalments, locker rent and other dues on time.
15. Bring any deficiency in services to the notice of the branch.
16. Not to sign blank cheque/s. So also do not record your specimen signature either on pass book or cheque book.
17. Not to introduce any person who is not personally known to you for the purpose of opening account.
CHAPTER – III
Common areas of Customer-Banker relationship :
Opening of New Deposit Accounts :
While all courtesy will be extended to customers to facilitate smooth opening of accounts, due care will be taken to safeguard the banking system from perpetration of frauds. The basic regulations governing opening of accounts are :
As required by law, while opening this account we will satisfy ourselves about the identity, including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of the banking system.
The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
The Bank is required to obtain two recent photographs of the person/s opening the account, as per R.B.I. directives.
The Bank is required to obtain Permanent Account Number (PAN) or General
Index Register (GIR) Number or alternatively obtain declaration in Form No. 60 or 61 as per the Income Tax Act (vide Section 139 A) from the person/s opening the account.
The Bank will provide to the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the current gas/telephone/electricity bill or ration card or voter’s identity card or driving licence or passport, etc.
Details pertaining to minimum balance to be kept in various types of deposit accounts viz. Savings, Current Account, Recurring Deposits, Fixed/Term Deposits are available with the Branch. These details give comprehensive coverage regarding operations to be conducted in these accounts by the account holders.
Likewise nomination facilities are available in the account opening form itself and customers are encouraged to nominate successors in order to ease settlement of deceased claims.
Terms and Conditions Governing our Services :
In order to eliminate the possibility of any confusion/communication gap, the Bank shall provide :-
Written terms and conditions governing all the common services as also their main features.
Due notice, wherever possible to customers in case of any variation in the terms and conditions.
In all computerised branches, monthly statement of account in order to enable you to manage and reconcile your account more efficiently. In branches where this system is not available and where manual system of Pass Books is operative, the updation will be done as per the time-norms applicable. Wherever the requested frequency of updation is less than a month (in case of computerised branches) or the entries are numerous (in case of Pass Book system), requisite charges will be borne by the customer.
Reasonable notice to the customer before closing his account at his last available postal address as per the Bank’s records
Complete details regarding terms and conditions of service governing Saving Bank, Current Account, Term Deposits etc. will be available in pamphlets stock with the branches.
Confidentiality of Customer Information :
Strict confidentiality about the operations in each customer’s account shall be scrupulously maintained by us. In no case shall the Bank disclose any information relating to the customers’ accounts except :
Where legal requirements necessitate disclosure.
If any reference has been sought by an approved Credit Reference Agency regarding details relating to undisputed debts in default where repayment is not forthcoming despite formal demands made by the Bank. In such cases the concerned customers will be given advance notice.
Where Banker’s reference is sought in connection with status enquiries, as per established conventions and practices adopted by banks in the country/world.
Where disclosure is made at your written request/consent.
Where our interest requires disclosure.
Interest Payable :
Information relating to interest payable by us will be made freely available to our customers at the branches where their accounts are maintained. We will provide the basis on which the interest payable has been calculated and the periodicity at which it is credited to your account.
Any change in interest rates will be notified to the customers through the Press and/or our branches by exhibiting on the notice board.
Under the present tax deduction at source (TDS) scheme, the Bank will advise the rate and amount of such tax debited to the interest payable as per the existing statute.
Interest and Other Charges Receivable :
Interest rates on advances upto RS.2 lakhs will be displayed on the Bank’s Notice Board at the branches. Since advances above Rs.2 lakhs are linked to the Prime Lending Rate, the changes in the Prime Lending Rate from time to time will be notified by the Bank in the Press.
Details of all charges debited to your account payable for various operations in the account as per the schedule of service charges in force will be made available to you. Particulars of charges relating to overdrawn account without prior intimation and exceeding sanctioned limits will also be made available to you.
In case of change in such charges all customers will be notified through the Press and/or our own branch network.
Our Lending Programmes :
The customers, on request would be briefed about the basic lending norms, adopted by the Bank.
For assessing a credit proposal we generally take into consideration inter alia the following :
Customer’s financial status and dealings and his credit rating.
Information from other banks/credit Reference Agencies about a customer’s past experience and financial dealings.
Customer’s age, background and experience in juxtaposition with the technical feasibility and economic viability of a credit proposal.
Customer’s capacity to repay the loan as per terms and conditions applicable in each case.
The Bank will process the proposals within reasonable time depending upon the availability of the requisite information/data.
International Finance :
All details relating to foreign exchange rates and charges will be made available to customers at branches specifically dealing with international banking business including cross border payments. The above details will however be subject to the statutory requirements applicable to international finance and trade and foreign exchange.
Marketing of our Services :
In all our promotional activities we will be fair and reasonable in highlighting the salient features of the schemes marketed by us. Misleading or unfair highlighting of any aspect of any scheme/service marketed by the Bank, leading to unfair practice shall not be resorted to by the Bank.
Pension Payments :
The Bank has one of the finest network of branches in India in terms of geographical coverage. All senior citizens, pensioners both Central Government and State Governments will find the above network very conducive as they can settle down in any major city and town of India and they will find a convenient UCO Bank branch nearby.
Pensioners of Central and State Governments including Defence and Railways and other Public Sector Undertakings can conveniently open a
Pension Account in any of our branches.
Pensioners are requested to produce a life certificate once in a year (in the month of November) in order to enable their respective branch to pay pension without interruption.
There are designated days when monthly pension is credited and paid to the respective beneficiaries. These dates are announced on the Notice Board of the branch. The pension will be credited by the branch to the pensioner’s savings or current account during the last four working days of the month. The pension for the month of March will be credited on or after 1st working day of April. The pension will not be paid in cash or through a joint account. Every pensioner is required to submit life/marriage/remarriage/unemployment certificates periodically.
Service Charges :
Details pertaining to service charges are available in a comprehensive booklet published by the bank. This booklet is in the custody of the Branch Manager. Any customer desiring to check up on any specific service charge can avail of this booklet and clear his doubt. The bank also offers concessions/at par remittance as well as collection facilities in selective cases. These are :
Collection of instruments favouring Educational/Welfare Service, Charitable & Religious Institutions may be allowed at par, provided that these institutions are exempt from payment of Income Tax and they bank with us. However, actual postage/transmission charges and out of pocket expenses will be recovered while collecting instruments for above customers.
Collection of subsidy cheques issued by the Central and State Governments under I.R.D.P. and other programmes may be effected at par. Cheques tendered by Government Departments for credit to Govt. Accounts to which we are the accredited bankers may be collected at par. However, actual postage and out of pocket expenses will be recovered in all cases.
Collection of outstation cheques and issuance of D.D./M.T./T.T. etc. may be allowed at par to defence personnel who are in active service. However, postage and other out of pocket expenses will be recovered.
Collection of Cheques at par and free remittance facilities by way of issuing D.D./M.T./T.T. may be allowed to blind, physically handicapped and institutions set up for their benefits, provided they bank with us. However, postage and other out of pocket expenses will be recovered.
Cheques, Drafts favouring Prime Minister’s/Chief Minister’s Relief Fund may be collected at par. However, actual postage etc. will be collected positively.
All other requests for concessions in service charges will be entertained by the Branch Manager who will in turn forward the same to the respective Regional Manager who is authorised to sanction the same keeping in mind the business relations with the applicant as well as the volume of business to be generated by effecting the above concession.
Remittance and Collection Services :
The Bank as stated above is having excellent branch network spread throughout the geographical configuration of India and selected centres abroad.
Customers can remit funds from one centre to another by way of Demand Drafts/Telegraphic Transfers etc. They can also utilise the facility of electronic fund transfer (EFT System) operated through the Reserve Bank of India for transferring substantial funds to and fro Kolkatta, Chennai, Delhi and Mumbai upto an upper limit of Rs.5 lakhs.
Likewise the Bank through its service branches and other branches participates in high value clearing, local clearing and national clearing as operated under the rules and regulations of Reserve Bank of India. Cheques drawn on outside centres are cleared as followed :
Metropolitan Centres listed in National Clearing within 7 days.
State Capitals other than North Eastern States and Sikkim within 10 working days.
All other centres in India within 14 working days.
Customers are requested to deposit their cheques at branches where they are having their accounts.
Immediate credit of local as well as outstation cheques upto Rs.7500 is provided to individual customers who are maintaining satisfactory accounts with the branch. Details for availing this facility can be had from the Branch Manager. Outstation cheques which are returned unpaid will bear interest to be paid by the customer for the period the branch is out of funds. Likewise interest will be paid at the rate applicable in case of delayed collection of outstation cheques.
Locker and Safe Custody Facility
The Bank offers locker facilities as well as facility for keeping valuables in safe custody at selected branches. Such branches indicate/display this information in their banking halls. The major aspects covering this service are :
Locker may be hired by an individual, firms, limited companies, specified associations and societies etc. Minors are not allowed to open lockers.
Lockers are rented out for a minimum period of 1 year. The rent is payable in advance. The bank allows payment of interest accrued available from fixed deposit receipts specially lodged with the branch for payment of such rent. Overdue rent will attract penalties as decided from time to time.
The bank reserves it’s right to break open the locker if the rent is not paid inspite of giving notices as per bank’s rules and the charges thereof shall be borne by the holder.
Articles like shares, securities etc. can be kept in safe custody with the bank in branches where such facility is offered. There are separate service charges
covering the service. Large and small boxes wherein such articles have been kept must have written details painted thereon. The lock should be covered with stout cloth and sealed with the customer’s seal. The relationship in such cases between the bank and customer shall be that of bailor and bailee.
Others :
All other details pertaining to documentation, standing instructions, nominations and payment of deceased claims are well codified and any customer of the bank can obtain the same from the Manager of the branch where his/her account is being maintained.
CHAPTER – IV
Redressal of Customer’s Grievances :
The Bank gives top priority to quick and effective settlement of all customer complaints. Detailed guidelines in this regard have been issued to Branch Managers and Regional Offices.
To enable the customers to voice their grievances or offer suggestions for improvement in customer service, "Customer Day" is observed at all the offices of the Bank across the organisation covering branches, Regional Offices and Head Office on 15th of every month (next day, if 15th is a holiday or half-day). During specified hours on this day any customer can meet senior/top executives of the Bank including Chairman & Managing Director without prior appointment.
In case of any complaint, the matter may be first brought to the notice of concerned branch manager for immediate redressal. If the complaint is not redressed to the satisfaction of the customer within 15 days, the matter may be taken up with the designated Nodal Officer in the respective Regional Office. The Nodal Officer at the Regional Office will reply to the complainant within 15 days of his having received the same.
If the complainant still feels unsatisfied with the responses received, he can address his complaint to the bank’s Chief Nodal Officer at Head Office designated to deal with customers’ complaints/grievances giving full details of the case. The Nodal Officer at Head Office will give a well reasoned reply to the complainant concerned. This will be the final reply of the Bank in the said case.
It will be the endeavour of the Bank to redress complaints within a total period of 45 days. After exhausting all the above channels, if the customer is not satisfied, he may write to the following :
1. Directorate of Public Grievances, Govt. of India, Cabinet Secretariat, Sansad Marg, New Delhi.
2. The Banking Ombudsman located in State Capitals under RBI Ombudsman Scheme, 1995.
3. The District Consumer Forum under Consumer Protection Act, 1985.
The addresses/telecommunication details/E-mail address of Regional Offices, Head Office are given in annexure – B .
ANNEXURE-BCICH-PP
ANNEXURE - A
UCO BANK
TIME-NORMS FOR VARIOUS BANKING TRANSACTIONS
The following time norms etc. areindicative only
For Cash Paymenta) Through teller : 3 to 8 minutesb) Through cashier : 8 to 15 minutes
Receipt of cash : 10 to 20 minutes
For issuance of dd/fdr : 15 to 25 minutes
Payment of demand drafts 10 to 20 minutes
Payment of fixed deposit receipt 15 to 20 minutes
Opening of an account 20 to 25 minutes
Retirement of bills 20 to 30 minutes
Updation of pass books 5 to 15 minutes
Statement of accounts Within 7 days
Collection of Cheques:
Local : 1 to 4 daysOutstation :7 days for National Clearing10 days in case of State Capitals other than North Eastern States and Sikkim.14 days for rest of the country.
CICH-PP
RESERVE BANK OF INDIA (RBI)DEPARTMENT OF CURRENCY MANAGEMENT
1. Objective of the Citizens' CharterThis Citizen's Charter provides information on various facilities provided by the Reserve Bank of India in the matter of exchange of notes and coins and the common standards of the services provided at RBI Issue Offices and commercial bank branches.
2. Services Available at RBI Issue OfficesThe RBI Offices, where Issue Department is functioning, offer the facility to members of the public to exchange their notes including soiled and mutilated notes and coins including uncurrent or worn out coins. The Bank is committed to provide exchange facility free of cost at its counters during business hours.
3. Names of RBI Offices which provide exchange facilitiesThe facilities are provided at the counters of the Bank's Regional Offices located at Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
4. Exchange of notes into coins with the help of coin dispensersMembers of the general public can also get their notes exchanged into coins using the coin dispensers installed in the banking halls of the Reserve Bank's Regional Offices.
5. Exchange of soiled and mutilated notes and coins at the Bank's public counters
Members of the general public can avail themselves of the following facilities at the counters of the Bank's Offices.
a. Exchange soiled notes. A note which has become limp or which has developed minor cuts due to wear and tear or which is disfigured by oil, colour, ink, etc. will be treated as soiled note. To facilitate easy exchange, notes which have been divided vertically through or near the centre with numbers intact are also treated as soiled notes. Notes on which political or religious slogans are written are not exchangeable under any circumstances.
b. Exchange mutilated notes. A mutilated note is a note of which a portion is missing or a note which is composed of pieces, provided that the note presented is not less than half of the area of the note and that, if the note is composed of a note joined together, each piece is, in the opinion of the 'Prescribed Officer' [as defined in the RBI (Note Refund) Rules] identifiable as part of the same note.
The RBI (Note Refund) Rules, 1975 (as amended upto 1980) are posted on the RBI Website http://www.rbLora.in under the Head "Publications" and Sub-Head "Occasional Publications".
c. Exchange of coins including uncurrent coins into notes or coins.
6. Exchange of mutilated/ cut notes received through the Triple Lock Receptacle or by PostIn order to provide note exchange facility to members of the public who cannot wait at the Bank's counters to tender their mutilated/ cut notes, the Bank's Offices provide a facility of depositing mutilated/cut notes in a locked box called "Triple Lock Receptacle (TLR)". The TLR box is kept near a specified counter and notes can be dropped into the box in a closed cover which can be obtained from the enquiry counter. The tenderers are required to write the particulars of the notes tendered by them, their name, address and bank account number on the cover. Members of the public can also send mutilated notes by insured and registered post to RBI Offices. In their own interest, such covers should be sent through Registered and Insured post. The exchange value of notes which are found payable under the Note Refund Rules is credited to the bank account of the tenderer through Electronic Clearing Service/EFT which is at present free of cost. In case the tenderer does not have bank account or the place where he resides does not have a clearing service/ provision of EFT, the exchange value is remitted by means of bank draft/money order at the cost of the tenderer. The TLR facility is available only for mutilated/cut notes and not for soiled notes.
7. General Conditions of Service
i. The exchange facility over the Bank's counters is available during the business hours of the respective Regional Office-and is free of cost.
ii. The serial numbers of counters where exchange facility is made available at each Office are displayed at the banking hall of each Office of the Bank.
iii. Mutilated/cut notes in closed covers are received in Triple Lock Receptacle upto one hour after the close of normal business hours.
iv. The mutilated/cut notes are exchanged by the Bank as of grace under the Reserve Bank of India (Note Refund) Rules. When the mutilated/cut note is not found payable under the Rules, the same is rejected and rejection advice issued to the tenderer. The rejected note is retained by the bank and destroyed after four months.
v. Notes/coins which are found to have been forged/ counterfeited are impounded and no value thereof is paid. Such notes/coins are retained by the Bank after issue of advice to the tenderer.
vi. The security features of the bank notes issued by RBI are furnished as information to members of the public in the Bank's website.
vii. In case any member of the public faces any difficulty in getting the above exchange facilities at any RBI Offices or i: asked for any bribe, he may record a complaint in the complaint book/register maintained at the enquiry counter of the Regional Office or bring it to the notice of the in-charge of the Issue Department of the respective RBI Office. The designation and addresses of the in-charges are furnished in the Annexure.
viii. The staff and officers of the Reserve Bank will treat each member of the public with courtesy and consideration. The staff will be helpful and will attend promptly to the customer's enquiries and complaints.
8. Exchange of soiled and mutilated notes and coins at the counters of commercial banks
i. Offices of the Reserve Bank are located at selected centers. The Bank has, therefore, made arrangement for provision of the facility of exchange of soiled notes, exchange of notes to coins and coins to notes at the branches of scheduled commercial banks. While the facility for exchange of soiled notes is available 3t all branches of public sector banks and currency chest branches of private sector banks, the facility of exchange of mutilated / cut notes is available only at the currency chest branches of commercial banks. A list of the currency chest branches where the mutilated notes can be exchanged is available at the enquiry counter of the RBI Offices. Such currency chest branches also have instructions to display notice board regarding availability of mutilated notes exchange facility. In case any such branch refuses to provide the exchange facility, aggrieved members of the public can complain to the Chairman and Managing Director/CEO of the commercial bank concerned. In case the grievance is not redressed, the matter may be brought to the notice of the concerned Regional Office of Reserve Bank of India.
ii. Branches of other banks i.e. Co-operative Banks and Regional Rural Banks are expected to exchange notes and coins at their convenience. They, however, do not have powers to exchange mutilated notes.
Deposit Schemes
New Deposit Scheme titled "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 - upto 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 Bank's attractive Deposit Schemespromise you high growth and easy liquidity
Besides the facilities of opening Current Deposit/Savings Bank Deposit/regular Recurring Deposit and Fixed Deposit accounts, customers in UCO Bank are provided with a number of well thought out deposit schemes, tailor made to suit different needs of different people - each in its own way maximizing the benefits for the depositor.
MONEY BACK RECURRING DEPOSITS (MAKES YOUR DREAMS COME TRUE)
It is a long term Recurring Deposit scheme with intermediate withdrawal facility. Deposits are to be made every month, and the maturity period is after 120 months. You will be having two options :
You may opt to have one intermediate withdrawal at the end of 60 months and get the final payment at the end of 120 months, or
You may withdraw immediately at the end of 36 months and 72 months, and get the maturity amount at the end of 120 months.
The scheme meets your long term monetary requirements.
FRIEND-IN-NEED SCHEME (A FIXED DEPOSIT WITH CHEQUE FACILITY)
This Term Deposit earns high interest and simultaneously offers overdraft facility through a Current Account. Cheque facility is available for withdrawal of money limited to 90% of the deposit. The drawals together with interest can be paid back in instalments, without affecting the growth of the deposit. This unique combination of fixed deposit with
cheque facility comes as your true friend in meeting your emergency needs.
TWO-WAY DEPOSIT SCHEME (MAKES YOUR IDLE MONEY GROW)
This deposit scheme is devised to invest the surplus fund that you may keep in your Savings Bank or Current Account. Under the scheme, the surplus fund is invested in short term deposits for 46 days, and then is either paid back or renewed, as desired by you. The deposit earns a high interest while retaining its liquidity. The periodical transactions can be automatic as per your instructions. By making use of your idle money, the scheme provides you an option to meet both your short term and long term requirements.
LAKSHMI YOJANA (A HOPE FOR YOUR FUTURE)
It is a long term Recurring Deposit scheme with variable monthly deposits. The interest on deposit is calculated as the minimum monthly balance between the 10th and the last day of a month, and is credited to the account every half year. The amount deposited will attract interest as applicable to Term Deposits. Upto 90% loan facility on deposit amount is available at a nominal interest. The Yojana is best suited to shaping a bright future for your child.
KUBER YOJANA (A SAFE DEPOSIT TO INCREASE YOUR WEALTH)
A long term fixed deposit scheme. Interest is compounded every quarter by way of reinvestment. Thus the scheme generates a large sum of money at the time of maturity. The scheme meets the need for a safe long term investment.
FLEXIBLE FIXED DEPOSIT SCHEME (A FIXED DEPOSIT WHOLLY AT YOUR BENEFIT)
Deposits are accepted under reinvestment plan with the difference that a part of the deposit can be prematurely encashed without affecting the remaining portion that continues to earn interest at the agreed rate. Withdrawal is allowed in multiples of Rs.5000/-. It is indeed a matchless scheme to take care of your emergency needs.
SPECIAL DEPOSIT SCHEME FOR SENIOR CITIZEN
1.1 For all term deposits (domestic/NRE), from Senior Citizens of age 60 years and above, regardless of size of deposits, an additional interest of 0.5 per cent over the normal rate of interest will be payable on maturity periods of one year and above. This will be applicable for fresh term deposits and renewals.
1.2 Verification of Age: For the purpose of verification of age, at the time of opening a new term deposit account of a Senior Citizen, the branches should satisfy about the age by verifying any of the following documents :-
i. Secondary School Leaving Certificate indicating date of birth, ii. LIC Policy,
iii. Voters Identity Card,
iv. Pension Payment Order,
v. Birth Certificate issued by the competent authority,
vi. Passport, or
vii. Any other document acceptable to the branches.
1.3 Renewal of Accounts of Senior Citizens
Once the age of a Senior Citizen is verified for accepting a term deposit under this special scheme, bank shall not seek proof of age for renewal of the deposit or for accepting subsequent term deposits from the same depositor under this special scheme.
1.4 Treatment of Joint Depositors
For term deposits from Senior Citizens jointly, with other person below the age of sixty years, under this special scheme, it has to be ensured that the name of the Senior Citizen is noted as the first name in the application for such deposits.
1.5 Automatic Transfer to Nominee
For this special deposit scheme for Senior Citizens, there will be automatic transfer of deposits to the nominees of such depositors in the event of death of the depositor.
1.6 Eligibility for Members of Staff
Branches may pay additional interest to our retired staff members, who are senior citizens on their fresh term deposits and on renewals of existing term deposits as follows:
Period of DepositNormal Staff
PrivilegeAs a Senior
CitizenTotal extra
interest
180 days to less than 3 years
1% 0.25% 1.25%
3 years and above 1% 0.50% 1.50%
There is no restriction in regard to the minimum amount. However, the amount of maximum deposit shall not exceed Rs. 25 lacs per ex-staff member.
Senior Citizens also enjoy the following facilities :-
(a) Waiver of Penalty for Premature Withdrawal : For all fresh term deposits and renewals under the Special Deposit Scheme for Senior Citizens, there will be no penal rate for premature withdrawal of term deposits. However, interest rate applicable in case of premature withdrawal of deposit will be the rate as prevailing at the time of opening the deposit account and as applicable for the period for which the deposit was actually kept with the bank.
(b) Free Remittance Facility : All deposit holders under the Special Deposit Scheme for Senior Citizens will be offered free remittance facility up to Rs. 5000/- (Rupees five thousand only) per month i.e. without payment of any commission . However, to avail of this free service, requisite funds to be remitted must be routed through the depositors Current or Savings account.
(c) Loan Facility : Depositors under this scheme will be eligible for loans under the UCO Pension Scheme.
CURRENT ACCOUNT IN FOREIGN CURRENCY AT OUR INDIAN BRANCHES
Eligibility
Resident Individuals only
Type of Account
Current Account only
Interest
The account does not bear any interest.
Currency of the Account
Account may be opened in US Dollars, Great Britain Pound, Euro and Japanese Yen.
Minimum Balance to be maintained
US Dollars US$ 500/-
GBP GBP 325/-
Euro Euro 500/-
Japanese Yen JPY 60,000/-
Maximum Amount/Balance in the Account
There will be no upper ceiling on the balances held in the account.
Joint Accounts
Joint RFC (D) account can be opened with a resident eligible to open RFC (D) account.
Nomination Facility
Nomination facility is permitted.
Permitted Credits in the Account
Foreign exchange acquired by the Resident Individual:
a. while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or
b. from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or
c. by way of honorarium or gift while on a visit to any place outside India; or
d. represents the unspent amount of foreign exchange acquired by him from an authorised person for travel abroad.
e. foreign exchange earned and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals. Foreign exchange earnings could be through export of goods and/or services, royalty, honorarium, etc.
Permitted Debits in the Account
Debits to the account shall be for payment towards current/capital account transactions in accordance with the existing foreign exchange regulations only.
FIXED DEPOSITS IN FOREIGN CURRENCY AT OVERSEAS BRANCHES
Eligibility
Resident Individuals only
Type of Account
Fixed Deposit Account
Currency of the Account
Account may be opened in US Dollars, Great Britain Pound, Euro and Australian Dollar.
Minimum Amount
US Dollars US$ 5,000
GBP GBP 3,000
Euro Euro 4,000
AUD AUD 7,000
Interest
Please contact our domestic or overseas branches.
Tenure of Deposits
For the period from one month onwards.
Funds for Opening the Account
Funds can be remitted by Resident Individuals through our ‘A’ & ‘B’ category Indian branches or any other Authorised Dealer in India designated by them for all the remittances under the Scheme in compliance to RBI circular No. A.P. (DIR Series) Circular No. 64 dated February 4, 2004 or as amended from time to time.
Premature withdrawal of deposits
The interest is paid at the rate of half of one percent below the rate for the period for which the deposit has actually remained with the overseas branch, as prevailing on the date of issue/renewal or date of payment, whichever is lower. No interest is paid if the deposit has remained with the overseas branch for less than 30 days.
Loans
No loan is envisaged by RBI under the Scheme.
Local Rules to Apply
All deposits will also be subject to Local Rules in the country of Deposit as prevailing from time to time.
Revised Minimum Balance Schedule for deposit accounts(effective from 01.04.2004)
A. Current Deposit Account
Category of depositors As per location of Branch Office
Metro Urban Semi-urban Rural
Individual Rs.3000/- Rs.3000/- Rs.2000/- Rs.1000/-
Others Rs.5000/- Rs.5000/- Rs.2500/- Rs.2000/-
B. Savings Bank Account(With cheque book facility)
Individual Rs.1000/- Rs.1000/- Rs.500/- Rs.250/-
Others Rs.1500/- Rs.1500/- Rs.1000/- Rs.250/-
Pensioners A/C Rs.250/- Rs.100/- Rs.100/- Rs.100/-
(Without cheque book facility)
All class of depositors Rs.500/- Rs.500/- Rs.250/- Rs.100/-
Pensioners A/C Rs.50/- Rs.50/- Rs.50/- Rs.50/-
UCO No Frill Savings Bank A/cMinimum initial deposit Rs.5/- (Rs.250/- with cheque book facility)(A/c will be in operation even with zero balance)
R/D A/CsMinimum instalment Rs.50/-
Fixed Deposit A/cMinimum deposit Rs.1000/-
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 with effect from 19.08.2009 as under :
Category of Depositor Rate of Interest % P.A.
General 7.50%
Sr. Citizen 8.00%
Staff/Ex-staff/Ex-staff who is also Sr. Citizen 8.00%
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 PREMIUM PLUS
The Bank has introduced a new product --- UCO PREMIUM PLUS CURRENT ACCOUNTS [UPCCA] designed to offer a comprehensive range of REMITTANCE services covering DD / TT /MT / RTGS / NEFT / Pay Orders etc. This simple product aims at maximizing the benefits for the customer who require regular movement of funds. Normal service charges would be applicable for all other services except the remittance services.
SCHEME FEATURES
Free Remittance
UCO PREMIUM PLUS offers free remittance facility up to 2 times of the chosen Minimum Monthly Average Balance (MAB) on a daily basis to current account holders who opt to maintain stipulated minimum balance with the bank. Maximum daily remittance limit shall not exceed Rs.20 lacs for the Minimum Monthly Average Balance (MAB) criteria of Rs.10 lacs.
OPERATING PROCEDURES
Account opening Balance (Initial deposit)
10,000/- 10,000/- 10,000/-
Minimum Monthly Average Balance (MAB) (Estimated as average of daily balance)
Rs.1 lac to <Rs.5
lac
Rs.5 lac to <Rs.10
lac
Rs.10 lac and above
Free Remittance by way of DD/TT/MT/RTGS/ Pay Orders etc. (Maximum Daily limit )
Two (2) times of the Minimum Monthly Average Balance
Charges on Non-Maintenance of Minimum Balance (MAB) (per month)
Rs 1500/- Rs.2500/- Rs.3500/-
STARTING OF THE FACILITY
A customer may avail the facility upfront from the date of opening of the UCO PREMIUM PLUS Account. Penalty for non maintenance of minimum balance shall be applicable from the 2nd month onwards.
ELIGIBILITY CRITERIA
A Person or an entity eligible to open Current Deposit Account as per RBI directives can open UCO PREMIUM PLUS. However, Banks including Co-operative Banks, RRBs and Financial Institutions are not eligible to open accounts under the scheme.
Existing Current Account holders may opt to convert their normal current accounts by signing an undertaking as given in the annexure regarding compliance of the scheme requirements.
The product will be sold through all CBS branches
ACCOUNT OPENING CRITERIA
Account can be opened with initial deposit of Rs.10000/=. However, it can be converted into UCO PREMIUM PLUS when minimum balance in the account reaches the stipulated minimum balance criteria and the depositor opt for the scheme by signing the prescribed option form cum undertaking regarding minimum balance, penalty etc. for the purpose (Annexure I). All existing depositor meeting the scheme criteria shall also be eligible to join the scheme on signing the option form cum undertaking (annexure I)
A depositor opting for the product need to maintain a minimum Average Monthly Balance (I,e average daily balance during the calendar month). For a broken month (account opening / closing month) average will be taken for actual number of days.
The minimum Monthly Average Balance to be opted by the customer should be Rs.1 lac. Higher balance may be chosen in multiple of Rs.1 lac.
Free Composite Remittance facility by way of DD/TT/MT/RTGS/ Pay Orders etc. shall be allowed every day upto 2 times of the minimum Average Monthly Balance.
The Free Remittance facility shall not exceed Rs.20 lac per day for which minimum balance requirement would be Rs.10 lac..
UCO BANK'S ATTRACTIVE LOAN SCHEMES
Being a Commercial Bank, giving Loans and Advances is one of the primary activities. Apart from participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., they have a fairly large basket of loan products specially designed to suit your personal needs. Salient features of some of the more attractive Personal Loan Schemes are described below:
UCO Shelter UCO Car UCO Trader
Education Loan UCO Cash UCO Rent
UCO Mortgage UCO Securities UCO Real Estate
UCO Nari Shakti UCO Shopper UCO Pensioner
UCO Emd Loan UCO Swabhiman – Reverse Mortgage Loan Scheme for Senior Citizen
Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
UCO SHELTER
This housing finance scheme brings to you an excellent opportunity to have your own house or flat. The scheme has been carefully tailored to suit your requirements and match your capacity. The reasonable rate of interest that you pay will be calculated on reducing balance, i.e. you do not have to pay interest on the loan installments actually repaid from the date of such repayment.
Eligibility
You are eligible for a loan under UCO SHELTER singly, or jointly as husband-wife/parent-son/parent-daughter, if you are
Indian resident having regular source of income.
Minimum 21 years of age.
Maximum 65 years of age inclusive of repayment period
Singly or Jointly as Husband-Wife, Parent-Son & Parent-Daughter
Maximum 75 years of age for Senior Citizens availing finance to secure Shelter in Old
Age Home against full coverage by Bank’s own Term Deposit.
Purpose
Purchase of new independent house/ready built flat for residential purpose.
Construction of independent house on the site already owned by the applicant or site proposed to be purchased from own sources.
Purchase of old house/flat not more than 30 years old, free from tenancy and constructed as per approved plan.
Extension/Repair/Renovation of existing house/flat not more than 50 years old.
Takeover of home loans availed from other banks/FIs subject to certain terms.
Furnishing of house to be constructed/acquired with UCO Shelter Loan.
Loan for more than one purpose is allowed
UCO Shelter Loanee may be allowed to avail personal loan also under certain conditions.
Purchase of plot of land for housing purpose under certain conditions.
Quantum of loan
The quantum of loan will be decided as per loan entitlement subject to a maximum of 85% of the total project cost of construction/purchase price of house/flat. Required margin of 15% may be by way of cost of land.
Quantum of loan for furnishing will be 75% of cost of such furnishing subject to a ceiling of 20% of loan eligible for construction/acquisition of house/flat.
The area-specific maximum limits for construction/purchase are as under :
Rural Areas : Rs.25 Lac
Semi-urban/Urban/Metro Areas : Rs.100.00 Lac
Maximum limits for Repair/Extension/Renovation are Rs.7.50 lac in rural areas and
Rs.25.00 lac in Metro/Urban/Semi-Urban areas.
Purchase of Land – financing the cost of land in deserving cases upto 50% of cost of land purchased from Urban Development Authorities/Govt. Bodies subject to the ceiling of 30% of the project cost (i.e. Cost of land + Construction Cost).
Loan Entitlement
Within the above limits, loan entitlement will depend on the following income criteria:
Monthly income should be equal to/more than EMI + Rs.4,000/- in case of a family with up to four members – Salaried/Non-salaried and agriculturist and bank’s own staff are entitled for loan
With increase in number of members, monthly income requirement goes up progressively by Rs.1,000/- for each additional member. Income of spouse & major children may be considered for enhancing the loan entitlement on their agreeing to stand as guarantor/ co-obligant
Loan limit can be enhanced if additional liquid security is offered.
Second Loan- Allowed for repair/renovation/extension of existing house after one year of first loan with minimum margin requirement of 25%
Processing Fee
0.5% of the loan amount minimum Rs.1000.00. Only 0.25% payable on issuance of in-principle sanction. Balance amount payable on final sanction.
No processing fees for take over loan.
Repayment
The maximum period of repayment is 25 years inclusive of moratorium. However, the monthly interest charged during the moratorium period will have to be paid. The entire loan will have to be adjusted before retirement or 65 years of age, whichever is earlier. Repayment may be made by deduction from monthly salary or by means of post dated cheques. Flexibility in repayment is permissible through stepped up EMIs and in case of farmer borrower, repayment is linked to crop cycles. Both in case of Salaried and non salaried person, repayment period may be enhanced to certain period over and above the prescribed period depending upon repaying capacity of the co-applicant.
Prepayment charge
2% of the prepaid amount, if the loan is prepaid within 3 years. No prepayment charges thereafter. However, no pre-payment charges are to levied if loan is pre-paid from own source.
Tax Benefits
Tax relief on principal and interest components of this loan would be available as per provisions prevailing under Income Tax Act.
Insurance
Insurance cover on property under UCO Griha Raksha Yojna Scheme of NICL and personal accident benefit to the borrower is available on death only to cover the outstanding balance under UCO Griha Lakshmi Yojana Scheme (UCOGLYS). Group insurance cover to home loan borrowers is available against any type of death from Rs.50000/- to Rs.100.00 lac under UCOGLYS..
UCO CAR
This is an easy finance scheme for purchase of a new car as well as second hand vehicle not older than 5 years and economic life of a vehicle should be taken as 8 (eight) years from the date of manufacture of the vehicle.
Eligibility
Salaried Persons
The applicant must be a permanent employee having completed 2 years of service and remaining period of service of more than 5 years. The minimum monthly take-home pay must be Rs. 7,500/- + EMI.
Professional & Businessmen
Minimum income should be Rs. 1.20 Lac per annum as per Income Tax Return/Assessment. LIC Policy equal to the amount of loan should be assigned in favour of the Bank.
Quantum of loan
The amount of loan would be 85% of the cost of vehicle or Rs. 7.50 lacs whichever is lower in case of purchase of new car. For purchase of old car, the maximum quantum would be 60% ( if age of car is more than 4 years old ) and 70% ( if the age of car is upto 4 years old) of the cost of the vehicle or Rs.3.50 lacs maximum. For second hand vehicle "certificate of fitness" and valuation certificate is required.
1% service charge is applicable subject to a ceiling of Rs.1000/- only.
Repayment
The loan amount together with interest will have to be repaid within a maximum of 60 months. In case where at source deduction is not possible, repayment should be made by post dated cheques in 60 installments. In case of second hand/Pre-used vehicle the loan with interest should be repaid within the residual economic life of the vehicle but not exceeding 36 installments.
0.5% charge is levied on pre-paid amount if loan limit is above Rs. 2 Lac.
UCO TRADER
It is a loan for financing working capital and Term Loan needs of Retail and Wholesale trading activities other than Export. Retail and Wholesale trade in various types of commodities (not services) excluding those items which are specifically prohibited/restricted by the Bank, are financed through this scheme. Fund based Advance is granted by way of Cash Credit against stock as well as Book debt and Term Loan for acquisition of fixed assets to run the trade and business.
Eligibility
Existing enterprises engaged in business for at least 2 years and earning profit during the last 2 years.New trading unit started by existing UCO Trader borrowers or their close relatives/ allied/associate/connected concern under certain terms
New trading units as well as units which have not completed two years can be financed maximum upto Rs.10 lac under certain terms
Quantum of loan
Minimum Rs. 1 Lac and Maximum Rs 200 Lac
Within fund based limit of Rs. 200 lac, term loan up to Rs. 25 lac can also be sanctioned for acquisition of fixed assets. Repayment period of Term Loan not to exceed 60 months. Besides the above quantum of fund based limit, NFB limit by way of Inland LC/Bank Guarantee if needed, may be issued maximum up to 50% of FB working capital limit.
Salient features
Margin
No margin is required for Cash Credit in case of existing units & 20/25% for new units while computing drawing power
Margin for Term Loan, LC & BG is 25%
Application is simple; Balance Sheet is not required for limit up to Rs 10 lac and not compulsory for limit below Rs 50 lac subject to certain conditions.
Security
Primary-Hypothecation of stocks and book debt.
Collateral-100% for Cash Credit (against stocks only ) and Term Loan, 125% for Cash Credit(against stocks and debtors)
Processing Charges- 0.50% of fund based limit, 0.25% of Non-Fund based limit.For more details please contact your nearest UCO Bank branch.
EDUCATION.LOAN
Scope:
The scheme extends a helping hand to meritorious students desirous of pursuing basic/higher/professional/technical education either in India or abroad. The parents will become co-borrowers with their dependant (student) if the latter applies for educational loan.
Studies in India
School education including plus 2 stage.
Graduation courses leading to degrees like B.A., B.Sc., B.Com. etc.
Post Graduate courses leading to Masters degrees as also Ph.D.
Professional courses in Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
Computer Certificate courses of reputed institutes accredited to Universities or DoE.
Courses like ICWA, CA, CFA, etc.
Studies Abroad
Graduation : Job oriented professional / technical courses offered by reputed Universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA – London, CPA in U.S.A., etc.
Eligibility
Applicant must have secured admission to professional/technical course through Entrance Test/Selection Process.
Secured admission to foreign University / Institution.
No maximum or minimum income is prescribed for parents/family.
Age limit :
18 to 25 years for graduation course – may be extended from 28-30 years for general and SC/ST candidates respectively.
21 to 28 years for post-graduation course etc. – may be extended from 30 -33 years for general & SC/ST candidates respectively.
Quantum of loan
Need based finance subject to repaying capacity of parents/students with following ceilings :
Studies in India : Maximum Rs. 10.00 Lac
Studies Abroad : Maximum Rs. 20.00 Lac.
The loan amount under the scheme would be for meeting the following expenses :
Course Fees
Hostel/Boarding Fees including caution deposit/building fund etc.
Books, Stationery & Equipment required for the course, including Computers.
Examination/Library/Laboratory fees.
Travel Expenses/Passage for studies abroad.
Security
Upto Rs.4.00 lacs – No security
Above Rs.4.00 lacs – Collateral securities by way of suitable 3rd party guarantee or tangible security equivalent to loan amount.
Margin
Upto Rs. 4 Lac - Nil
Above Rs. 4 Lac Studies in India - 5%
Studies Abroad - 15%
Service Charge : There is no processing fee /no service charge
Repayment
The loan will be repaid in 5-7 years after commencement of repayment. There will be moratorium for repayment during "the course period +1 year or 6 months after getting job, which ever is earlier".
1% interest concession may be provided, if the interest is serviced during moratorium period.
UCO CASH
This is a Personal Loan scheme to meet the domestic needs like marriage, medical, traveling and other social obligations.
Eligibility
Permanent Employees or those who have completed 3 years of service. Minimum take-home pay should be 40% of gross salary after all deductions including EMI against this loan. Regular income may also be reckoned for eligible quantum.
Quantum of loan
90% of the proposed expenditure or Rs. 2 Lacs whichever is lower. Additional amount may be sanctioned within the quantum ceiling to the existing eligible borrowers.
Security
Loan will be on clean basis with two guarantors – Spouse and other than Spouse having equal income with that of the applicant.
Repayment
The loan amount with interest is repayable in 48 EMIs through salary deduction of employee borrower. But one year before retirement.
Service Charge : 1% (minimum Rs.500/-)
UCO RENT
This is a loan against the security of future receivables i.e. assignment of future rent receivable, for productive purposes e.g. augmenting earnings like investing in securities, undertaking repairs & renovation of the property, etc.
Eligibility
Owners i.e. lessors of houses/flats/godowns/warehouses etc. only are eligible under the scheme. The owner may be an individual, a firm or a company. Properties belonging to cooperative societies are not considered for sanction of loan under the scheme.
Quantum of loan
Maximum 80% of the total rent receivable during the unexpired period of lease less tax deduction at source.Minimum Rs. 1 Lac
Repayment
The repayment period can be extended upto a maximum period of 84 months.
Processing fee
1. Fresh Sanctions : 1% of the sanctioned loan amount.2. Review on run down Balance: Rs.225.00 per lac, Min.Rs.250.00, Max. Rs.56000.00
UCO MORTGAGE
Under the scheme credit facilities are considered upto 60% value of the property located in metro/urban/semi-urban centers to meet financial needs of government employees, employees of schools, colleges, PSU, reputed corporate business enterprises, professionals and businessmen with regular source of income and filing IT return against mortgage of their immovable property with clear Title.
Eligibility
Maximum age limit of the borrower should be 65 years on the date of application. Loans can be sanctioned in the form of term loan or overdraft.
Quantum of loan
Maximum (Rs) Minimum (Rs)
50 Lac 2 Lac
Repayment
Facility
Term Loan Maximum 84 E.M.I.
Overdraft 15% reduction in the overdraft limit by the end of each year so that advance is completely liquidated by the end of 7th year. Interest should be serviced every month.
Salient Features
Processing Fee 1% of loan amount
Prepayment Charges 1% of amount prepaid
While determining repayment capacity, income of spouse can also be taken. In that case loan should be in joint names.
The condition of maintaining 40% of net take home is applicable to both Salaried and non-salaried person. In case of non-salaried person, their annual Gross Income, as per IT Returns, is to be divided by 12 to arrive at Monthly Gross Income. Like Salaried persons, their NET monthly income after all deductions including monthly installment of proposed Term Loan and/or monthly interest on Overdraft and proportionate principal amount to the extent of 15% of the O.D. limit/balance should not be less than 40% of their Gross monthly income.
If credit facility is granted against building/flat/apartment, the same should not be more than 30 years old.
UCO SECURITIES
Under the scheme credit facilities are extended to borrowers against financial securities issued by Central Govt./State Govt./RBI in the form of National Savings Certificates, Kisan Vikas Patra, Govt. Securities and Relief Bonds. Loans are also sanctioned against Life Insurance Policies of Life Insurance Corporation of India and bonds/debentures issued by specific Public Financial Institutions.
Eligibility
The securities should be in the name of the borrower or any one of the joint borrowers.
The securities should be transferable and can be assigned/pledged in favour of the Bank.
Quantum of loan
It will be determined on the basis of discounted face value/maturity value/surrender value of the transferable security at 13.50% (BPLR -1.00%).
Repayment
Facility
Demand Loan Loans should be adjusted from the maturity proceeds of securities assigned/transferred
Overdraft
Cash Credit
UCO REAL ESTATE
Under the scheme advances are extended to the Promoters/Developers of real estate who should be well established and experienced in their line of activities at least for a period of three years. Cooperative Societies are not eligible to be borrowers under the Scheme.
Eligibility
Only builders of repute, integrity and excellent track record and professionally managed are eligible for such finance. They must have at least 3 years experience in the line and must have successfully completed 2-3 projects. The financial position of the builders/developers as per last audited balance sheet must be satisfactory. Financing would be subject to commercial viability and sufficient cash generation to repay the loan.
Pre-requisites
a. Details of the project cost and means of finance
b. Profitability statement
c. Annual Cash Budget for the duration of the loan showing monthly/quarterly cash inflows of the specific project along with repayment schedule
d. Audited financial statements for the last 3 years, the current year's estimate and projections for next 3 years or till the completion of the project
e. Original Title Deed of the land, detailed estimate of the proposed construction from a Chartered Engineer/Architect and permission from the competent authority of the property in case it is falling under Urban Land Ceiling Act
f. Documents like non-encumbrance certificate, certified copy of R.S. Parcha, current, renew/Municipal receipts, Lawyer's opinion on ownership and marketable title and sanctioned plan.
g. The Bank should enter in to a legally vetted tripartite agreement with promoter and buyer that should ensure among other covenants adherence to National Building Code (NBC).
Quantum of Loan
The quantum of advance will be assessed on the basis of peak level deficit projected in the Cash Flow Statement in the Budget, as submitted by the borrower applicant.
Security:
(a) Primary: The land and building to be constructed on the land shall form the primary security. The value of primary security should be adequate to cover the Bank finance.
(b) Collateral: Collateral in the form of equitable/registered mortgage of other land and building of adequate value of promoter/ guarantor may be taken.
Margin- 25% (minimum)
Insurance-Building to be comprehensively insured against fire, riot and other damages with Bank's clause.
Processing & Up-Front Fees
a. Processing fees
1. Fresh Sanctions : 0.80% on the amount of loan applied for along with the application. 1.20% processing fee of the sanctioned loan amount.2. Review of TL on run down Balance : Rs.125.00 per lac, Min. Rs.250.00, Max. Rs.56000.003. Renewal of CC/WC : Rs.395.00 per lac or part thereof Min.Rs.700.00
b. Upfront fee will be 1% of loan amount sanctioned
Delivery of Credit
The credit /quasi credit requirement of the Construction company by way of cash credit/overdraft/short term loans linked to each specific project for a maximum period covering the period of construction plus 12 months will be considered on merit. Bid bond, Bank Guarantee for raising mobilization of advance, performance guarantee and guarantee for release of retention money etc. will also be considered on merit. Disbursement will be in phases depending upon the progress of work as certified by Chartered Engineer/Architects.
Repayment
Repayment is to be made in one or two installments after completion of the project and sale of the flats. Sales realizations in one Project should not be diverted to another Project.
UCO NARI SHAKTI
This Scheme is aimed at providing financial assistance to salaried women, in line with the broad objective of the Government towards women's empowerment.
Salient features
Eligibility
Applicant should be either a permanent employee or have completed 3 years of service. Minimum take-home pay should be 40% of gross salary after all deductions including EMI against this loan. Regular income other than Salary Income may also be reckoned for considering the eligible amount.
Quantum of loan
90% of the proposed expenditure or Rs. 2 Lac whichever is lower. Additional loan amount may be allowed within the quantum ceiling to the existing borrower for the purpose the earlier loan was sanctioned.
Security:
Loan will be on clean basis with two guarantors including that of Spouse/Nominee of PF/Gratuity. One guarantor other than spouse may be waived if additional liquid security is provided up to 40% of the loan amount.
Click here to view rate of Interest :
Repayment
The loan amount with interest is repayable in 60 EMIs but one year before retirement
Service Charge - 1% (Min. Rs.500/-)
UCO SHOPPER
It is a Consumer Loan scheme for Salaried Persons, Professionals and Businessmen for purchase of a whole range of consumer durables and two-wheelers. Consumer durables like TV, Computer, Refrigerator, Air-conditioner or any other item acceptable to the Bank, and Two-wheelers can be purchased through this scheme.
Eligibility
Salaried Persons
Persons permanently employed in Govt./Semi-Govt. or reputed private concerns with remaining period of service of more than 5 years with annual take-home pay not less than Rs. 36,000/-. Income of spouse can also be reckoned to arrive at the stipulated take-home pay.
Professionals & Businessmen
The earnings of the applicant should not be less than Rs. 1 lac per annum as per Income Tax Returns/Certificate. LIC policy is to be assigned in favour of the bank for an amount equal/or more than the loan amount in case of non-salaried person.
Quantum of loan
Maximum : Rs. 1,00,000/- Minimum : Rs. 10,000/-
(Subject to maximum 10 times of monthly take-home pay in case of salaried persons).
Margin
In case of two wheelers minimum margin is 10% and for consumer durables the minimum margin is 15%.
Service Charge
2% service charge subject to a maximum of Rs. 500.00 will be taken at the time of sanction.
Guarantee
Personal guarantee of a person acceptable to the Bank is required.
Repayment
The Loan is repayable together with interest within a maximum period of 60 months in equated monthly installments either through salary deduction or through post-dated cheques. No charge is levied for pre-payment.
UCO PENSIONER
Short Term loan is extended through this scheme to Pensioners who receive pension through our Branches. War widows drawing family Pension are also eligible.
Purpose
For meeting medical expenses for self and dependants. Payment of mediclaim premium.
Meeting marriage expenses.
Educational and traveling expenses.
Repairs/renovation of dwelling house.
Funeral expenses.
Quantum of loan
Depends upon the monthly pension: 10 times of monthly pension or Rs. 1 lac whichever is lower.
There is no processing charge or service charge.
Repayment
Repayable within 12 to 24 months. It can be extended to 36 months in genuine cases but not beyond the period of 70 years age inclusive of repayment period. No pre-payment charge is levied.
UCO EARNEST MONEY DEPOSIT LOAN SCHEME
Loan scheme for financing for Earnest Money Deposit for booking housing plots/flats offered by various Urban/Metropolitan Development Authorities & Housing Boards.
Eligibility
Indian residents having regular documented source of income. Minimum 21 years of age Singly/Jointly as permitted by State Housing Boards/Urban Development Authority/Metropolitan Development Authority. The facility is to be allowed to only those applicants who fulfill all the eligibility criteria under UCO Shelter Scheme.
Amount of Loan
Maximum not to exceed 80% of the EMD.
Processing Charge
Rs. 300.00 upfront per application
Margin - 20%
Interest Rates - 9.00% (Fixed)
Prerequisites-
Letter of undertaking to be obtained from SHB/UDA/MDA of having noted Bank's lien and refund the amount through UCO Bank in case of unsuccessful applicants
In case of allotment of plot, housing loan under UCO Shelter can be availed by the applicants. In such case the loan for EMD shall be adjusted against the loan granted for purchase of land and construction of house thereon.
Repayment- 24 monthly installments
UCO SWABHIMAN - REVERSE MORTGAGE LOAN MORTGAGE LOAN SCHEME FOR SENIOR CITIZEN
Bank introduces UCO Reverse Mortgage Loan Scheme for Senior Citizens, under Reverse Mortgage a Senior Citizen, owning a house/flat, can avail of a monthly stream of Income against the mortgage of his/her property while remaining the owner and occupying the house throughout his/her lifetime, without repayment or servicing of the loan.
Eligible Borrowers Senior Citizens of India.
Purpose Supplementing Senior Citizen’s Income
Loan Amount Based on valuation of the property and age of the borrower – Maximum Rs.50 lacs
Period of Loan Minimum 5 years and maximum 15 years.
Mode of Disbursement Monthly/Quarterly with fixed/increasing Equated monthly Disbursement with an option to avail One-time lump sum payment after 12 months from the first disbursement during entire tenure of 15 years as per choice of the borrower.
Security Equitable Mortgage of the residential property owned & self occupied by the Senior Citizen borrower.
Rate of Interest 10.50% (fixed) with reset clause after 3 years.
Repayment The outstanding loan will be due when the last borrower dies/permanently moves out of the house/would like to sell the home.
Loan will be liquidated by sale of property.
Option available with the legal heir(s) to repay the loan and redeem, the house property.
Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
'Affordable Housing for All' is an important policy agenda of the Government of India. Accordingly The Cabinet Committee for Economic Affairs has approved an Interest Subsidy Scheme for Housing the Urban Poor in order to ameliorate the living conditions of Economically Weaker Section/LIG population in urban areas. Primary objective of the scheme is to provide interest subsidy support.
Objective:
The key objective of the scheme is to enable Economically Weaker Sections (EWS) and Low Income Group (LIG) households to avail affordable housing loans for purchase of house/construction of new house.
Definition:
a) EWS- Economically Weaker Sections are those households having monthly income upto Rs.3300/-
b) LIG- Low Income Groups are those households having monthly income between Rs.3301/- to Rs. 7300/-
Target Group:
Individuals /NGOs for on lending to their group members. Preference will be given to SCs, STs, Minorities, Person with disabilities and Women beneficiaries in accordance with their proportion in the total population of city/urban agglomerate during the 2001 census.
Applicants planning to form cooperative group housing societies or organizations like Employees Welfare Housing, Labour Housing, etc. should be given preference and whenever possible construction of houses by such cooperatives by way of 1+3 storied buildings should be promoted so that cost of land is shared among beneficiaries. However, this is not a mandatory requirement. Both individuals as well as group Housing borrowers are equally eligible under the scheme.
Target Borrower:
Identification of beneficiaries will be undertaken by Urban Local Bodies or Local Nodal Agencies and they will assist the borrowers in paper works and procedure of bank loan. However the borrower would be free to approach and negotiate a loan under the scheme directly with the bank branch.
Preference:
Preference will be given to Scheduled Caste, Scheduled Tribe, Minorities, Person with disabilities and Women beneficiaries in accordance with their proportion in the total population of the city/urban agglomerate during the 2001 census
Stipulations:
The ultimate beneficiaries should not own a house in his/her name or in the name of his/her spouse or any dependent child. But such beneficiaries should own land in his name in case of application for construction of new house.
Area of operation:
Urban area. Zonal Offices will be advised to submit us a list of branches at urban area for implementation of the scheme.
Nodal Agency:
NHB and HUDCO were selected by the Government of India to act as intermediary financial institutions that would be responsible for administering the subsidy. Before implementation the Bank has to sign a MOU with any of the two organizations. We have signed MOU with NHB.
Loan amount:
a) EWS- Maximum loan of Rs.1 lac ( Rs one Lac Only) for a house of at least 25 sq mts.
b) LIG- Maximum loan of Rs.1.60 lac( Rs one Lac sixty thousand Only) for a house of at least 40 sq mts. However subsidy will be available for loan upto Rs. 1 lac only.
Disbursement:
Disbursement will be made on a phased manner depending upon the progress of construction. Branch will monitor the construction of the dwelling units financed under the scheme, including the approvals for the building design, infrastructure facilities etc. as also the quality of the construction and verify through site visits etc. the expenditure incurred upto different stages of construction. In case of construction disbursement may be done by debiting the respective loan account and crediting the savings bank account of the borrower. However in case of purchase of a ready built house the payment should be made directly to the vendor by issuing Demand Draft/ Pay Order as the case may be by debiting the loan account of the borrower.
Rate of Interest:
Interest @8.50% p.a. for first 5 years with a provision to reset after 5 years from the date of drawal of first installment for all loan under the scheme.
Sanctioning Authority:
All the loan applications under the scheme will be processed and sanctioned at the Retail Processing Centres at Zonal Offices and in case there is no Retail Processing Centres at any Zonal Office, at the branches identified by the respective Zonal Office. On receipt of the sanctioned proposals the branch will disbursed the loan following all the stipulation noted by the Retail Processing Centres at Zonal Office/Processing Cell.
However before sanctioning any loan it should be ensured that the borrower have sufficient repaying capacity based on the average monthly income of the applicant for last three years and monthly family expenditure depending upon the size of family.
Pre-payment charges:
There will be no pre-payment charges for any loan sanctioned under the scheme.
Subsidy:
The subsidy will be 5% p.a. on interest charged on the admissible loan amount for both EWS and LIG, over the full period of the loan for construction or acquisition of a new house.
The Net Present Value (NPV) of the subsidy will be arrived at on the basis of notional discount rate of 9% p.a. (equivalent to Government Security rate) for the period of the loan and on the interest chargeable at the time the loan is contracted.
The subsidy will be credited upfront to the borrowers account and interest will be calculated on the net amount of loan at the agreed rate of interest.
Procedure for claiming Subsidy:
Participating branches will claim interest subsidy for the entire period of any loan disbursed during the quarter to Head Office, Priority Sector Department through their respective Zonal Offices.
Branches should submit their claim within 3 days of close of a quarter to their respective Zonal Offices and the Zonal Offices in turn will submit it to Head Office, Priority Sector Department within 7 days of close of a quarter.
Repayment:
Loan will be repaid in 180 to 240 EMI depending upon the income of the borrower. However branches may prefer for 20 years repayment, to get full benefits of Interest Subsidy and lower EMI.
Equated Monthly Installments (EMI )
Loan will be repaid as per following EMI Chart
Particulars Table-1 Table-2
Loan Amount Rs.1,00,000=00 Rs.1,60,000=00
Rate of Interest @8.50% ( Fixed ) @8.50% (Fixed )
Terms of Repayment
180 months 240 months 180 months 240 months
Subsidy per borrower
Rs. 45,443=00 Rs.63,693=00 Rs. 45,443=00 Rs.63,693=00
NPV of Subsidy Rs.29,112=00 Rs.35,458=00 Rs.29,112=00 Rs.35,458=00
EMI Rs. 698=00 Rs. 560=00 Rs.1,289=00 Rs.1,081=00
Security:
a) Primary- Mortgage of the dwelling house
b) Collateral/Third Party Guarantee: NIL
Documents:
Loan Application form duly vetted by urban local bodies along with the following;
Income certificate issued from the ULB Copy of the land Records
Copy of updated payment receipt of Government revenues
Non-encumbrance Search Certificate.
Process Note
A declaration from the borrower having been understood the impact of Fixed/Floating Rate of Interest.
Supervision:
It should be ensured that the housing unit is completed within one year period from the start of construction. On a half yearly basis a certificate of utilization of subsidy and also a certificate in relation to the progress of the construction leading up to the completion of the housing unit have to be submitted. Branch will have to submit a certificate on completion of the housing unit.
Processing Charges:
There will be no processing charges for any loan sanctioned under the scheme.
INTERNATIONAL BANKING
UCO BANK has international presence for over 50 years now. UCO presently has four overseas branches in two important international financial centres in Singapore and Hong Kong and representative office at Kuala Lumpur, Malaysia and Guangzhou, China.
The international linkage from India is supported by a large Indian network through Integrated Treasury Branch and Authorised Forex Branches . Our other branches in India also provide international banking facilities through the Authorised Branches of our bank.This international network is further augmented by correspondent arrangements with leading Banks at all important world centres in various countries.Thus UCO has a true global presence and can offer a variety of international banking products, services and financial solutions to all cross-section of clients, tailor-made to their banking requirements through one of the best international banking relationship networks both in terms of strength and spread.
1. PRODUCTS & SERVICES
The international banking services in India is provided for the benefit of Indian customers, corporates, NRIs, Overseas Corporate Bodies, Foreign Companies/ Individuals as well as Foreign Banks etc. by our International Banking Branches, Authorised Forex Branches and Integrated Treasury Branch . Our other branches in India also provide international banking facilities through the aforesaid network of our branches.
All the facilities are subject to the prevalent rules & guidelines of the Bank and RBI. Brief details of services provided are as under:-
1. NRI Banking (Please visit NRI Corner)
2. Foreign Currency Loans
3. Finance/Services to Exporters
4. Finance/Services to Importers
5. Remittances
6. Forex & Treasury Services
7. Resident Foreign Currency (Domestic) Deposits
8. Correspondent Banking Services
9. All General Banking Services (Please visit Domestic Banking Sections)
2. FOREIGN CURRENCY LOANS
a) In India (FCNR 'B' Loans):
The foreign currency denominated loans in India are granted out of the pool of foreign currency funds of the Bank in FCNR(B) Deposit etc. accounts as permitted by Reserve Bank of India. These loans are commonly known as FCNR(B) Loans.
UCO has a broad base of NRI customers/depositors. Therefore, with the resource base of FCNR(B) deposits etc. UCO is in a position to offer the Foreign Currency Loans in India to our customers as an alternative to loans in Rupees.
These loans are denominated in foreign currency such as US Dollars and are offered as short term loans. The interest is fixed with a reasonable spread over LIBOR
UCO also allows loans in foreign currency to NRIs against their FCNR(B) Deposits at the Indian Branches. The details are available in NRI Banking section.
b) From Outside India:
With presence at two major financial centers of the world, UCO has foreign currency resources to arrange /grant Foreign Currency Loans to Indian as well as multinational corporates at the competitive rates.
The foreign currency denominated loans are granted by our overseas branches to Indian Corporates as per External Commercial Borrowing (ECB) Policy of Govt. of India/RBI.
3. FINANCE/SERVICES TO EXPORTERS
UCOGOLD CARD FOR EXPORTERS
UCO launches Goldcard for creditworthy exporters - Simplified access to export credit on very good terms:
Better terms of credit including rates of interest than those extended to other exporters by the Bank.
Processing of applications for credit faster than for other exporters.Simpler norms, subject to specific requirements in each case, if any. 'In-principle' limits for a period of 3 years with a provision for automatic renewal, subject to fulfillment of the terms and conditions of sanction. Preference for grant of packing credit in foreign currency (PCFC), subject to availability of foreign currency funds. Lower charges schedule and fee-structure than those provided to other exporters.
Relaxations in the norms in respect of security and collaterals, wherever feasible. Other facility/benefit to the exporters, subject to the fulfillment of extant rules and regulations applicable to export finance.
Download Application Form for UCOGOLD CARD FOR EXPORTERS
Types of Facilities for Exports
a) Rupee Export Credit (pre-shipment and post-shipment): UCO provides both pre and post shipment credit to the Indian exporters through Rupee Denominated Loans as well as foreign currency loans in India. Credit facilities are sanctioned to exporters who satisfy credit exposure norms of UCO. Exporters having firm export orders or confirmed L/C from a bank are eligible to avail the export credit facilities. Rupee Export Credit is available generally for a period of 180 days from the date of first disbursement. In deserving cases extension may be permitted within the guidelines of RBI. The corporates may also book forward contracts with UCO in respect of future export credit drawls, if required, as per the guidelines/directives provided by RBI.
b) Pre-shipment Credit in Foreign Currency (PCFC):
UCO offers PCFC in the foreign currency to the exporters enabling them to fund their procurement, manufacturing/processing and packing requirements. These loans are available at very competitive international interest rates covering the cost of both domestic as well as import content of the exports. The corporates/exporters with a good track record can avail a running account facility with UCO for PCFC. PCFC is generally available for a period of 180 days from date of first disbursement. In deserving cases extension may be permitted within the guidelines of RBI.
Features:
(The forward covers can be booked in respect of future PCFC drawls.)In the PCFC drawls permitted in a foreign currency other than the currency of export, exporter bears the risk in currency fluctuations. The foreign currency drawls are restricted to major currencies at present. In case, the export order is in a non-designated currency, PCFC is given in US$. For orders in Euro, Pound Sterling and JPY, PCFC can be availed in the respective currencies or US$ at the choice of exporter.
Multi-currency drawls against the same order, are not permitted at present due to operational inconvenience.
Repayment:
PCFC is to be repaid with the proceeds of the export bill submitted after shipment.In case
of cancellation of export order, the PCFC can be closed by selling equivalent amount of foreign exchange at TT selling rate prevalent on the date of liquidation.The PCFC in foreign currency are granted at our various branches through our Integrated Treasury Branch in Mumbai.
c) Negotiation of Bills under L/C
UCO's Authorised Forex Branches are active in negotiation/discounting of sight/usance international export bills under L/Cs opened by foreign banks as well as branches of Indian banks abroad. UCO offers the most competitive rates. These transactions are undertaken by our branches within the Bank/Country Exposure ceilings prescribed by UCO.
d) Export Bill Rediscounting:
UCO provides financing of export by way of discounting of export bills, as a post shipment finance to the exporters at competitive international rate of interest. This facility is available in four currencies i.e. US$, Pound Sterling, Euro and JPY.The export bills (both Sight and Usance) drawn in compliance of FEMA can be purchased/ discounted.Exporters can avail this facility from UCO to cover the bills drawn under L/C as well as other export bills.
e) Bank Guarantees:
UCO, on behalf of exporter constituents, issues guarantees in favour of beneficiaries abroad. The guarantees may be Performance and Financial. For Indian exporters, guarantees are issued in compliance to RBI guidelines.
4. FINANCE/SERVICES TO IMPORTERS
a) Collection of Import Bills:
UCO has correspondent relationship with reputed International Banks throughout the world and can thus provide valuable services to importers who may be importing from any part of the Globe. The import bills are collected by our Authorised Forex Branches at very competitive rates. The import bills drawn on customers of other branches are also collected through these branches.
b) Letter of Credit:
On account of UCO's presence in international market for decades, UCO has established itself as a well known international bank. L/Cs of UCO are well accepted in the International market. For any special requirement UCO can get the L/C confirmed by the top international banks.
Thus UCO's L/C facility for the purchase of goods/services etc. fulfills the requirements of all importers to arrange a reliable supply. UCO offers this facility to importers in India within the ambit of FEMA and Exim policy of Govt. of India. UCO uses state of the art SWIFT network to transmit L/Cs and with a worldwide network of correspondents and our overseas branches facilitates prompt & efficient services to the importers.
L/C facility is granted to the importers on satisfying credit exposure norms of the Bank.
c) Financing of importUsance L/C facility
UCO's Usance L/C facility provides the importer an opportunity to avail credit from their supplier/supplier's bank.
Deferred Payment Guarantee/Standby LC
UCO's Deferred Payment Guarantee/Standby LC facility also provides the importer an opportunity to avail credit from their supplier/supplier's bank.
Rupee finance
UCO also offers to Indian importers Rupee finance for payment of goods and services imported from abroad under its various Rupee credit facilities on satisfying credit exposure norms of the Bank.
Foreign Currency Loans
Short term External Commercial Borrowings or Trade Credits for less than three years as permitted by RBI for imports into India is allowed by our overseas branches to Indian importers at very competitive rates. These are generally backed by L/Cs opened by importer's bank. Indian importers can also avail this facility from our overseas branches as roll-over credit on their bank agreeing to extend the L/C in favour of our overseas branches.
d) Bank Guarantees:
UCO, on behalf of importer constituents or other customers, issues guarantees in favour of beneficiaries abroad. The guarantees may be both Performance and Financial.
5. REMITTANCES
UCO, through its worldwide network of correspondents, Indian branches and overseas branches, offers prompt inward and outward foreign remittance facilities at very competitive rates. The use of SWIFT network adds to reliability and efficient handling.The remittances are handled by our Authorised Forex Branches . The outward remittances of customers of other branches are also remitted through these branches. Through our well-spread network of branches in India, inward remittances reach every nook & corner in India. UCO has tie-up arrangements with Western Union Money Transfer.
6. FOREX & TREASURY SERVICES
UCO operates in the Forex Market in India as well as abroad. In India the inter-bank forex operations is centralized at our Integrated Treasury Branch in Mumbai , country's undisputed financial hub. UCO's Authorised Forex Branches undertake customer transactions. The forex requirements of customers of other branches are also routed through these branches. Overseas branches undertake the forex treasury operations in Singapore and Hong Kong centre.
All the forex treasuries are equipped with state of art technology and professionally skilled staff to handle forex treasury operations efficiently.
UCO deals in all the important international currencies. Our Forex Treasuries generally undertake the following treasury related activities:-Forex Inter Bank Placements/BorrowingsSale & Purchase of currency on behalf of customersForward Cover Bookings Cross Currency SwapsInterest Rate Swaps (IRS)Forward Rate Arrangements (FRAs)Forex Money Market Operations
Forex Services For Corporates
To improve the standard of service to the valued clientele, UCO has integrated its Forex and Domestic Treasury Operations under one roof in Mumbai. UCO's Forex Inter-bank desk at Treasury Branch is an active market player. UCO's Integrated operations at one place in Mumbai enables it to participate in inter-bank transactions on a large scale. Forex Dealing Rooms in Singapore and Hong Kong and a worldwide network of correspondents add to UCO's strength in providing the best forex corporate services.Authorised Forex Branches spread across the country cater to needs of all customer in foreign exchange. Corporate Forex Services include Foreign Currency Sale & Purchase, Forward Booking, Cross Currency Forward etc. Other products like Collection & Negotiation of Export & Import Bills under LC, LC Issuance, Advising & Confirmation Services, Arrangement of Trader Credits, the guarantees on behalf of Indian Corporate/Projects, EEFC Accounts, Remittance etc. are all available to corporate customers from UCO. UCO is establishing a Derivative Desk in India to offer various Derivative Products, such as IRS, FRA, Cross-currency Options, Currency Swaps with Cross-currency Interest Rate Swap etc. With this UCO will also offer structured products suitable for Corporates who have large receivables or payment obligation in foreign currencies. Derivative Desk will deal in hedging products to hedge the market risks i.e. interest rate risk and foreign exchange risk in Bank's balance sheet.
7. RESIDENT FOREIGN CURRENCY (DOMESTIC) A/Cs
UCO also offers Resident individuals in India, the facility to open non-interest bearing current account in foreign currency at the selected Indian branches as permitted by RBI. Joint accounts with a resident eligible to open RFC (D) account is permissible. Nomination facility is also permitted. Thus UCO will provide an option to resident individuals to retain their receipts from abroad in foreign currency as permitted by RBI.
8. CORRESPONDENT BANKING SERVICES
The extensive network of branches in India and presence in two important international centres enables UCO to offer correspondent banking services to the banks.The Authorised Forex Branches in India as well as our overseas branches are capable of providing the services that an international correspondent Bank can offer.
UCO can provide the following main services:-
i. Collection of bills both Documentary and Clean. ii. Advising/confirming of L/Cs opened by banks
iii. Discounting of Bills drawn under L/Cs
iv. Maintanence of foreign currency accounts in S$ and HK$
v. Maintanence of Rupee accounts in India
vi. Making foreign currency payments/remittance on behalf of customers of banks.
UCO's excellent service with competitive charges provide a good Correspondent Banking solution.UCO's overseas branches are active in discounting of usance international trade bills. With foreign currency resources of overseas branches, UCO offers the most competitive rates for discounting of these bills. The bills under the L/Cs of the most of the Indian Banks as well as International Banks are also discounted at competitive rates. These transactions are undertaken by them within the Bank/Country Exposure ceilings prescribed by UCO.
EXTERNAL COMMERCIAL BORROWING (ECB)
The foreign currency loans to the Indian corporate are granted by UCO's overseas branches. The borrowings raised by the Indian corporate from specified banking sources outside India are termed "External Commercial Borrowings" (ECBs). These ECBs can be raised within the Policy guidelines of Govt. of India/Reserve Bank of India, as applicable from time to time. ECB includes the following:-
i. Commercial LoansSyndicated Loans ii. Floating/Fixed rate notes and bonds
iii. Lines of Credit from foreign banks and financial institutions
iv. Import loans, loans from the export credit agencies of other countries.
UCO is very active in granting and arranging various forms of ECB facilities for the Indian Corporate. UCO can offer following services to the Indian corporates in respect of cross border financing :-
i. Arranging/granting External Commercial Borrowings by way of Foreign Currency Loans, FRNs, Bonds for the Indian corporates.
ii. Arranging/underwriting International Syndicated Loans for the Indian corporates.
iii. Participating in the International Loan Syndications.
iv. Granting loans backed by Export Credit Agencies.
v. Providing import finance for Indian Corporates.
vi. Issue of Guarantees such as Bids, Bonds, Performance, Advance Payment etc. for the overseas projects bagged by the Indian Corporates.
DEPOSIT SCHEMES FOR NRI's
1) Foreign Currency Non resident (FCNR-B) Deposits :Your overseas earnings remain fully repatriable in an FCNR (B) Deposit account with us. A popular scheme among our NRI patrons, you too will find good reasons to invest in this deposit account with us. Just some highlights of the scheme for your consideration
Repatriability
The principal amount and interest earned are fully repatriable. Tax Exemption
The Deposit is exempted from Indian Wealth tax. Interest is exempted from Indian Income tax.
Choice of Currency
Place your deposit in any of the six international currencies USD, GBP, Euro, JPY, AUD & CAD. For more details click here.For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.
Remit in any Currency
You can remit in any convertible currency. We shall convert it in any of the above six currencies of your choice.During your visit to India you may also tender foreign currency notes/travelers cheques to our branches.
Minimum & Maximum Amount
There is no upper ceiling, you can put any amount in these deposits. The minimum amount for each currency is: USD 2,000 or its equivalent in any of the hard currencies.
Earn Attractive Interest
We pay attractive interest. Please check our interest rates. Large Number of Branches to choose from
Pease check the list of our branches spread across India accepting FCNR (B) Deposits. Choose the Term of Deposit
From a minimum period of 12 months to a maximum period of 60 months, you have the choice of keeping the deposit with us. We also allow you the flexibility of closing your Fixed Deposit account before the due date but the interest rate payable will be subject to a penalty of 1%. Your deposit should have run for a minimum period of one year to be eligible for interest.
Automatic Renewal
Your deposits are automatically renewed on maturity for the same tenure in case no other instructions are received before due date.
Joint account
You can open a joint account with us with other Non-Resident Indian(s). Power of Attorney (P/A)
P/A to Residents permitted for local disbursements only. Nomination
You can register nomination for this Account. Nomination Form Loans available against FCNR deposits
We offer Rupee as well as Foreign Currency Loans in the currency of Deposit against security of your FCNR (B) Deposits in our authorized branches in India. Our overseas branches also offer foreign currency loans against these deposits, subject to rules, if any, applicable in that country.Download Application Form
2) Resident Foreign Currency (RFC) Deposits :A scheme popular among our returning NRI customers. Returning Indians for permanent settlement, after staying abroad for not less than one year, can
retain their savings in foreign currency in a RFC account with us
get the proceeds of FCNR (B)/NRE Deposits credited to this account with us.
get the earnings out of dividend/sale proceeds of assets left abroad as well as pension received from overseas credited in this foreign currency account with us.
Repatriability
Permitted for bonafide purposes for self & dependents including exchange required for travel, other personal purposes and investments.
Conversion into FCNR (B)/NRE
On becoming an NRI again, you can transfer these funds into an FCNR(B) or NRE account with us.
Choice of Currency
Place your deposit in any of the six international currencies USD, GBP, Euro, JPY, CAD and AUD.For deposit at any of our authorized branches in India, please remit money to our Treasury Branch Mumbai accounts with full details.
Remit in any Currency
You can remit in any convertible currency. We shall convert it in any of the above six currencies of your choice.
Earn Attractive Interest
We pay attractive interest. Please check our interest rates. Large Number of Branches to choose from
Please check the list of our branches spread across India accepting RFC Deposits. (Different types of accounts, such as Savings, Current and Term Deposits can be opened.)Download Application Form
3) Non Resident external (NRE) Deposits : NRE deposits can be placed with us in following a/csSavings Bank A/c – at present interest rate is 3.5%.Fixed Deposit A/c – at following interest rates For creation of NRE deposits, remittances from abroad should be made to us in convertible rupees or in any hard currencies like USD, GBP, EUR and JPY etc. Above deposits are repatriable in any currency
4) Non Resident Ordinary (NRO) DepositsNRO account may be opened in the following manner :Where an Indian citizen having a resident account leaves India and becomes non-resident, his resident account should be designated as NRO account.Where non-resident Indian receives income in India, he can open a NRO a/c with such funds.NRO a/c may also be opened by foreign exchange remitted through normal banking channels.All types of a/c like SB, CD and all term deposits as applicable to domestic deposits can be opened Interest rates are as per domestic deposits. Interest is taxable.
Rupee Deposits - HIGHLIGHTS Type of Accounts
You can open Savings Bank, Current, Recurring and Fixed Deposit accounts with us. Authorised Branches
For our Indian branches accepting Indian Rupee NRE Deposits, please get in touch with NRI Relationship Centre at our Head Office or the respective Regional Offices of your choice.
Interest Rate
We offer attractive rate of interest on your deposits. Remit in any Currency
For NRE accounts you can remit in any convertible currency. We shall convert it in Indian Rupees.
Joint Accounts, Power of Attorney, Nomination
NRE Accounts – Same as in case of FCNR (B).NRO Accounts – Joint accounts with residents permitted, Nomination facility available.Download Application Form
REMITTANCE TO INDIARemit through us EITHER to your own account with us or any other bank OR to your near and dear ones. We offer an efficient, easy and convenient channel to transfer money back home in any corner in India.
Through our Overseas BranchesJust walk in to any of our branches in Singapore and Hong Kong or call them for assistance.
Through our Accounts with Correspondents Click here for more detailsThe most convenient way of remitting the money from any part of the world is a direct credit into UCOBANK Treasury Branch Mumbai Account with correspondents. We have correspondent arrangements worldwide. The details of our Treasury Branch Mumbai accountsin six major currencies are placed on the web for your convenience.Just send full remittance instructions to your bank for a direct credit into our Treasury Branch Mumbai Account with correspondents.
Through Drafts/ChequesSend your Bank Drafts or Cheques to any of our branches in India with full particulars of remittance/beneficiary.If you are remitting from Singapore or Hong Kong, avail the facility of remittance provided by our overseas branches.
LOANS TO NRIs
Against DepositsBank gives loans against NR deposits to NRI deposit account holder and third parties in Indian Rupees.Bank gives loans against FCNR (B) deposits to NRI deposit account holder in foreign currency in India. This facility is available at our overseas branches, subject to local directives, if any in that country.For loans against your deposit please contact the Branch where you are maintaining the deposits.
NRI Home LoansBank has attractive schemes to accommodate the housing needs of NRIs.
1. Loans for Residential Property NRIs can avail of loans for
i. Construction of a new residential house
ii. Purchase of a residential flat or residential house
iii. Extension of a residential flat or residential house
iv. Renovation of a residential flat or residential house
2. Loan for Plot of Land for residential use
NRIs can avail of loans for purchase of a residential plot of land for residential use. 3. Loans against existing residential property
NRIs can avail of loans by mortgaging an existing residential property for any of the following purposes. The loan shall be utilised for meeting the borrower's personal requirements or for his own business purposes.Education Business Medical treatmentOther personal requirements (Details required regarding amount, period, rate of interest. Etc in brief)Prohibition:
The proceeds of rupee loan should not be utilised for any of the following activities: i. The business of chit fund, or
ii. Nidhi Company, or
iii. Agricultural or plantation activities or in real estate business, or construction of farm houses, or
iv. Trading in Transferable Development Rights (TDRs), or
v. Investment in capital market including margin trading and derivatives.
Download Application FormPlease contact any of our Branch Managers for details.
CONTACT US AT :
Email ID: [email protected]
NRI Relationship CentreUCOBANK
Head Office, International Wing10, B T M Sarani, Kolkata – 700 001
West BengalIndia.
Tel No: 91 33 2234 1756Fax: 91 33 2225 4182
DOMESTIC DEPOSITS
Benchmark Prime Lending Rate(BPLR w.e.f. 10.07.2009)
12.25% per annum
Rates of Interest on Domestic Term Deposits of less than Rs. 1 crore (w.e.f. 19.08.2009)
Maturity Period
General For Senior Citizen
Interest Rate in percentage
p.a.
Annualised Yield in
percentage
Interest Rate in percentage
p.a.
Annualised Yield in
percentage
14 Days @ 2.00 2.00 2.75 2.75
15-45 Days 3.00 3.00 3.75 3.75
46-90 days 4.00 4.00 4.75 4.75
91-179 Days 5.50 5.50 6.25 6.25
180-364 Days - -
(a) Less than Rs.15 lacs 6.50 6.55 7.25 7.32
(b)Rs.15 lacs & above but less than Rs.1 Crore
6.00 6.05 6.75 6.80
1 Year - -
(a) Less than Rs.15 lacs 7.00 7.19 7.50 7.71
b)Rs. 15 lacs & above but less than Rs.1 Crore
6.50 6.66 7.00 7.19
More than 1 year but less than 2 Years *
- -
(a) Less than Rs.15 lacs 7.00 7.25 7.50 7.79
b)Rs. 15 lacs & above but less than Rs.1 Crore
6.50 6.71 7.00 7.25
2Yrs & above but less than 3Years *
7.00 7.44 7.50 8.01
3Years & Above 7.50 8.32 8.00 8.94
Reconstituted Term
NOTE 1@ The bank will accept deposits for a minimum period of 7 days provided minimum deposit amount is Rs.15 lacs & above.
NOTE 2The deposit rates on the above term slab shall be applicable for all deposits of less than Rs.1 crore, contracted afresh/renewal hereafter.
NOTE 3The additional rate payable on the deposits of Staff/Ex-staff/Ex-Staff Sr. Citizens is as per the following :
Category Term Additional Rate Payable
Staff/Ex-Staff All Terms 1.00%
Ex-Staff Sr. Citizen 6 months to < 3 1.25%
Years
Ex-Staff Sr. Citizen 3 Years and above 1.50%
NOTE 4The overall amount ceiling for Ex-staff/Ex-staff Sr. Citizen to receive incentive rate shall be equal to his Terminal benefits + Rs.10 lacs
BULK DEPOSITS (PPD)RS. 1 CRORE & ABOVE – RATES FROM 23/09/2009
TIME PERIOD RATE OF INTEREST
15 – 29 days 1.00
30 – 45 days 2.00
46 – 60 days 2.50
61 – 90 days 3.00
91 – 120 days 3.50
121 – 179 days 4.00
180 – 269 days 4.50
270 days – <1 year 5.50
1 year & above 6.00
SAVINGS BANK DEPOSIT
Interest Rate payable on Savings Bank Deposit Accounts is @3.50% per annum with effect from 1st March, 2006.
NON-RESIDENT DEPOSIT SCHEMES
:: NRE Deposits :: FCNR Deposits :: RFC Deposits :: NRNR Deposits ::
NRE Term Deposits (w.e.f. 1st December 2009)
A) NRE- Deposits. Rate of interest per annum
NRE- Savings Bank Deposits (WEF 18.11.’05)
3.50 %
NRE-Term Deposits
Period Rate of interest per annum
1 year to less than 2 years 2.77%
2 years to less than 3 years 2.76%
3 years and above 3.31%
No special rate, over and above the interest rate, prescribed above, will be allowed.
FCNR (B) Deposits (Revised interest rates w.e.f. 1st December 2009)
Period USD(%)
GBP(%)
EURO(%)
YEN (%)
AUS$(%)
CAN$(%)
1 year to less than 2 years
2.02 2.22 2.22 1.71 6.27 2.30
2 years to less than 3 years
2.01 2.76 2.75 1.53 6.00 2.16
3 years to less than 4 years
2.56 3.35 3.15 1.59 6.31 2.72
4 years to less than 5 years
3.00 3.78 3.46 1.67 6.62 3.10
5 years Only 3.36 4.05 3.71 1.77 6.74 3.42
RFC Deposits (Revised interest rates w.e.f. 1st December 2009)
USD(%)
GBP(%)
EURO(%)
YEN(%)
AUS$(%)
CAN$(%)
Savings Bank 0.00 0.50 0.00 0.00 3.00 0.00
Period (Term Deposits)
1 year to less than 2 years
Same as FCNR(B)
Same as FCNR(B)
Same as FCNR(B)
Same as FCNR(B)
Same as FCNR(B)
Same as FCNR(B)
2 years to less than 3 years
Do Do Do Do Do Do
3 years to less than 4 Do Do Do Do Do Do
years
4 years to less than 5 years
Do Do Do Do Do Do
5 years Only Do Do Do Do Do Do
Note: (1) For FCNR (B) and RFC- deposits, no special rate of interest will be given over and above the interest rates indicated above.(2) For FCNR (B) and RFC- deposits, no additional interest for staff members is allowed.
NRNR and NRSR Deposits : Discontinued w.e.f. 01.04.02.The existing accounts under NRNR Deposit scheme may be continued only upto the date of maturity.The existing NRSR accounts other than Term Deposits shall not be continued after 30.09.02
Dollar Deposit Account under EEFC Scheme
Type of Account : Only Current Account
Exchange Bureau :
We have forex counters at our following branches, viz.
a) Kolkata Main Branch, Kolkata
b) D N Road Branch, Mumbai
c) Pondicherry Main Branch
d) Mount Road Branch, Chennai
e) Parliament Street Branch, New Delhi
At these counters sales and purchases of foreign currency notes / travellers cheques are being undertaken at attractive rates.
FINDINGS & SUGGESTIONS
The UCO banks Commitment to Customers has led the bank to publish a code of fair banking practices which was also named "Our Commitment to Customers". This booklet was brought
out in January 1998 along with general terms and conditions of their services. That was the Golden Jubilee Year of our Independence.
The new millenium coincides with the process of opening of the economy and holds out for all of us a future, which is emerging. In keeping with it UCO Bank is also reorganising its services around the emerging needs of the customers.
UCO Bank have committed for zero corruption services and full transparency in the terms and conditions of their services. They have also committed for time bound amelioration of customer’s grievances. They have Nodal Officers at all the regional offices reporting to Chief Nodal Officer, an ex-officio assignment for General Manager, Planning & Development, who would ensure that your complaints are dealt with properly and in time.
They have also added certain ‘Dos’ on our part which will enable them to protect our interest and facilitate us in extending our services. In the coming days they are likely to see in the banking industry a lot of new products and different types of services which will necessitate further improvement in the "Charter". But for better response from market they should always eagerly look forward to and request feedback, wants & suggestions to make their services more effective and useful for getting & retaining customers and orientating their services towards customer’s requirements.
I hope that my suggestions can be usefull and provide a new outlook to the bank.
