UCO Bank Current Account – Features, Benefits & How to Open

Ayush, a vibrant Pratapgarh-based businessman who oversees a developing retail enterprise with a monthly revenue of more than ₹10 lakhs. He requires a current account with fast access to money, high transaction limits, and effective banking.

With limitless transactions, instant credit of outstation checks up to ₹15,000 per instance, 24/7 online banking, and extra features like demand drafts, pay orders, and telegram transfers, the UCO Bank Current Account is the ideal option. Ayush can easily handle his company’s finances and concentrate on growing his business with UCO Bank.

UCO Bank Overview

UCO Bank offers current accounts for organisations, companies, and individuals, like the UCO Basic and the UCO Care Current Accounts.  Debit cards, online banking, and free monthly account statements are some of the advantages of these accounts.  

Free cheque books of a limited amount, NEFT, RTGS, and immediate credit of outstation checks are some of the key benefits. Depending on the branch location, minimum balance restrictions are also different.  

There are limitations on overdraft options, and base and non-base branches have different limits for cash withdrawal.  Besides, premium account holders can also get free balance certificates and low fees on certain transactions from UCO Bank.

Importance of Current Accounts for Businesses and Professionals

Current accounts are essential for businesses and professionals due to the following reasons:

• Facilitates Frequent Transactions: Current accounts allow unlimited transactions, enabling businesses to manage daily financial activities without restrictions.
   

• Enhances Fund Management: Current accounts guarantee quick access to funds with features like instant credit of outstation checks, which are essential for preserving cash flow. 
   

• Provides Additional Banking Services: Facilities such as demand drafts, pay orders, and telegraphic transfers are often linked with current accounts, offering comprehensive banking solutions.

   

• Supports Digital Banking: Access to online banking platforms allows businesses to manage accounts, make payments, and perform various banking operations remotely, enhancing operational efficiency.

For detailed information on UCO Bank's current account offerings, please visit their official website.

Types of UCO Bank  Current Accounts

UCO Bank provides a range of customised current account alternatives to satisfy the various demands of professionals and enterprises. An outline of the various kinds of current accounts that are accessible is provided below: 

1. UCO Basic Current Account

The UCO Basic Current Account is intended for business professionals and companies that conduct large domestic transactions. It gives:

• Unlimited Transactions: Facilitates seamless business operations without transaction limits.
  
  
• Immediate Credit Facility: Provides immediate credit for outstation cheques up to ₹15,000 per occasion, ensuring timely access to funds.
  
  
• Additional Banking Services: Offers facilities like Pay Orders (PO), Demand Drafts (DD), Telegraphic Transfers (TT), and Mail Transfers (MT), subject to applicable charges.
  
  
• NEFT Transactions: Waives charges on NEFT transactions up to ₹1 lakh, with standard charges applicable beyond this limit.

This account is ideal for entities requiring efficient and cost-effective banking support.

2. UCO Care Current Account

For companies looking for individualised banking solutions, the UCO Care Current Account is designed. Although the sources that are now available do not go into great detail about this account's specific characteristics, it is made to meet the particular requirements of different corporate entities.

Other Current Account Variants

UCO Bank also offers customised current account services for individuals and businesses, including:

• Proprietorships
  
  
• Partnership Firms
  
  
• Limited Companies
  
  
• Trusts
  
  
• Associations
  
  
• Societies

These accounts are designed to meet the unique needs of various client segments by offering adaptable and effective banking solutions. 

It is best to check UCO Bank's official website or get in touch with the closest branch for comprehensive information on each account type, including eligibility conditions and documentation requirements.

Key Features of UCO Bank  Current Account

UCO Bank  Current Account Charges & Fees

Tips: 

• Balance Maintenance: Ensure that you maintain the minimum average balance to avoid penalties and maintain all benefits.
• Free Services: Take full advantage of the free services, such as cheque books, NEFT/RTGS transfers, and stop payments.

UCO Bank  Current Account Eligibility & Required Documents

Current accounts from UCO Bank are designed to satisfy the various demands of professionals and enterprises. Applicants must fulfil certain eligibility requirements and submit the required paperwork to open a current account.

Eligibility Criteria:

UCO Bank's current accounts are designed for various business entities and professionals, including:

• Individuals: Sole proprietors conducting business activities.
  
  
• Partnership Firms: Businesses operated by two or more partne₹
  
  
• Limited Companies: Private and public limited companies registered under the Companies Act.
  
  
• Trusts, Associations, and Societies: Organisations registered under relevant acts, such as the Societies Registration Act.

Required Documents:

To open a current account with UCO Bank, applicants need to submit the following documents:

Account Opening Form (AOF): A duly filled and signed application form, available at UCO Bank branches or on their official website.

Identity Proof: Valid documents include:

• Aadhaar Card
• Voter ID Card
• Passport
• Driving License
• PAN Card

Address Proof: Acceptable documents are:

• Utility bills (electricity, water, gas) not older than two months
• Bank account statement
• Property tax receipt
• Registered rent agreement

Business Registration Documents:

For Proprietorships:

• Certificate of Registration (if registered)
• GST Registration Certificate
• Shop and Establishment Act License

For Partnership Firms:

• Partnership Deed
• Registration Certificate (if registered)

For Limited Companies:

• Certificate of Incorporation
• Memorandum and Articles of Association
• Board Resolution authorising account opening and signatories

For Trusts, Associations, and Societies:

• Trust Deed or Bye-laws
• Registration Certificate

Resolution of the managing body authorising account opening

• PAN Card: Permanent Account Number card of the entity or proprietor.
  
  
• Photographs: Recent passport-size photographs of authorised signatories.
  
  
• KYC Documents: As per the bank's Know Your Customer norms, additional documents may be required to verify the identity and address of the entity and its authorized signatories.

How to Open a UCO Bank  Current Account?

Step 1: Visit the official website of UCO Bank for the current account.

Step 2: On the website page, you will see the option "Apply Now." Click on it.

Step 3: A pop-up will appear at the top asking, "This is an external link. Are you sure you want to continue?" Click "OK."

Step 4: A new page will open.

Step 5: On this page, you will be asked to enter your details, such as your name, address, pincode, state, district, preferred processing branch, mobile number, email ID, facilities of interest, and tentative amount (INR).

Step 6: Enter any additional information if required.

Step 7: Tick the box to give consent and complete the sum question.

Step 8: Click on "Generate OTP."

UCO Bank  Current Account vs Competitor Banks

Conclusion

UCO Bank current accounts provide facilities such as free monthly statements, debit card facilities, and internet banking to meet the diverse financial requirements of professionals and businesses.  Lower RTGS charges, free balance certificates, and free NEFT transactions up to certain limits are additional benefits. These provide complete and easy banking solutions for various corporate needs.

UCO Bank  Current Accounts (FAQs)

Q. What is e-KYC? 

e-KYC services offered by UIDAI enable a resident with an Aadhaar number to share their demographic information (such as name, address, date of birth, etc.) and photograph with a UIDAI partner organisation in an online, secure, and auditable manner, with the resident's consent. 

This can be done through biometric authentication (fingerprint) or One-Time Password (OTP) authentication.

Q. How can the service be availed by a resident?

Our bank is live with the e-KYC facility. This service can be accessed by branch staff or business correspondents through the bank's e-KYC portal. The operator will enter the customer's Aadhaar number and capture their fingerprint using a fingerprint scanner device. 

Q. How to use e-KYC with One Time Password (OTP)?

e-KYC can also be conducted using One-Time Password (OTP) authentication if the customer's mobile number is registered with UIDAI. In this process, the operator enters the customer's Aadhaar number and selects the OTP mode. 

UIDAI will then send an OTP to the customer's registered mobile number. Upon entering the correct OTP and successful authentication by the UIDAI server, the customer's demographic details along with their photograph will be received from the UIDAI server.

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