UCO Bank Current Account

UCO Bank Current Account

UCO Bank Current Account

UCO Bank is India’s fast-growing public sector banking company which provides personalised business banking solutions. United Commercial Bank (UCO) Bank is a scheduled commercial bank, and it offers various customised current account banking services and products and to individuals as well as businesses. A current account is a type of demand deposit account which includes deposits, withdrawals of funds, and business transactions. A current account is meant for the business professionals or business enterprise and those who deal with a huge number of transactions on a regular basis. A current account allows a business person to carry out unlimited transactions without any limit, subject to a banking cash transaction tax if any levied by the government. In this article, we look at the various types of UCO Bank Current Account in detail.

Eligibility Criteria – UCO Bank Current Account

In general, the below-specified business entities can open a UCO Bank Current Account

Documents Required

The following are the required documents to be furnished along with the application form while opening a current account with UCO Bank.

For HUF (Hindu Undivided Family)

  • Application Form (duly filled)
  • Identity Proof of the Karta: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof of the Karta: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Duly signed HUF letter by Karta and all Co-Parceners.
  • Passport-size photographs.

For Sole Proprietorship

  • Registration certificate
  • Sales and income tax returns.
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • ID proof of the person holding POA.
  • CST/VAT registration Certificate.
  • Passport-size photographs

For Partnership Firm

  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Partnership Registration Certificate (in the case of a registered concern).
  • Partnership Deed
  • Passport-size photographs of the partners.

For Public/ Private Limited Companies

  • Application form in the prescribed form.
  • Memorandum and Articles of Association.
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
  • Address Proof as per KYC norms: Aadhar Card, Valid Passport, Utility bill, Property tax bill, Telephone bill, etc.
  • Commencement of Business Certificate.
  • Incorporation and Board Resolution Certificate.
  • Registration certificate
  • Licence Certificate issued by the Municipal Authorities under Shop & Establishment Act.
  • Passport-size photographs

For Clubs/ Societies/ Trusts

  • Registration certificate (if registered).
  • Documents listing the name and address proof of the trustees, sellers, beneficiaries, and the persons holding the Power of Attorney (POA).
  • Constitution document of the entity.
  • The updated directors list to be submitted.
  • Application Form (duly filled).
  • Power of Attorney
  • Identity Proof as per KYC norms: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.

For Limited Liability Partnerships (LLP)

  • Power of Attorney (POA)
  • Registration Certificate issued by Registrar of LLP.
  • Identity Proof of POA holders: PAN Card of the entity.
  • Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
  • Two passport size colour photographs.
  • LLP agreement.
  • Designated partners updated list.

Bank Current Account Products

UCO Bank Current Account products have been customised to provide business banking solutions for different kinds of businesses. Entrepreneurs can select from the current account products from the below list that suits their business requirements. The below following are the UCO bank current accounts explained in detail.

  • UCO Basic Current Account
  • UCO Care Current Account

UCO Basic Current Account

This UCO Basic Current Account is a type of current account that fits the business professionals or business enterprise and those who carry out large domestic businesses.

  • Cheque Book – Rs 3 is charged for per cheque leaf
  • Immediate Credit – Immediate Credit of outstation cheques up to Rs. 15,000 per occasion
  • PO/DD/TT/MT – These facilities are available according to its applicable charges.
  • NEFT – Remission of charges on NEFT transaction up to Rs. 1 lakh only, charges are applicable thereafter.
  • RTGS – Charges as applicable
  • Ledger Folio Charges – Charges as applicable
  • Cheque Book – Rs.3 is charged for per cheque leaf
  • Immediate Credit – Immediate Credit of outstation cheques up to Rs 15,000 per occasion
  • Balance Certificate – Free of Cost
  • Statement of Account –  Free (Monthly Once)
  • VISA Debit Card – FREE (Facility available for individual Current Account-holders only)
Minimum Average Quarterly Balances for Individual
  • Metro – Rs. 3000/-
  • Urban – Rs. 3000/-
  • Semi-Urban – Rs. 2000/-
  • Rural – Rs. 1000/-
Minimum Average Quarterly Balances for Others
  • Metro – Rs. 5000/-
  • Urban – Rs. 5000/-
  • Semi-Urban – Rs. 2500/-
  • Rural – Rs. 2000/-
Charges for Non – Maintenance of Minimum Monthly Average BalanceRs. 500/- per quarter
Cash Withdrawal at a local non-base branchUp to Rs. 25000/- per day – Rs. 10/-
Cash Withdrawal at the outstation non-base branchCharges per transaction
Cash Deposit at a Non-base branchFree of charge

UCO Care Current Account

This UCO Basic Current Account is a type of current account opened by the business entities which provide the account holders with the banking support in terms of its business expertise.

  • Cheque Book – 50 cheque leaves free per Half-Year, and after that, Rs 3 is charged for per cheque leaf
  • Immediate Credit – Limit up to Rs. 25000/- per occasion
  • PO/DD/TT/MT – Free up to Rs. 10000/- per day.
  • NEFT – Free of Charges
  • RTGS – 50% of applicable charges
  •  Ledger Folio Charges – Free of Charges
  • Cheque Book – Free of Charges
  • Balance Certificate – Free of Cost
  • Statement of Account –  Free (Monthly Once)
  • VISA Debit Card – FREE (Facility available for individual Current Account-holders only)
  • Immediate Credit – Limit up to Rs. 25000/- per occasion.
Minimum Average Monthly Balances to be maintained in the account.
  • Metro/ Urban – Rs. 10000/-
  • Semi-Urban – Rs. 5000/-
  • Rural – Rs. 2500/-
Charges for Non – Maintenance of Minimum Monthly Average BalanceRs. 500/- per quarter
Cash Withdrawal at a local non-base branchSelf-withdrawal up to Rs. 50000/- per day
Cash Withdrawal at the outstation non-base branchSelf-withdrawal limit of Rs. 50000/- to customers

Application Procedure

To open a current account with UCO bank online, the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. The applicant will have to fill up the online form with the necessary details. In the case of visiting a branch, the applicant will have to fill up Account Opening Form (AOF) for Current Account and will have to attach the mandatory documents with AOF. After a verification procedure completed by the bank official, your account can be opened successfully.

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Post by Sinduja Shankar

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.