UCO Double Fixed Deposit Scheme Title of the Scheme - UCO DOUBLE Fixed Deposit Scheme Period of operation of the Scheme - The scheme would be open for the general public from June 1st, 2012 and will remain valid up to 31st March, 2015. However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice. Eligibility to Open Account - Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank. KYC (Know Your Customers) Norms - KYC Norms for opening account are applicable for these accounts and hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s. Period of Deposit - 94 MONTHS (7 Years And 10 Months) Amount of Deposit Minimum Amt. : Rs. 5000/- (thereafter in multiples of Rs.1000/-) Maximum Amt. : Upto Rs. 100 lac Rate of Interest - 9.00% per annum and the interest will be compounded quarterly. 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. Premature Withdrawal - In all cases of premature withdrawals, the interest would be payable at 1% 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. Loan/Overdraft against the Deposits - Facility for availing loan/overdraft against UCO DOUBLE deposit scheme would be available as per existing guidelines for availing loan/overdraft against Banks own Fixed Deposits. Nomination - The facility of nomination would be available under the scheme. 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. Participating Branches - All branches of the Bank are authorized to open the UCO DOUBLE deposit accounts under the Scheme. Automatic Renewals - No auto renewal is permitted under UCO DOUBLE Fixed Deposit Scheme. 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. Tax Implications - Tax would be deductible at source as per the prevailing Income Tax rules. 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 Banks procedure. Special benefits for Senior Citizen/Staff /Ex-Staff/Senior Citizen & Ex-Staff - Deposits from under-mentioned categories of depositors shall be allowed incentive as per the existing norms. Accordingly, the applicable rates for these special categories would be as under:
Posted on: Sun, 14 Dec 2014 14:23:17 +0000