B) UCO SAVINGS SARAL Account-scheme FREEBIES a) Free Cheque-Book facility. (however, upper cap of maximum 20 cheque leaves per month may be

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1 Deposit Products: UCO VASANTH BONANZA Fixed Deposit Scheme (CHO/Retail Banking/26/11-12 dt 02/01/2012) A limited duration fixed deposit scheme providing benefits of high returns of 9% pa for 100 days wef 4 th January, 2012 with special incentive for senior citizen/staff/ex-staff, as usual. The minimum amount of deposit under the scheme would be Rs10,000/- and in multiples of Rs1000/-. Total Freedom CASA CAMPAIGN: from 11 th July to 31 st December, 2011 (174 days) The Salient features: (CHO/CASA/05/ dt ) A) UCO CURRENT BASIC Account-scheme FREEBIES a) Free Cheque-Book facility. (however, upper cap of maximum 50 cheque leaves per month may be issued, subject to consumption of the earlier cheque leaves issued). b) Free Base / Non-Base Branch Cash Withdrawal (Only Self at Non-Base Branch). c) Free issuance of Pay Orders / Demand Draft at Base / Non-Base Branch. d) Free fund transfers Inter Bank RTGS / NEFT. Within the Same Bank No Inter Sol Charges. e) Free UCO Debit Card only for individuals. f) Free transactions from other Bank ATM s (up to 10). g) Free E-Banking / Mobile Banking / SMS banking. (however, operator charges applicable in case of Mobile Banking). h) Free Balance Certificate, once a month. i) Free Statement of Account, once a month. j) Free Form 26 AS Tax Credit Statement through E-Banking (subject to registration with NSDL) CARE : Waiver in Cash Handling Charges (Cash Deposit) under UCO Current Basic has been revoked from the freebies to be extended to the Current Account customer/s during the Campaign period. B) UCO SAVINGS SARAL Account-scheme FREEBIES a) Free Cheque-Book facility. (however, upper cap of maximum 20 cheque leaves per month may be issued, subject to consumption of the earlier cheque leaves issued). b) Free Base / Non-Base Branch Cash Withdrawal (Only Self at Non-Base Branch) c) Free issuance of Pay Orders / Demand Draft at Base / Non-Base Branch d) Free fund transfers Inter Bank RTGS / NEFT Within the Same Bank No Inter Sol Charges e) Free UCO Debit Card only for individuals. f) Free transaction from other Bank ATM s (up to 10) g) Free E-Banking / Mobile Banking / SMS banking (however, operator charges applicable in case of Mobile Banking) h) Free Statement of Account (Quarterly) 1

2 i) Free Form 26 AS Tax Credit Statement through E-Banking (subject to Registration with NSDL) CARE : Waiver in Cash Handling Charges (Cash Deposit) under UCO Savings Saral has been revoked from the freebies to be extended to the Savings Account customer/s during the Campaign period. The freebies will be available when the new/existing customers will maintain minimum balance during the campaign period i.e. up to 31 st December, 2011, as follows: SB Accounts: Rs2500/- for all four types of centres. CD Accounts: Rs10, 000/- for Metro & Urban & Rs5000/- for Semi-urban & Rural centres. TARGETS Daily Minimum New Accounts to be opened by each Branch: SB Accounts: 15 Accounts in Metro, Urban, 10 Accounts in Semi-urban and 5 Accounts in rural branches. CD Accounts: 5 Accounts in Metro, 3 Accounts in Urban and 2 Accounts in Semi-urban and 0 Account in rural branches. UCO Dhan-Varsha Fixed Deposit Scheme for 444 days: (CHO/Retail Banking/03/ dt 07/05/2012) A limited duration Fixed Deposit Scheme providing benefits of high returns on a fixed deposit period of 444 days has been introduced by the Bank. The scheme would be effective from May 10th, 2012 and remain valid up to June 30th, 2012 and would carry an interest of 9.25% per annum with special incentive for Senior Citizens/Staff/Ex-Staff/Senior Citizens & Ex-Staff, as usual. The minimum amount of deposit under the Scheme would be Rs. 5000/-and thereafter in multiples of Rs.1000/- with a maximum amount of Rs.1 crore. UCO DOUBLE a new Fixed Deposit Scheme for 90 months - (CHO/Retail Banking/08/ dt 23/05/2012) The scheme is wef 01/06/2012 and will remain valid up to 30/09/2012. It offers a higher interest rate of 9.35% per annum assuring the depositor to double the principal amount in 90 months / 7 years and 6 months. The minimum amount of deposit under UCO Double would be ` 5000/- and thereafter in multiples of ` 1000/- with a maximum amount of ` 1 crore. Special incentive rate for Senior Citizen, Staff/Ex-Staff and Ex-Staff & Senior Citizens Observation of month of January 2012 as INSURANCE MONTH. (CHO/Retail Banking/27/11-12dt 03/01/2012) New Recurring Deposit Scheme UCO Sowbhagya (RDUSS) (CHO/Retail- CASA/37/ dt 27/02/2012) The scheme is effective from 29/02/

3 It offers all features of a Normal Recurring Deposit scheme with flexibility of varying monthly instalments. Period of deposit: Minimum 12 months & Maximum period of Deposit 36 months. Deposits Period shall be in blocks of- 12 months, 24 months and upto 36 months. Minimum one installment with no limit on number of deposits per month, however, the maximum amount that the depositor can remit in a month shall not exceed ` 10 lac. Pattern of Deposit - Minimum amount ` 100/- and Maximum ` 10 lac in a Thereafter, monthly installment in variable amount but in multiples of ` 1 UCO Sunshine Recurring Deposit Scheme (USRDS): Effective from 14/02 (CHO/Retail Banking/54/ dt 07/02/2011) Age: i. Minors above 5 years represented by their Parents/Guardians. ii. Resident Indians above 18 years of age and not exceeding 65 years as on date of opening of the accounts and after they are properly introduced to the Bank. Pattern of deposit: i. Minimum monthly installment amount of ` 500/- AND in multiples thereof. ii. No maximum monthly installment ceiling. (Upper ceiling of Rs1lac monthly installment removed vide circular no. (CHO/Retail-CASA/41/ dt 05/03/2012. Under this circular also, penalty of Rs250/- for closing the account before 12 months is waived. ) Period of Deposit: i. Minimum 12 monthly installments, and thereon in the blocks 24 months, 36 months, 48 months and upto 60 months. ii. The monthly installments may be made on or before the last working day of the month. Privileges for Senior Citizens / Staff / Ex-staff: 12 months and above and upto 60 months: Senior Citizen Account: 0.50 % Staff /Ex-Staff Account : 1.00 % Ex-Staff and Senior Citizen Account : 1.25 %** (** 36 months and above and upto 60 months: %) UCO Dhamaka Fixed Deposit Scheme: (CHO/Retail Banking/55/ dt 25/02/2011) A limited duration Fixed Deposit Scheme providing benefits of high returns on a fixed deposit period of 400 days has been introduced by the Bank. The scheme would be 3

4 effective from 28th February, 2011 and remain valid up to 30th April, 2011 and would carry an interest of 9.35% per annum with special incentive for Senior Citizens/Staff/Ex-Staff/Senior Citizens & Ex-Staff, as usual. The minimum amount of deposit under the Scheme would be Rs. 5,000/- and thereafter in multiples of Rs.1,000/- with a maximum amount of less than Rs. 1 crore. UCO Dhan Vriddhi Fixed Deposit Scheme: (CHO/Retail Banking/48/ dt 14/01/2011) A limited duration Fixed Deposit Scheme providing benefits of high returns on a fixed deposit period of 456 days has been introduced by the Bank. The scheme would be effective from 17th January, 2011 and remain valid up to 15th March, 2011 and would carry an interest of 8.75% per annum with special incentive for Senior Citizen/Staff/Ex- Staff/Senior Citizen & Ex-Staff, as usual. The minimum amount of deposit under the Scheme would be 5,000/-and thereafter in multiples of 1,000/- with a maximum amount of less than 1 crore. UCO Shubh Labh 500 Fixed Deposit Scheme: (CHO/Retail Banking/21/ dt 10/11/2010) A limited duration Fixed Deposit Scheme providing benefits of high returns on a fixed deposit period of 500 days has been introduced by the Bank. The scheme would be effective from 6 th December 2010 to 31st January 2011 and would carry an interest of 8.15% per annum with special incentive for Senior Citizen/ Staff/Ex-Staff/Senior Citizen & Ex-Staff, as usual. The minimum amount of deposit under the Scheme would be 5,000/- and thereafter in multiples of 1,000/- with a maximum amount of less than 1 crore. UCO Wealth Maximiser Fixed Deposit Scheme: (CHO/Retail Banking/09/ dt 05/08/2010) A limited duration Fixed Deposit Scheme providing benefits of high returns on a fixed deposit period of 999 days has been introduced by the Bank. The Scheme would be available from 9th August, 2010 to 29th September, 2010 and would carry an interest of 7.50% per annum with special incentive for Senior Citizen/Staff/Ex-Staff/Senior Citizen & Ex-Staff, as usual. The minimum amount of deposit under the Scheme would be `5,000/-and thereafter in multiples of `1,000/- with a maximum amount of less than `1 crore. UCO Suvidha Salary Account (UCSSA) (CHO/DEP/07/ ) 1. What is the minimum balance to be maintained in UCO Suvidha Salary Account (UCSSA)? a) Rs10, 000 b) Rs5, 000 c) Rs2000 d) No minimum balance 2. For opening of Group salary accounts under UCSSA, how many employees should join to open accounts? What should be the minimum net take home pay of each employee? a) 20, Rs10,000 b) 10, Rs5,000 c) 25, Rs15,000 d) 15, Rs8, For opening of how many employee accounts under UCSSA, Corporate terminal will be provided by 4

5 the bank for viewing of accounts and printing of statements etc? a) 200 b) 300 c) 500 d) What should be the remaining period of service to avail overdraft facility under UCSSA? a) 3 yrs b) 2 yrs c) 4 yrs d) 1 yr 5. What should be the eligibility criteria for opening accounts by employees under UCSSA? a) Regular/Confirmed employee b) Minimum net take home pay of Rs10, 000/- p.m. or above (during last 3 months) c) Minimum age- 21 years d) All the above. 6. How much overdraft can be given under UCSSA? a) 1 month of net take home salary or Rs2lac whichever is less. b) 1 month of net take home salary or Rs1.5lac whichever is less. c) 1 month of net take home salary or Rs1lac whichever is less. d) 2 month of net take home salary or Rs1lac whichever is less. 7. Whether the OD facility can be sanctioned immediately after opening of accounts by employees under UCSSA? a) After 3 months of satisfactory operation b) After 1 month of satisfactory operation c) After 2 months of satisfactory operation d) After 6 months of satisfactory operation 8. What are the add-on facilities under UCSSA? a) ATM cum VISA debit card Free, RTGS, NEFT- Available b) Internet banking with utility bill payment facility, Mobile banking- free c) Cheque book/multicity Cheques leaves free p.a. d) All the above. Deposit Products- Questions & Answers Q 1: What new CASA products have replaced existing Tierised products? A 1: UCO STAR (Savings), UCO CLASSIC & UCO CLASSIC SUPER (Current) (Circular No CHO/DEP/06/ dt Q 2: What is the penalty in case of pre-mature withdrawal of term deposit of amount less than Rs100lac? A 2: 1% less than the applicable rate for which the deposit was held by the bank as on the date of deposit or present rate whichever is lower. (Circular No CHO/DEP/13/ dt ) Q 3: What is the penalty in case of pre-mature withdrawal of term deposit of amount of Rs100lac and above? A 3: 1% less than the applicable rate for which the deposit was held by the bank as on the date of deposit or present rate whichever is lower. (Circular No CHO/DEP/13/ dt ) 5

6 Q 4: For whom pre-funded cheque facility are available? A 4: Facility available to customers maintaining individual SB/CA account with us. Q 5: What are the denominations of pre-funded cheques? A 5: Rs1000/-, Rs5000/- & Rs10, 000/-. (Circular No CHO/DEP/09/ dt ) Q 6: What is a UCO Magic Cheque? A 6: Pre-funded cheque has been branded as UCO Magic cheque for popularizing the product. Tierised products :( CHO/DEP/06/ dt ) UCO Star: Minimum Monthly Average Balance: Rs25, 000/- Cheque book: 2 booklet free (40 cheque leaves) per half year and after that Rs3/-per leaf. Immediate credit of outstation cheques: up to Rs25,000/-per occasion. Remittances: PO/DD/TT/MT: Up to Rs10, 000/- free per day RTGS/NEFT: Free Other highlights: VISA Debit card: free issuance with free add-on card. Standing instructions: free transfer in the same branch Stop payment charges: Free Auto sweep facility: Above Minimum balance Rs25, 000/- in tranches of Rs5,000/- sweep in and sweep out ( Maximum period 179 days) with no premature penalty clause. E-banking/Mobile banking: Yes. Incidental charges: Charges for non-maintenance of minimum monthly average balance: Rs250/- p.m. If the above default occurs for any 2 months in a financial year: Account will be downgraded to basic saving account (i.e. no concessional charges) for a period of 6 months and will be upgraded thereafter on request. Charge for closure of A/C within 12 months: Rs250/- Salient Features UCO CLASSIC UCO CLASSIC SUPER Minimum Monthly Average Rs75,000/- Rs2.5lac balance Cheque book Free free Immediate credit of Upto Rs25,000/- Upto Rs25,000/- outstation cheques Remittances: Pay order Up to Rs10, 000/- free per day. Above Rs10, 000/-, 25% discount. 6 Up to Rs10, 000/- free per day. Above Rs10, 000/-, 50% discount. RTGS/NEFT Free Free Ledger folio charges Free Free Other Highlights: VISA Debit Card Free for life Free for life Standing instructions Free within branch only Free within and outside

7 branch Balance certificate Free Free Auto-sweep facility Above Minimum balance of Rs75,000/-, in tranches of Rs25,000/- sweep in and sweep out(max period 45 days) with no pre-mature penalty. Above Minimum balance of Rs2.5lac, in tranches of Rs25,000/- sweep in and sweep out(max period 45 days) with no pre-mature penalty. Statement of account Free Free a) Intersol charges b) outstation cheque collection charges Charges for nonmaintenance of minimum monthly average balance Cash deposit a) local non base branch b) outstation non-base branch a) Free intersol b) 50% of normal collection charges for collecting proceeds by post Rs500/- per month No intersol charges CHO/OSD/98/ dt a) Free b) Free Rs2000/- per month No intersol charges CHO/OSD/98/ dt * Cash handling charges extra Cash withdrawal a) local non base branch b) outstation non-base branch If the above default occurs for any two months in a financial year * No cash handling charges upto Rs 50,000/- per day. No intersol charges upto Rs50, 000/- per day. a & b) No cash payment/ withdrawal allowed to third party at non-base branch. a & b) withdrawal limit of Rs50,000/- to customers through self cheques at non base branch. Account will be downgraded to basic current account for a period of 6 months and will be upgraded thereafter on request. Charge for closure of A/C Rs500/- Rs1000/- 7 * No cash handling charges upto Rs 50,000/- per day. No intersol charges upto Rs1, 00,000/- per day. a & b) No cash payment/ withdrawal allowed to third party at non-base branch. a & b) withdrawal limit of Rs50,000/- to customers through self cheques at non base branch. Account will be downgraded to UCO CLASSIC current account for a period of 6 months and will be upgraded thereafter on request.

8 within 12 months E-Banking with SMS alert facility/mobile banking Yes Yes Friend in need deposit: Target Group: Either individuals or association of persons who have got current Account with us. Essential requirements: A Fixed Deposit which includes KY also needs to be opened first. Current Account in the identical name is a pre-requisite. Minimum Deposit amount: Rs.10000/- and in multiples of Rs.1000/- Period: Minimum period is 3 years, Maximum period is 10 years. Flexible Fixed deposit scheme: Target Group: Those who have surplus funds to invest in deposit and at the same time may have the necessity for withdrawal of funds with minimum loss of interest. Scheme: It is a deposit like KY. Premature closure does not attract any penalty. The entire deposit need not be closed. There is a provision for withdrawal of part amount of Rs.1000/- and in its multiples. Interest is paid at simple rate on withdrawn portion. TDS is applicable. Eligibility: Category A: Those who are eligible to open SB Accounts. Category B: Those who are not covered under Category A. Minimum Amount of Deposit: Category A: Rs.5000/- and in multiple of Rs.5000/- only. Category B: Rs /- and in multiple of Rs.10000/- only. Period of deposit: Minimum 12 months, Maximum 120 months. Premature withdrawal: A minimum of Rs.1000/- and in its multiple per every occasion. Interest Payment: Interest as applicable for the period run at simple basis allowed on the withdrawn amount without any penalty. The number of times withdrawal allowable in a year: Category A: No Restriction. Category B: 12 times in a Calendar year Loan against Deposit: Loan can be granted as against any other Deposit scheme. UCO Tax Saver Deposit Scheme, 2006 Date of commencement of the scheme: Eligible persons to open: i) An individual for himself ii) Hindu Undivided Family (HUF) III) Jointly by two adults iv) Jointly by an adult and a minor, payable to E or S. Minimum Amount of Deposit: Rs100/- and in multiples of Rs100/- Maximum Amount of Deposit: Rs100000/-. Period of deposit: Minimum: 5 years, Maximum: 10 years Premature Closure: The scheme has got lock-in-period of 5 years. Income tax benefits: Deposit amount is eligible for deduction u/s 80 C of Income Tax Act upto a maximum of Rs1lac. In case of joint deposit account, the benefit is only available to the first holder. TDS is applicable on the interest portion of this type of deposits. Loan: No loan facility. 8

9 Floating Rate Deposit Scheme Scheme: Fixed deposit with floating rate of interest where interest can be paid on quarterly or cumulative basis. Minimum Amount of Deposit: Rs /- and in multiple of Rs.1 lac. Period of Deposit: can be opened for 3 years, 5 years or 10 years. TDS: TDS is applicable. Pre-mature Payment: i) Upto 14 days : No interest ii) More than 14 days, upto one year: SB Rate. iii) More than one year upto to two years: SB rate % iv) More than two years upto three years: SB rate % v) If the deposit remained for more than 3 years, penalty leviable is at 0.50% on the principal portion for the period the deposit remained with the bank or the remaining period of maturity of the deposit, whichever is less. Loan against Deposit: i) Rules as applicable to any other deposit scheme. ii) Interest on loan is reset in tune with the change in the ROI of deposit. Special Deposit Schemes for Senior Citizens: Senior Citizen: A resident Indian having attained the age of 60 years is a Senior Citizen for the purpose of this scheme. Documents for verification of age: i) Secondary School Leaving Certificate. ii) LIC policy iii) Voter Identity Card iv) Pension Payment Order v) Birth Certificate issued by competent authority. vi) Passport Operational guidelines and special Features: i) The incentive rate is applicable regardless of size of deposit and regardless of period of deposit. ii) The account must be in the name of a Resident Senior Citizen. iii) A joint account can also be opened. iv) The Resident Senior Citizen should be the Primary Account holder. v) The joint account can be with any mode of operation. vi) The incentive interest applicable to retired staff member is the total of terminal benefits plus Rs.10 lacs subject to a maximum of Rs.25 lacs. Automatic Transfer to Nominee: i) Automatic transfer of deposit to the nominee can be made in case of death of the depositor, ii) So Nomination is to be taken mandatorily. Waiver of penalty for premature closure: i) No penalty is levied on Foreclosure. ii) However interest as applicable for the period run only is to be given. Free remittance Facility: Every month upto Rs.5000/- can be remitted free of charge. 9

10 Savings Bank Accounts: Minimum Balance: Following amount of minimum balance is to be maintained, below which the depositor has to pay service charge. Metro Urban S/U Rural With cheque facility (individuals) (Others) Without cheque facility Pension a/c with cheque facility Pension a/c without cheque facility Savings Bank Accounts: PAYMENT OF INTEREST: W.e.f Bank pays 3.5% on half-yearly basis and credited twice to the account in the month of Jan. and July for the period July to Dec. and Jan. to June respectively. Interest is calculated on the daily balance wef SB interest rate is 4% wef Wef , SB interest has been deregulated by RBI. NO INTEREST TO BE PAID IF i) An account is closed within 3 months of its opening. ii) Interest calculated for the relevant half year comes out to be less than one rupee. Additional interest of 1% shall be payable on the staff account provided the account is in the name(s) of Member or retired member of Bank s staff either singly or jointly with any other member/members of his/her family. Deregulation of SB deposit interest rate: RBI deregulated SB deposit interest rate wef 25/10/2011 subject to the following two conditions: i) Banks will have to offer a uniform interest rate on Savings bank deposits upto Rs1lac, irrespective of the amount in the account within this limit. ii) For SB accounts of over Rs1lac, banks may provide differential rates subject to the condition that banks will not discriminate in the matter of interest paid on such deposits, between one deposit and another of similar amount, accepted on the same date, at any of its offices. 10

11 Savings Bank Accounts: INOPERATIVE ACCOUNT: Account with no operation for continuous period of two years is termed as Inoperative Account. Such accounts are transferred to Inoperative Accounts Ledger. Savings Bank Accounts: SERVICE CHARGE: a) Issue of duplicate Pass Book Rural -Rs. 50/- and others Rs75/-(For individuals) others Rs100/- b) Stop payment instruction Rural Rs.50/- per cheque and Rs300/- per lot. Others Rs75/- per cheque and Rs500/- per lot c) Issue of cheques MICR cheque Rs.3/- per cheque leaf in excess of 20 leaves, per half year. d) Folio Charges: All folios free of charge. e) Non maintenance of minimum balance: Without cheque Rs.100/- per quarter With cheque facility Rs.150/- per quarter (for rural Rs100/-) f) Excess of withdrawal If withdrawals > 50 in a half-year. Rs.10/- per additional entry.( if average balance is Rs25,000/-, no charge is levied) Withdrawals means account debited either by cheque/for every withdrawal slip/standing instruction or any other means party). g) Closure of accounts within one year Rs.200/-(for rural Rs100/-) h) Standing instruction: half year Manner. (under intimation to Same branch and in same name (per transaction) -- NIL Same branch in different name (per transaction) -- Rs.25/- in case of individuals --- Rs50/- for others Another branch ---- (per transaction) -- Rs.50/- plus remittance plus postages. Charge for insufficiency of funds to carryout standing instructions (per occasion) -- Rs.30/- i) A withdrawal slip may be paid within a maximum of two working days following the date on which the withdrawal slip has been drawn. j) Incidental charges for Accounts not operated for 1 year: Balance Rs.1000 or more (half yearly) NIL Balance < Rs.1000/- > Rs.50 (half yearly) Rs.50/- Balance below Rs.50/- (half yearly) available balance UCO NO-FRILLS SAVINGS BANK ACCOUNT The salient features of the scheme are as follows: INITIAL DEPOSIT FOR OPENING THE ACCOUNT AND MAINTENANCE OF MINIMUM BALANCE: The account can be opened with a minimum initial deposit of Rs. 5/-. In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs. 250/-. The account may continue even with Zero balance. No Frills account can be opened in all metro, urban, semi-urban and rural categories of branches. 11

12 The eligibility for opening No-frills Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person. RESTRICTION OF NUMBER OF WITHDRAWALS/DEBIT ENTRIES IN NO-FRILLS ACCOUNT : Upto 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charge will be per additional entry during a half-year. CHARGES TO BE LEVIED: For standing instructions no charge will be levied. Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services. For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year. Any additional requirement of cheques leaves during a year will attract a charge of rs.3/- per cheque leaf. No incidental and folio charges will be levied in these accounts. All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered. COMPLIANCE OF KYC GUIDELINES: Such account may be opened for those persons subject to compliance of the following: Introduction from another account holder who has been subjected to full KYC procedure. The introducer s account with the Bank should be at least six month old and should show satisfactory transactions. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer. Or, Furnishing any other proof as to the identity and address of the customer to the satisfaction of the bank. When the balance in all his/her accounts with the bank (taken together) exceeds Rs. 50,000/- the total credits in the accounts exceed Rs lakh in a year, no further transaction will be allowed until identity and address of the customer are verified from documents. Current Deposit Accounts: Who cannot open? i) Blind person ii) Minors iii) Illiterate iv) Any person whose account is to be operated by thumb impression, cross mark or signature by hand of another person. What are the documents to be taken in case of a Partnership firm? Partnership letter A-5 Signature by all the partners Copy of partnership deed A certified/authenticated copy of the certificate of registration Declaration in Form F What are the documents to be taken in case of a Company (Private or Public)? 12

13 Certificate of incorporation Memorandum of Association Articles of Association Board Resolution Certificate on commencement of business List of Directors Current Deposit Accounts: MINIMUM BALANCE Category of branch Minimum Amount to be accepted & maintained in the a/c. Individuals others Rural Rs.1000/- Rs2000/- Semi-Urban Rs2000/- Rs2500/- Urban Rs.3000/- Rs5000/- Metropolitan Rs.3000/- Rs5000/- Current Deposit Accounts: NOMINATION: Nomination facility is available for Individual Account & Account of Sole Proprietorship firm. Current Deposit Accounts: INTEREST PAYMENT: No interest to be paid on deposit accounts except as under: In case of balance lying in the current account standing in the name of deceased individual depositor, interest shall be paid from date of death of the depositor, till the date of payment to the person in whose favour the death claim is settled. Interest is payable at the rate of interest operative in respect of savings deposit applicable as on date of payment. This would also apply to sole-proprietor firm. Current Deposit Accounts: INOPERATIVE ACCOUNT Account with No operation for continuous period of two years is termed as Inoperative account. Such accounts are transferred to Inoperative Accounts Ledger. Fixed & Time deposit Accounts: AMOUNT OF DEPOSIT: Minimum deposit amount is Rs.1000/-. However for payment of monthly interest minimum deposit is Rs.10, 000/- PERIOD OF DEPOSIT: Minimum period -, 7 days Maximum period 10 years, Deposit exceeding 10 years are allowed under orders of Court/Tribunal or protection of minor s interest. FORMS/DOCUMENTS REQUIRED Furnishing PAN/GIR Number if amount of deposit is more than Rs.50,000/- Form 60/61 if no PAN/GIR No. or Income is from agriculture only. Two passport size photograph (three photograph if Illiterate) In case of senior citizen age should be verified from LIC Policy/SSC certificate/voter s Identity card/passport/ppo/any other document. Satisfactory introduction of the depositor Passport/Voter s identity card/gir No. /PAN card may be considered as adequate introduction. DUE DATE: Deposit will fall due for payment/renewal on the due date and interest on the deposit is paid up to the previous date. However if the due date falls on Sundays or holidays the deposit is to be paid on next succeeding working day and interest for intervening holiday is to be paid. RENEWAL OF DEPOSIT 13

14 In absence of mandate for renewal, the bank will seek instructions from the depositor by sending an intimation before 15 days of the maturity date of term deposits. When a depositor wishes to continue the deposit with the bank, he asks for renewal of deposit from the due date. If the deposit has become overdue i.e. after the due date, such deposit also can be renewed as per the following: i) If the deposit is overdue 14 days renewal can be effected retrospectively and interest as applicable on the date of maturity will be allowed. Premature closure of Renewed FD: The rate of interest in this case would be 1% less than the applicable rate for which the deposit remained with the bank as on the date of renewal or on the date of foreclosure whichever is less. RENEWAL OF DEPOSIT ii) If overdue period > 14 days, renewal will be permitted if depositor agrees to renew the deposit for a further period of at least equal to the period the deposit has remained overdue. The renewed term of the deposit will commence from the date on which renewal is done after the depositor approaches the branch. The interest rate prevailing on the renewal date will be applicable rate for renewed deposit. For the Overdue period interest is to be paid at the rate prevailing on the date of maturity or on the date of renewal, whichever is less. iii) This overdue interest can either be paid to the depositor or can be clubbed with the maturity value of the term deposit for renewal with the clubbed amount as per the request of the depositor. iv) If the depositor is not willing to renew the overdue deposit for at least equal to the overdue period interest for the overdue period may be paid at the savings bank rate(simple) prevailing on the date of maturity or date of approach for closure /renewal whichever is less. Premature closure of Renewed FD: Treatment for interest for overdue period: Calculate interest at the rate of SB (simple) prevailing on the date of maturity or on the date of renewal of overdue FDR whichever is less, for overdue period of original term deposit and adjust this calculated interest against the already paid or clubbed interest for overdue period at term rate and make deduction of interest paid in excess. The adjusted amount thus arrived at should be treated as principal amount for the renewed term deposit. Treatment for payment of interest for renewed period: The rate of interest payable on this new adjusted principal shall be 1% less than the applicable rate for the period for which the deposit remained with the bank (after the date of renewal) as on the date of renewal or on the date of foreclosure whichever is less. For Kuber Yojna Scheme, the interest after deducting 1% from applicable rate should be compounded at quarterly rest and for the incomplete quarter, simple interest should be paid. ( CHO/OSD/17/ dt. 04/05/2012) Premature closure of Term Deposit Penalty charges (CHO/DEP/13/ dt ) 14

15 Premature closure can be made with penalty in interest rate as 1% less than the applicable rate for which the deposit was held by the bank as on the date of deposit or present rate as on the date of premature closure whichever is lower, but no penalty is to be imposed on premature closure of deceased FDRs paid to nominee/legal heirs. PAYMENT OF INTEREST IN DECEASED ACCOUNT Where the depositor has died before the date of maturity of the TDR Claim made before maturity :- Rate of interest as prevailing on the date of issue, applicable for the period the deposit remained with the bank without charging any penalty. Claim made after maturity: - Up to the date of maturity interest at contracted rate. For the rest of the period i.e. from the date of maturity till the date of payment, simple interest at the term deposit rate as prevailing on the date of maturity applicable to the period the deposit actually remained with the bank beyond the date of maturity. Where the depositor has died after the date of maturity of the TDR Up to the date of maturity interest at contracted rate. For the rest of the period i.e. from the date of maturity till the date of payment, simple interest at the Savings rate as operative on the date of maturity applicable to the period the deposit actually remained with the bank beyond the date of maturity. Payment of Term Deposit Accounts in Bank (CHO/OSD/73/ dt ): i) Fixed Term deposit accounts are opened with operating instructions Either or Survivor the signature of both the depositors need not be obtained for payment of the amount of the deposits on maturity. Ii) However, the signatures of both the depositors may have to be obtained in case the deposit is to be paid before maturity. iii) If the operating instruction is Either or Survivor and one of the depositors expires before the maturity, no premature payment of the Fixed/term deposit may be allowed without the concurrence of the legal heirs of the deceased joint holder. iv) This, however, would not stand in the way of making payment to the survivor on maturity. If the joint depositors prefer to allow premature withdrawals of fixed/term deposit also in accordance with the mandate of Either or Survivor or Former or survivor as the case may be, it would be open to branch to do so, provided they have taken a specific joint mandate from the depositors for the said purpose. Payment of term deposits maturing on holidays: Interest should be paid for such intervening period at the originally contracted rate till the succeeding working day. Maximum period of term deposits: 10 years, but can be more in terms of court orders or in case of minor where his interest is involved. No of days for interest payment: For a leap year, total 366 days are to be taken in a year and for other years, total of 365 days are to be taken where deposit is payable in less than three months or where terminal quarter is incomplete. Recurring Deposit Accounts: Instalments: Instalments should be in multiples of Rs. 5/-, Minimum Rs. 50/- p.m. 15

16 Period of Deposits: Minimum period of deposit is 12 months, maximum 120 months in multiples of 3 months. Period cannot be altered subsequently. Maturity Maturity value of an RD A/c will be payable only 30 days after the last instalment or on the expiry of the period of contract, whichever is later. Monthly instalments are to be paid on or before the last working day of each month. Penalty for late payment Rs.2/-per Rs. 100/- per month Unclaimed Deposit/Inoperative Accounts in Bank-Display list of Inoperative Accounts: (CHO/OSD/95/ dt 25/02/2012) Bank is required to Display the list of unclaimed Deposits/inoperative accounts which are inactive/inoperative for Ten years or more on their respective websites. The list so displayed must contain only the names of the account holders(s) and his/her address in respect of unclaimed deposits/inoperative accounts. In case such accounts are not in the name of individual, the names of individuals authorized to operate the accounts should also be indicated. Accordingly, all Branches are advised to prepare complete list of all such Unclaimed/Inoperative accounts containing details enumerated above as of 31st March 2012and submit to respective zonal office within 15 April 2012 and from ZO to OSD,HO by 30/04/2012. Bulk deposit-definition: Definition of Bulk Deposit revised to more than Rs. 5 crores, effective today i.e. 30th March, (CHO/OSD/38/ dt ) Opening of Small Account (CHO/ OSD/24/ dt ): Small account means a savings bank account in a banking company where I) the aggregate of all credits in a financial year does not exceed rupees one lakh. II) the aggregate of all withdrawals and transfers in a month does not exceed rupees Ten thousand and, III) the balance at any point of time does not exceed rupees fifty thousand An individual who desires to open a small account in a banking company may be allowed to open such an account on production of a self attested photograph and affixation of signature or thumb impression, as the case may be, on the form for opening the account. Provided that i) The designated officer of the banking company, while opening the small account, certifies under his signature that the person opening the account has affixed his signature or thumb print, as the case may be, in his presence; ii) A small account shall remain operational initially for a period of twelve months, and thereafter for a further period of twelve months if the holder of such an account provides evidence before the banking company of having applied for any of the officially valid documents within twelve months of the opening of the said account, with the entire relaxation provisions to be reviewed in respect of the said account after twenty four months. The definition of officially valid document may include job card issued by NREGA duly signed by an Officer of the State Government or the letter issued by the Unique 16

17 Identification Authority of India, containing details of the name, address and Aadhaar number. The Reserve Bank of India has further advised that all accounts opened in terms of the prescribed procedure and all other accounts opened only on the basis of NREGA job card or Aadhaar letter should be treated as small accounts subject to conditions stipulated in the said notification. Unclaimed Deposit / Inoperative Accounts in Bank: (CHO/DEP/01/ dt ): As per the extant guidelines, a Savings Bank Account as well as Current Account should be treated as inoperative / dormant if there are no transactions in the account for over a period of two years. The customer(s) must be informed in writing three months before his / their account is classified as inoperative / dormant account. Nomination facilities: Important points: Nomination continues on renewal of term deposits. The payment is to be made to nominee and no one else except as per court order. The premature payment to the nominee before due date is a valid discharge. By granting loan to the nominee before maturity, the bank does not get valid discharge. If the title of account is changed due to addition/deletion etc, the nomination is cancelled automatically. On death of the account holder, if nominee does not turn up for six months, the bank is to contract the nominee. This information is to be given within 3 months in locker and safe custody articles. Nomination is available where safe custody articles are held in single name (not available for joint names) of individual accounts. Only one nominee can be appointed. Separate nomination is required for each lodgement. Nomination is available for single and joint name locker holders. For single or joint accounts ( E/S or F/S), only one nomination is allowed. But, for jointly operated lockers, the maximum number of nominees may be two. In case of joint operation lockers, the contents are deliverable to surviving locker holders along with the nominee of the deceased locker holder. Nomination not available for non-individual accounts like partnership, trust, limited company, club etc. Nomination is compulsory in all single name accounts. Where the account holder is not willing to nominate, he is to give his refusal in writing. If he refuses to give the refusal in writing, the bank officials are required to record the fact in the account opening form itself. Nomination legend Nomination Registered is to be written on the face of FDR/Passbook as per RBI instruction. In addition to such legend, banks should also indicate the name of the nominee in the Pass book/statement of accounts/fdrs, in case the customer is agreeable to the same. 17

18 The nomination forms under Nomination Rules, inter-alia, prescribe that the thumb impression of the account holder is required to be attested by two witnesses. Deposits: Some important points: RBI advised banks to ensure that full address and phone number of the branch are invariably to be mentioned in the pass book / statement of accounts issued to account holders. An unsatisfactory account can be closed by the bank by giving prior notice in advance. All original names cannot be deleted and atleast one of them should continue to be the deposit holder. Banks can allow the joint account to be split up in their individual names provided the period and aggregate amount of the deposit do not change. This would not be considered as premature payment. The minimum maturity period of a term deposit can be 7 days irrespective of the amount of deposits. Normally, the maximum period would be restricted to 10 years. In case of FD Account frozen by banks on instruction of govt. and if there is no instruction by the depositor for renewal of deposit, the bank may renew the same for a term equal to the original term. Tax deduction at Source (TDS): Tax is to be deducted at source from interest on FD/TD excluding Recurring deposit. Deduction is not to be made where the aggregate amount of interest during the financial year from all his term deposit accounts in a branch does not exceed Rs10,000/- Interest paid on NRE, FCNR, NRNR accounts is exempt from deduction of tax at source. For NRO account, deductions to be made for all interest payments in all accounts. TDS is deducted even on interest accrued (but not yet paid) at the end of the financial year i.e. 31 st March every year. In case of resident individual and HUF, for interest payment upto Rs10lac, TDS is deducted at a rate of 10% plus education cess 3%(total deduction rate is 10.3%), but for interest payment for Rs10lac and above, TDS is 10% plus surcharge of 10% and educational cess of 3% (total deduction rate is 11.33%) Where PAN is not registered with the bank, TDS is deducted at 20%. For any TDS deducted by the bank, it will issue a form 16A which can be used while filing the income tax return. The form 15G and 15H are submitted to banks by depositors who do not want the TDS to be deducted from their interest earned on fixed deposits. A person who is below 65 years can file the Form 15G. A person of age 65 years or more is eligible to file Form 15H. 18

19 A person whose tax on estimated income is not NIL or having income from interest or surrender value of pension plan above Rs1,00,000/-, cannot file declaration u/s 15G. 19