UCO THOUSAND Fixed Deposit Scheme SN PARAMETER DETAILED PARTICULARS - UCO THOUSAND FIXED DEPOSIT SCHEME 1. Title of the Scheme “UCO Thousand” Fixed Deposit Scheme 2. Scheme Type ‘Special Fixed Deposit Scheme’. 3. Period of operation of the Scheme The scheme would be open for the general public from 15 October, 2014 and will remain valid up to 31 December, 2014. However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice. 4 Eligibility to Open Account Any existing or new customer complying with the KYC norms will be eligible to open the account in this scheme. 5. Period of Deposit 1000 days 6. Amount of Deposit a) Minimum Amount :- Rs. 5000/- (thereafter in multiples of Rs . 1000/-) b) Maximum Amount :- Rs 500 lac 7. Rate of Interest :- General Public:- 9.00% per annum 8. Payment of Interest Interest will be paid only at the time of maturity along with principal with quarterly compounding effect. The compounding would be done quarterly and simple rate of interest would be paid on the compounded amount for the remaining number of days of the above deposit period. In addition to the payment of interest along with the principal at the time of maturity, interest payment (at the option of the customer) is allowed also at quarterly and monthly rests. However, the payment/credit of interest to the account will be subject to TDS as applicable. 9. Premature Withdrawal There will be no penalty in case of pre-mature withdrawal of the fixed deposit. However, in above case, interest will be paid at the applicable rate under the normal fixed deposits for the period for which the deposit has remained with the bank as on the date of deposit or present rate, whichever is lower and not at the contractual rate. 10. Loan/Overdraft against the Deposits Facility for availing loan/overdraft against ‘UCO Thousand’ Fixed Deposit Scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits. 11. Nomination The facility of nomination would be available under the scheme. 12. Payment to Nominee/ Legal Heirs In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules. 13. Participating Branches All branches of the Bank would be authorized to open ‘UCO Thousand’ deposit accounts under the Scheme. 14. Application Form The existing Application Form for Fixed Deposits is to be used for accepting deposits under the Scheme. The branches shall invariably take an undertaking from customers stating that “I have read understood and accept the terms and conditions of the UCO Thousand” Fixed Deposit Scheme. 15. Issue of Term Deposit Receipt The branch under the Scheme shall issue a fixed deposit receipt for the deposit amount received on our usual form for the Fixed Deposit Receipt. A Rubber Stamp stating “Issued under UCO Thousand” Fixed Deposit Scheme is to be invariably affixed by branches. 16. Automatic Renewals In the absence of any specific mandate provided by the depositor at the time of opening of ‘UCO Thousand’, the maturity proceeds may be renewed for the same period at card rate of interest prevailing at the time of maturity (copy enclosed as Annexure I (B). 17. Tax Implications Tax would be deductible at source as per the prevailing Income Tax rules. 18. Transferability The deposits are transferable from one branch to another branch in the same name(s) without any charge and as per the existing Bank’s procedure. 19. Special benefits for Staff / Ex-Staff Members Incentive Rate is allowed to Sr. Citizen / Staff / Ex. Staff Sr .Citizen categories:
Posted on: Sun, 14 Dec 2014 14:17:03 +0000
Trending Topics
Recently Viewed Topics
© 2015