PART B - UCO Veer-Shakti - OVERDRAFT FACILITY

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PART B - UCO Veer-Shakti - OVERDRAFT FACILITY

SERVING AND RETIRED EMPLOYEES OF INDIAN ARMED FORCES & PARA MILITARY FORCES
SN	Services	Features of 'Overdraft Facility'
1.	Nature of Facility	Overdraft Facility for Indian Armed Forces and Para Military Forces Against salary for serving employees and Against pension of ex-servicemen / retired employees.
2.	Purpose	Overdraft facility in case of unforeseen financial requirements.
3.	Eligibility and Quantum of Overdraft	FOR CONFIRMED SERVING EMPLOYEES AND RETIRED EMPLOYEES (Cadre - Serving Non-Officers, Serving Officers, Pensioners Non- Officers , Pensioners Officers) Minimum Rs. 10000/- and Maximum 1 month Net Take Home Salary or Rs. 1 lac whichever is lower. Grant of overdraft limit against salary drawn in the preceding month. Grant of OD limit after 3 months of satisfactory operation of the account.
4.	Rate of Interest	Banks Base Rate plus 2%, subject to revision to be made from time to time at Banks sole discretion.
5.	Processing Charges	NIL
6.	Adjustment of Overdraft Facility	FOR CONFIRMED SERVING EMPLOYEES (UVS - Non-Officers and UVS - Officers) OD adjustment before remaining 6 months of service with the employer or till maintaining account with bank, whichever is earlier. FOR EX-SERVICEMEN / RETIRED EMPLOYEES (UVS - Pensioner Non-Officers and UVS - Pensioners Officers) OD adjustment within 6 months of disbursement.
7.	Security	Clean and unsecured loan against salary / pension of serving and retired personnel.
8.	Delegated Power	Branch Head (irrespective of Scale) will sanction the 'Overdraft Facility'.
9.	Transfer of UVS Account to other UCO Bank Branches	There is no restriction in transfer of UVS Accounts from one branch of UCO Bank to other branches of UCO Bank, subject to the condition that the salary/pension of the concerned customer is credited to that particular Branch in case of outstanding 'Overdraft' balance.
10.	Transfer of UVS Account to other Banks	'UCO Veer-Shakti Salary Account' cannot be transferred/shifted to other Banks without full repayment of Bank's dues and 'No Objection Certificate' from the dealing branch.
11.	Documentation	DP Note (A-1) Letter of Waiver (A- 47) Letter of Continuity (A- 3) Letter of Guarantee (A-21A) Application letter as per prescribed form (Annexure II for Serving Employee and Annexure III for Ex-Servicemen /Retired Employee)
12.	Account Operations:	For proper identification, the Bank branches should put a Rubber Stamp on Cover page of Savings Bank Pass Book as 'UCO VEER-SHAKTI ACCOUNT-SCHEME' before issuing it to the serving and retired employees of Indian Armed Forces and Para Military Forces.