UCO BANK New Deposit Scheme UCO BAnk by scclmadhu4


UCO BANK new deposit Scheme Limited Offer The scheme would be open for the general public from June 1st, 2012 and will remain valid up to September 30th, 2012. However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

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									    Annexure – I

SN         PARAMETER                                     DETAILED PARTICULARS
1.     Title of the Scheme   UCO DOUBLE Fixed Deposit Scheme
2.     Period of operation   The scheme would be open for the general public from June 1st, 2012 and
       of the Scheme         will remain valid up to September 30th, 2012.

                             However, the Bank would reserve the right to modify, withdraw or extend
                             the scheme without any prior notice.
3.     Eligibility to Open
                             Eligible Depositors under the Scheme would be same as eligible depositors
                             in Fixed Deposit Scheme currently available in the Bank.
4      KYC (Know Your        KYC Norms for opening account are applicable for these accounts and
       Customers) Norms      hence proof of residence and proof of identification will be required along
                             with recent photograph of the depositor/s.

5.     Period of Deposit     90 MONTHS (7 Years And 6 Months)
6.     Amount of Deposit
       a) Minimum
                             ` 5000/- (thereafter in multiples of ` 1000/-)
       b) Maximum
                             Upto ` 100 lac
7.     Rate of Interest      9.35% per annum and the interest will be compounded quarterly.
8.     Payment of Interest   Interest will be paid only at the time of maturity along with principal with
                             quarterly compounding effect.
                             However, the payment/credit of interest to the account will be subject to
                             TDS as applicable.
9.     Premature             In all cases of premature withdrawals, the interest would be payable at 1%
       Withdrawal            below the applicable card rate under the normal fixed deposits for the
                             period for which the deposit has remained with the Bank as on the date of
                             deposit and not at the contractual rate.

10. Loan/Overdraft           Facility for availing loan/overdraft against ‘UCO DOUBLE’ deposit scheme
    against the              would be available as per existing guidelines for availing loan/overdraft
    Deposits                 against Bank’s own Fixed Deposits.

11. Nomination               The facility of nomination would be available under the scheme.
12. Payment to               In the event of the death of the depositor, the deposit would be paid to
    Nominee/ Legal           the nominee/legal heirs as per the existing rules.
13. Participating            All branches of the Bank would be authorized to open the ‘UCO DOUBLE’
    Branches                 deposit accounts under the Scheme.
16. Automatic                No auto renewal is permitted under ‘UCO DOUBLE Fixed Deposit Scheme’.
    Renewals                 However, wherever no specific instructions are received from the
                             depositors, the maturity proceeds will be renewed for a period of 1 year
                             under Banks Normal Term Deposit Scheme.

17. Tax Implications         Tax would be deductible at source as per the prevailing Income Tax rules.

18. Transferability          The deposit is not transferable.
                             However, the deposits are transferable from one branch to another
                             branch in the same name(s) would be permissible without any charge and
                             as per the existing Bank’s procedure.
 Annexure – I
SN       PARAMETER                                      DETAILED PARTICULARS
19. Special benefits for    Deposits from under-mentioned categories of depositors shall be allowed
    Senior Citizen/ Staff   incentive as per the existing norms. Accordingly, the applicable rates for
    / Ex-Staff/Senior       these special categories would be as under:
    Citizen & Ex-Staff                             Additional                  Principal    Maturity **
                                  Category                        Period
                                                     Interest                   Amount         Value
                             General Citizen     9.35%                                       ` 10000/-
                             Senior Citizen      0.50 % (9.85%) 90 months                    ` 10373/-
                             Staff Member                        (7 Years                    ` 10760/-
                                                 1.00% 10.35%)                  ` 5000/-
                             Ex-Staff Member                       AND                       ` 10760/-
                             Ex-Staff & Senior                  6 months)
                                                 1.50% 10.85%)                               ` 11160/-
                             (**subject to TDS wherever applicable)
                            The overall ceiling in amount for Ex-Staff/ Ex-Staff Senior Citizen for being
                            eligible for higher rate under the scheme shall be equal to the terminal
                            benefits plus `10 lac, as usual.
20. Acceptance of           Deposits under the Scheme would be accepted only when accruing as a
    Deposits under the      fresh Fixed Deposit for the Bank.
                            In other words, the existing Fixed Deposits cannot be directly renewed
                            under the scheme through a premature extension as usual and the existing
                            Fixed Depositors who wish to convert into the scheme would have to
                            compulsorily take premature payment of their existing deposits and pay
                            the usual penal charges for premature closure.
                            However, any existing Fixed Deposit maturing during the scheme period
                            would be eligible to enter into the scheme as it would be a fresh deposit
                            for the Bank under the Scheme.

21   Applicability of       Other than the special terms and conditions of the scheme, the deposits
     normal Fixed           under the scheme would be governed as per the normal Fixed Deposit
     Deposit Rules          Rules of the Bank.


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