Owning a savings account is a must if you want to save money regularly. With savings bank account, you can get many benefits like security of the money you are saving, interest gain on the principal money, online banking, and many more.
Background of UCO Bank
If you are thinking which bank to apply for a savings account in India, I suggests for you to choose UCO Bank. Formerly United Commercial Bank, the bank was founded in 1943 at Kolkata, India. It is one of the oldest and major commercial bank in India.
On July 19, 1969, the bank together with 13 other major commercial banks of India, was nationalized by the Government of India. In 1985, the bank’s name was changed to UCO bank through an act of Indian Parliament.
Features and Benefits of UCO Bank
Many people want to open a savings account but it is difficult for them because most of the accounts available today have high initial deposit and maintaining balance.
In order to help these people to gain access to banking products and services, a new savings account was introduced by the bank called UCO No-frills Savings Bank Account. Here are the several features of this account.
1. The account can be opened with a minimum initial deposit of Rs.5 and zero maintaining balance. If the applicant wants a check book, the minimum initial deposit will be Rs. 250.
2. The savings account can be availed by all applicants from all metro, urban, semi-urban and rural categories of branches.
3. All individuals are eligible to apply for an account provided they meet the necessary requirements.
4. Up to 25 debit entries in six months are allowed free for the account, if exceeded, a charge of Rs.3 will be added
Requirements for Opening a Savings Account at UCO Bank
When opening a new bank savings account in India, an applicant must produce several documents to complete his or her application. The most common requirements the bank requires are the proof of identity, proof of address, birth certificate and two recent passport-size photographs.
If you want to know the complete lists of requirements when opening a new bank account in India, you ca visit this post: Requirements for Opening a Bank Account in India
Applying a new savings account at UCO Bank is simple and easy. Once you have the necessary credentials and you have the money for initial deposit, you can immediately open an account. Keep in mind to ready all the documents before going to the bank so you won’t forget anything.