Product Details
Bank Name
UCO Bank
Account Name
UCO Smart Kids Savings Bank Scheme
Account Type
Saving.
Interest Rate
Upto Rs 10 lakhs:2.60% and over Rs 10 lakhs: 2.75%
Free Debit Card
Yes.
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
Nil
Debit Card Charges
NIL
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
UCO Smart Kids Savings Bank Scheme
Special Features
Concession in education loans.
No processing charge for future education loans.
Eligibility Criteria
Minors above the age of 10 years who can read and write will be allowed to open and operate savings bank accounts independently.
Indian resident.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Personalised ATM cards with photographs.
Zero balance account.
2 free chequebooks free per year.
Concession in education loan- No processing charge in future education loans.
Transfer of funds free from natural guardian/grandparents accounts.
Cons
Low interest rate.
UCO Bank has a limited branch and ATM network.
UCO Smart Kids Savings Bank Scheme.
The account offers a number of value add features for Kids. However, the interest rate on the account is extremely low. Overall the account has limited appeal because of low interest rate.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Steps to Open the Account:
Visit a UCO Bank Branch: Go to the nearest UCO Bank branch with the required documents.
Submit Application Form: Fill out the account opening form and submit it along with the necessary documents.
Initial Deposit: While not mandatory, it's advisable to make an initial deposit to start the account.
Account Activation: The bank will verify the documents and activate the account.
Receive Account Details: You will receive the account number, passbook, and other relevant details.