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(For Schools/ Colleges/ Universities) [Either in Current Deposit Account or in Savings Bank Account form]
Who can open the Account
The Product-Scheme is available for Govt. Recognised educational institutes (schools, colleges, universities) who hold Resident Indian Current Accounts or open new Current Account with UCO Bank. However, SB Accounts can also be opened of such institutes on production of an authorization letter to the bank from the respective Govt. Departments certifying that the concerned institute has been permitted to open Savings Bank Account.
Purpose
Collection of fees i.e. hassle free deposit of fees at any of UCO Bank Branches, thereby reducing administrative problems of the educational institutions.
Type of Account
Fee/Principal Collection Account (Current or Savings Bank Account) will be maintained with UCO Bank Branch which will be called the base branch.
Mode of Transactions
Intra-Bank Fund Transfer: From Parents' Account to Principal Collection Account Inter-Bank Fund Transfer: From Parents' Account to Principal Collection Account} Intra-City and Inter-City: Cash Deposit
Bank's Intersol Charges
No charges (upto Rs. 1 lac only) Cash Deposit Intra/Inter City Intra-Bank Fund transfer
NEFT Transactions
Parents of the wards can also deposit fees with their existing banker under NEFT. NEFT charges as applicable of the respective Bank
KYC Compliance
Opening of accounts under the scheme shall be subject to compliance of KYC norms for the depositors.
