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How to Open UCO Bank Fixed Deposit Account

Updated 03 Sep 2023

Fixed Deposits (FDs) are a reliable and popular way to invest money for assured returns. UCO Bank, a prominent commercial bank in India, offers a range of fixed deposit schemes with various benefits.

 

If you're contemplating opening an FD account with UCO Bank but aren't sure about the procedure, eligibility, and documents required, this article will guide you through it. We've also answered some frequently asked questions about FDs at UCO Bank.

How to Open an FD account in UCO Bank

If you already hold a Savings or Current Account with UCO Bank, a Fixed Deposit can be opened using the following procedure:

 

Using UCO Bank Mobile Application (App)

  • Login to the UCO ‘M-Banking Plus’ mobile application.
  • Navigate to the Banking section in the App.
  • Click on the Fixed/Recurring Deposits option.
  • Select the "Open Fixed Deposits" option.
  • An online form will appear. Select the FD tenure and enter the deposit amount.
  • After filling the form, submit the details to create an FD.

 

UCO Internet Banking Website Procedure

  • Login to the UCO Internet Banking website.
  • Navigate to the “Online Deposit” tab.
  • From the menu, select “Fixed Deposits”.
  • Click on “Apply Now".
  • An online form will appear. Select the FD tenure and enter the deposit amount.
  • After filling the form, submit the details to create an FD.

 

For New UCO Bank Customers

  • If you're a new UCO bank customer without an account, visit the nearest UCO bank.
  • Bring the original PAN & Aadhar and a soft copy of the same.
  • The bank official can assist in directly opening an FD without any savings/current account.
  • Alternatively, you have the option to create a savings/current account with the bank. After which, you can open an FD using the Mobile application or Internet Banking Facility.

Eligibility Criteria for UCO Bank Fixed Deposits

  • Any individual or joint individuals can open a deposit with UCO bank.
  • Minors can open a deposit if jointly held with a major.
  • Sole Proprietary concerns, members of charitable and educational institutions, HUF, Clubs, Private Traders, Merchants, Agents, Professionals,
  • Partnerships Firms, Societies & Corporates are eligible.
  • The minimum investment required to start a fixed deposit is ₹ 100.

Documents Required

Banks require the below-listed documents for completing the Mandatory Know Your Customer (KYC) procedure before opening an account for its customer

For Identification Proof

  1. PAN Card
  2. Driving License
  3. Passport
  4. Voter’s ID
  5. Aadhar Card
  6. Govt./Defense ID card or ID Card issued by a Reputed employer.

For Address proof

  1. Aadhar Card
  2. Electricity Bill
  3. Telephone Bill
  4. Ration Card
  5. Bank account statement
  6. Letter from a reputed employer
  7. Letter from any recognised public authority /local body
  8. Income tax/wealth tax Assessment order

For Date of Birth proof

  • Applicable for Senior Citizens & Minor only.
  1. For Senior Citizens ( any one of the following) : 
  2. Passport
  3. Voter ID Card
  4. Driving License
  5. PAN Card
  6. Service Discharge Certificate
  7. PPO in the case of Pensioner
  • For Minors: Birth Certificate issued by Gram Panchayat / NAC (Notified Area Committee) / Municipal corporation.
  • Two recent passport-size photographs of account holders.
     

Note- The above requirements are waived if the customer is already an account holder of the Bank.

FAQs

When is the right time to invest in an FD?

One can invest in Fixed Deposits when interest rates are high or someone has retired and aims to have a safe investment.

Why should I invest in fixed deposits when other investment instruments offer better returns?

Investing in a Fixed Deposit is a liquid asset and can be beneficial in emergencies. For example, when equity investments are down and you need money in a bear market, premature FD withdrawal can be more beneficial than withdrawing investments by incurring losses.

Is the ₹ 5 lakh DICGC insurance cover applicable separately for every bank?

Yes, each depositor is insured up to a maximum of ₹5 lakh (for both principal and interest) in case of extreme situations. If you have multiple fixed deposits with several banks, the insurance coverage cap is separately applied to the amount in every bank.

How is a tax-saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals.

How can I break my UCO bank FD?

Offline: Place a request at your nearest UCO bank Branch.

Online: Log in to the app or website, open the FD you want to break, and click on Premature Withdrawal.

Does UCO bank offer a Sweep Facility for FDs?

Yes, UCO Bank has a sweep facility. Any balance in excess of the minimum specified balance (in multiples of ₹ 5,000) will be swept out to form an FD with no premature penalty clause.

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