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Financial Results Q1 (2014-15 )

Unaudited Financial Results for the Quarter ended June 30, 2014

Consolidated Results of e-Voting & Poll at the Annual General Meeting

Link to LDM Malda Website

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United Saving Bank Acoount
 
Eligibility :

SB account may be opened in the name of an individual or in the names of two or more individuals. In case of Joint account, it can be operated jointly or severally, with either or survivor or former or survivor clause. Account may be opened in the name of minor, to be operated by natural guardian.


Minor at the age of 13 can operate account individually. An illiterate person can also open account jointly with illiterate or literate but literate will be the survivor. Blind person may also open the account. Account can be opened by a club, a society or an association.


Entities debarred from opening SB a/c :


(vide Circular No. VIG/CVO/NLM/OM-73/06/2004 dated 29.04.04)

  • Govt. Departments

  • Bodies depending upon budgetary allocations for performance of their functions

  • Municipal Corporation or Committees

  • Panchayat Samities

  • State Housing Boards

  • Water and swerage / drainage boards

  • State Text Book Publishing Corporations

  • Societies

  • Metropolitan Development Authority

  • State / Dist Level Housing Coop Societies

  • Any trading, business or professional concern (e.g firms of Chartered Accountants, Lawyers, etc) whether such concern is a Proprietary or a Partnership firm or a company or an association.


List of organizations / bodies to which the above prohibition will not be applicable :

(vide Circular No. VIG/CVO/NLM/OM-73/06/2004 dated 29.04.04)


  • Primary coop credit society which is being financied by the bank

  • KVIB

  • Agri. Produce Market committees

  • Societies registered under the Societies Registration Act, 1860 or any other corresponding law in force in state or a Union Territory

  • Companies governed by the Companies act, 1956 which have been licensed by the Central Govt. under section 25 of the said act or under the corresponding provision in the Indian Companies act, 1913 and permitted, not to add to their names the words ‘ Limited’ or the words ‘ Private Limited’

  • Institutions other than those mentioned in the earlier para (debarred entities) and whose entire income is exempt from payment of IT under IT Act 1961

  • Govt. Department / bodies/agencies in respect of grants/subsidies released for implementation of various programmes / schemes sponsored by central govt/state govt subject to production of an authorization from the respective central/state Govt. departments to open SB a/c

  • DWCRA

  • SHG registered or unregistered which are engaged in promoting saving habits among the members

  • Farmers clubs – VVV

  • SFDA/FFDA

  • MFAL

  • DPAP

  • DRDA / DRDS

  • IRDP / informal groups of rural farmers or entrepreneurs

  • ITDA

  • ZP /GP only in respect of JRY funds

  • MPLADS subject to the condition that no such a/c shall be opened with a bank other than a PSB

  • ZP/ GP in respect of funds released for implementation of various rural development / welfare programmes and / or subsidy/margin money linked programme sponsored by the state govt/govt of India

  • Nagar Panchayat, Nagar Palikas and Municipal bodies in relation to funds (Central assistance plus state share) given under NRY towards the components of subsidy and training and infrastructure of SUME and interest earned on deposits under both the components of SUME and on deposit under SUME subject to the condition that no such a/c shall be opened with a bank other than PSB


Introduction of A/c :


  • Any SB or CD account holder maintaining account satisfactorily for last 6 months with the Bank

  • Any scheduled bank,

  • A gazetted officer,

  • Chairman of municipality, councilor of a corporation, Pradhan / President of Gram Panchayat

  • A confirmed employee including subordinate staff of the branch.

Branch should not insist that the introducer should visit the branch.


Waiver of introduction is allowed for the following :


  • Production of Passport or Photo identity card issued by Govt. Department or Election Commission

  • In case of self-drawn cheque on any bank with any of the following

      • Election ID

      • PAN Card

      • Driving license alongwith latest credit card statement / salary slip duly signed by the head of office

      • Electricity Bill (latest date)

      • Telephone Bill (latest date)

      • Certificate from a reputed customer acceptable to bank

Nomination :

Nomination in favour of only one individual is acceptable in one a/c


Documents required :

  • Two passport size photograph

  • xerox copy of Pan Card or submission of a declaration in form 60 or 61 as per I.T. Act.

  • Proof of address / residence viz. driving license/ration card/voters identity card/pass port/electricity bill etc or a certificate from a person acceptable to the Bank.

Calculation of Interest :

Interest payable on half yearly in June and December taking into the account the minimum balance maintained in the account on monthly product basis.


Restriction on withdrawal :

If number of withdrawal exceeds 50 in a calendar half-year (excluding withdrawal from ATM) Rs. 10/- per withdrawal is charged in excess of 50.


Restriction of withdrawal of cash on withdrawal slip :

Amount to be withdrawn by withdrawal slip through bearer is restricted to Rs.2000/-. & by self Rs 20000/- whereas illiterate customer may withdraw any amount without ceiling through withdrawal slip since cheque book facility is not allowed.


Closure of Account :

If the account is closed within 3 months of its opening, no interest is payable.


Operation Mode

A) E or S / Any one or Survivor or Survivors: Any holder can operate the a/c but for closure and change of status, joint mandate is required

B) F or S: First a/c holder can operate, close and change the status of a/c

C) on the death of one depositor(s), the survivors can continue to operate / close the a/c


Facilities available to customer :

  • Nomination facility for quick disposal of balance in case of death of a/c holder(s)

  • Facility for standing instruction involving credit to another a/c

  • Cheque book / pass book facility

  • Opening joint a/c with relatives / partners / etc

  • Opening of a/c in the name of minor, illeterate, blind, etc

  • Instant credit upto Rs 15000 against collection of outstation cheques

  • Coverage of insurance benefit upto Rs 1.25 lac by paying nominal premium of Rs 17 per year under United Suraksha Scheme

  • ATM-cum –Debit card

  • Safe custody of article facility, safety lockers facility

Minimum balance to be maintained :

(subject to change from time to time with 2 months prior notice to the customer)


With cheque book facility

M/U/SU/R branch

500

Without cheque book facility

Rural branch

M/U/SU branch



50

100

Pensioners, visually handicaped, USP a/c, senior citizen, women operated by self or as guardian for minor, industrial / agricultural labourers, low income families, girl students under National incentive scheme for higher education, A/cs opened for financial inclusion.

Zero

 

Other features for customers :


  • Customers are free to switch over to CD a/c within 14 days of making 1st payment in the a/c or get back money without any notice period and no charge to be levied

  • As per RBI norms, use notes always in unstapled / unstiched conditions

  • In case of loss, steal or damage of cheque book, pass book, ATM card, inform the branch immediately (Toll free No. 1800 1033 470)

  • Return of cheque for want of fund is a criminal offence and may be sued in court of law

  • Intimate the bank immediately upon change in recorded address

    Collection of Cheques :

  • For local Cheque : Amount will be credited on the day bank is funded with collection proceeds but amount can be withdrawn after expiry of clearing return time

  • For OCC : Max. Collection period is 10 days for state capital other than NE states & Sikkim and 14 days for other places. Bank will pay interest at the rate applicable to the tenor of F.D for abnormal delay (after 90 days) & SB interest will be payable for normal delay.

  • Upon mandate, ECS/RTGS facility will be extended on levying normal charge

  • Cash deposit of Rs 50000 or above, PAN No. is required to be quoted in deposit chalan

  • Settlement of deceased a/c : Balance amount will be paid to the Nominee or legal heir(s) if nomination is not in force, on submission of Heirship certificate, indemnity bond and surety etc. Depending on the amount of claim documents to be submitted.

  • On loss of passbook, duplicate may be issued on submission of letter of indemnity and realisation of charge along with relevant documents.

The following categories may be allowed to maintain Zero balance SB a/c :

(Circular No. OM/Sys Pro/200/12/OM-157/2004 dated 25.06.04)


    • Pensioners

    • Senior Citizens

    • Women customer either in their single name or as guardian of minor child

    • A/c holder whose salary is being credited

    • Visually handicapped persons

(Circular No. RBD/23/OM-537/05-06 dated 27.12.05)


  1. Low income families in rural / urban areas.

  2. Industrial / Agricultural labourers in rural / urban areas.

  3. Non-Pensioners Senior Citizens

UNITED BASIC SB ACCOUNT (UBSB)


1.Target Groups :

Any un-banked population segments up-till denied basic banking facilities due to stipulated minimum balance requirements and levying of service charges. The target group will include low-income families in rural / urban areas, industrial/agricultural labourers in rural /urban areas and non-pensioner senior citizens.


2.Area of operation : From all the branches of the Bank.


3.Eligibility :

UBSB account may be opened in the name of an individual or in the names of two or more individuals. In case of Joint account, it can be operated jointly or severally, with either or survivor (or) former or survivor clause. Account may be opened in the name of minor, to be operated by natural guardian. Minor at the age of 13 can operate account individually. An illiterate person can also open account jointly with literate but in that case, the mode of operation will be ‘Former or Survivor’ where illiterate would operate the account and literate will be the survivor.


4.Initial Deposit & Minimum balance :

The account can be opened & can continue with zero balance.


5.Introduction & KYC Norms :

As per KYC norms required for opening normal SB accounts. In case a person who wants to open a Basic SB account is not able to produce any of the documents necessary for completing KYC norms of the Bank, the bank may open as per relaxed KYC norms circulated from H.O. time to time.


6.Number of transactions in the account :

  • For deposits - No restriction.

  • For withdrawals - Max.5 withdrawals per month. A charge of Rs.5/-for every additional withdrawal transaction.

7.Cheque Book Issue :

one free cheque book containing 10 leaves will be issued every calendar year under the following terms and conditions.


  • For availing cheque book facility by the customers, a minimum balance of Rs 250/- is to be maintained in the account.

  • Subsequent issuance of cheques will, however, be charged as per normal Saving Bank Account.

8.Facility of ATM-cum-Debit card :

No ATM-cum-Debit card shall be issued.


9.United Suraksha Yojana (USY) :

Accidental Insurance Cover under USY may be extended to willing customers by payment of annual premium as applicable.


10.Nomination facility : Available.


11.Service Charges / Incidental charges :


Under the scheme, there are no incidental charges for

i) Accounts becoming in -operative;

ii) Closure of accounts. In all other cases, the Service Charges / Incidental Charges will be same as applicable to normal SB accounts.


12.Other rules :


All other rules will be same as applicable as our normal SB accounts as enumerated in Bank’s Manual of Instruction, Part-2 on Deposits and subsequent amendments made thereof from time to time.


13.Migration from UNITED Basic SB account to Normal SB account and vice-versa :

Customers of United Basic SB account can migrate to Normal SB account by fulfilling the minimum balance stipulation and other conditions as applicable to Normal SB accounts. The KYC norms as applicable to Normal SB accounts are also need to be strictly observed. In case of migration, the account number will, however, remain the same. Migration from Normal SB account to UNITED Basic SB account may also be allowed as per written request from the account holder.


United Bonanza Savings Scheme :

A saving scheme which combines liquidity of Savings Bank and interest of Fixed Deposit Account. Under the scheme, a depositor will open a Savings Bank Deposit Account with an in-built arrangement of transferring balance over a specified limit to Fixed Deposit Account automatically for a specified period to be stipulated by the account holder and earn interest at Term Deposit rate. The details of the scheme are given below.

Eligibility :

Anyone eligible to open Savings Bank Deposit Account of the Bank is eligible to open United Bonanza Savings Account either singly or jointly. Employees, Ex-employees, spouse of deceased employees of United Bank of India and senior citizens are also eligible to open account under this scheme.

Minimum Balance Required :

The minimum balance required is Rs. 10,000/-

Automatic Transfer of Fund to Fixed Deposit :

At the option of the depositor at the time of opening of the account, balance in United Bonanza Savings Account in excess of Rs. 10,000/- or any other higher limit as may be specified by the depositor shall automatically be converted into Fixed Deposit in multiple of Rs. 1,000/- without requiring the compliance of formalities for opening of Fixed Deposit Account for the purpose.

Period of Fixed Deposit :

Fixed Deposits under United Bonanza Savings Scheme shall be for any period ranging from six months to 1 year, or by default 6 months as may be specified by the account holder at the time of opening of the account. The period shall remain fixed for all Fixed Deposits to be created from the United Bonanza Savings Account. (No loan facility against FDs under the scheme).

Procedure for Reverse Sweep :

If, at any point of time, in the process of operation of the United Bonanza Savings Account, the balance in the account falls below the minimum level of Rs. 10,000/-, then funds in multiple of Rs. 1,000/- shall automatically be transferred from Fixed Deposits to Bonanza Savings Account. The reverse sweep of Fixed Deposits shall be on last in first out basis. This will allow the depositor to earn interest uninterrupted on the remaining balance in Fixed Deposits under the scheme. The outstanding balance of Fixed Deposit held under the scheme shall be shown in United Bonanza Savings Account ledger suitably for operational convenience


There shall be no penal charge for premature closure and/or transfer of Fixed Deposit to United Bonanza Savings Account if the amount of Fixed Deposit so closed prematurely.


Value addition :


  • Free cheque book

  • One DD/PO will be issued freely per month upto Rs 5000/-

  • Free ATM card

  • Transfer of FD created under the scheme at free of charge


United Children Savings Account


At present minor's account is allowed to open in the name of minor to be operated by the Minor himself/herself when he/she is aged 13 or above or by his/her natural / appointed guardian when he/she is below 13 till the minor attains majority. With a view to developing more savings and banking habit, children at the age of 10 or above is allowed to open and operate Savings Bank Account independently under the scheme named as “United Children Savings Account.”

The details of the scheme are given as under -

1.Nature of Account :

The nature of account would be Savings Bank Account.


2.Opening of Account :

  • An applicant will be required to fill in usual Savings Bank Account Opening Form of our Bank. A Rubber Stamp reading “United Children Savings A/c.” shall be affixed at the top of the a/c opening form.

  • At the time of opening the account nomination form as specified and annexed with account opening form itself must be obtained.

  • Deposits will be made through a Savings Bank Account Pay-in-Slip.

3.Eligibility for opening of an account :

United Children Savings Account may be opened by the children completing the age of 10 years or above. The illiterate children are not eligible to open account under this scheme. The account is to be opened in single name of minor children. A minor attains majority at 21 when he/she is under a guardian appointed by Court and in all other cases a minor attains majority at 18. Whenever the account holder attains the majority there is no need to take a new form, but photograph is to be obtained, as there exists a possibility of change of facial appearance. In the account opening form where stamp of United Children Savings Account is affixed a line stating “converted into usual Savings A/c.” is to be incorporated. A new specimen card may be taken if the style of signature varies.

4. Initial Deposit & Minimum balance :

Under this scheme initial minimum deposit and amount of minimum balance in the account is Rs.50/- (Rupees fifty) only.

5.Introduction :


  • The account is to be introduced as per norms including independent verification of address.

  • All other KYC norms should be observed in terms of KYC policy.

6.Accounting Procedure :

Accounting procedure will be the same as that applicable to Savings Bank Deposit A/c.

7.Pass Book :

An account holder of “United Children Savings Account” shall be supplied with a specially designed colourful passbook. If the passbook is lost or otherwise damaged, a duplicate passbook may be issued to a depositor complying with usual formalities. No charges shall be levied for the first occasion.


8.Transfer of Account :

United Children Savings Account can be transferred free of charge from one office of the Bank to another office at the written request of the depositor. While transferring the account, the transferring branch should ensure that interest/product on the account has been applied / calculated upto and including the month of transfer.

9.Provisions :

Monthly provision for interest is to be made at the applicable rate to the Savings Account.

10.Forms and Stationery :

Existing Savings Bank Account Opening Forms and Savings Bank Pay-in-Slip will be used for the Scheme. Specially designed colourful Savings Bank passbooks and cheque books will be provided by the concerned Regional Offices as per requirement of the branch.

11.Withdrawals :

The withdrawal in the account of United Children Savings Accounts shall be allowed by specially designed colourful Cheque Book (to be marked “United Children Savings Account). One cheque book of 10 leaves will be supplied by the Bank free of cost. Cash withdrawal by the bank’s specified withdrawal slip shall also be allowed, if any child customer does not opt for operation of account with cheque facility. Children Savings Account holders will not, however, be allowed both the facilities, i.e. cheque as well as withdrawal slip, for withdrawal. No overdrawing is permissible in the a/c.

12.Collection of Cheque :

Cheques in the name of minor may be collected through this a/c. All other terms and conditions will be as per guidelines and directives of RBI and as amended from time to time to Savings Bank account.


United Current Deposit Account


Eligibility :

Individuals (except an illeterate, an undischarged solvent and a lunatic), sole proprietorship firm, partnership firms, private and public limited companies, HUFs, local body, club, society, associations, trusts, executors, administrators, liquidators etc


Initial deposit & Minimum balance :

Rs.1000/- for Metro/Urban/Semi-Urban/Rural branches


Introduction :


  • Any Current Deposit account holder maintaining account satisfactorily for last 12 months with the Bank

  • Any scheduled bank,

  • A gazetted officer,

  • Chairman of municipality, councilor of a corporation, Pradhan / President of Gram Panchayat

  • A confirmed employee including subordinate staff of the branch.

Branch should not insist that the introducer should visit the branch.


Waiver of introduction is allowed for the following :

  • Production of Passport or Photo identity card issued by Govt. Department or Election Commission

  • In case of self-drawn cheque on any bank with any of the following

    • Election ID

    • PAN Card

    • Driving license alongwith latest credit card statement / salary slip duly signed by the head of office

    • Electricity Bill (latest date)

    • Telephone Bill (latest date)

    • Certificate from a reputed customer acceptable to bank

Interest :

No interest is paid in the account.


Special Declaration :

As per RBI directive, the applicant should declare that no credit facility is enjoyed from any other bank.


Transfer of Account :

Account may be transferred to another branch without any charge and operationalized within 2 weeks subject to KYC compliance at new branch.


Documents required :


  • Two pass port size photograph duly signed on the face by the persons operating the account

  • Xerox copy of Pan Card/GIR /declaration in Form No: 60 or 61

  • Address verification viz., voters ID/passport/electricity bill/driving license, etc.

  • Copy of Partnership deed in case of Partnership Firm

  • Memorandum/Article of Association in case of limited company

  • Certificate of Incorporation & Certificate of commencement of business in case of Ltd Co.

  • Board Resolution/ resolution adopted in the meeting of the local body / institution/ club/ society/ association

  • Copy of mandate of operation of a/c

  • Copy of deed of trust

  • Copy of by-law

  • Relevant of act of legislation

  • Probate or letter of administration

  • Letter of karta in case of HUF

Nomination :

Nomination is allowed for Individual & sole proprietorship firm and can nominate only one person per a/c.


Statement of A/c :

The statement of the account is provided monthly or as desired for by the customer


Facilities available to customer :


  • Nomination facility for quick disposal of balance in case of death of a/c holder(s)

  • Facility for standing instruction involving credit to another a/c

  • Instant credit upto Rs 15000 against collection of local cheques

  • Coverage of insurance benefit upto Rs 1.25 lac by paying nominal premium of Rs 17 per year under United Suraksha Scheme

  • ATM-cum - Debit card

  • Safe custody of article facility, safety lockers facility

  • Internet banking, Mobile banking, Telebanking facility

Other features for customers :

  • Customers are free to switch over to SB a/c within 14 days of making 1st payment in the a/c or get back money without any notice period and no charge to be levied.

  • No limit on number of transaction in a day

  • To activate In-operative a/c, mandate from all signatories is required

  • Operation Mode for A/c in the name of individuals :

  • A) E or S/ Any one or Survivor or Survivors : Any holder can operate the a/c but for closure and change of status, joint mandate is required

  • B) F or S: First a/c holder can operate, close and change the status of a/c

  • C) on the death of one depositor(s), the survivors can continue to operate / close the a/c

  • As per RBI norms, always use notes in unstapled / unstiched conditions

  • In case of loss, steal or damage of cheque book, pass book, ATM card, inform the branch immediately ( Toll Free No. 1800 1033 470).

  • Return of cheque for want of fund is a criminal offence and may be sued in court of law

  • Intimate the bank immediately upon change in recorded address

  • Collection of Cheques :

  • For local Cheque : Amount will be credited on the day bank is funded with collection proceeds but amount can be withdrawn after expiry of clearing return time

  • For OCC : Max. Collection period is 10 days for state capital other than NE states & Sikkim and 14 days for other places. Bank will pay interest at the rate applicable to the tenor of F.D for abnormal delay (after 90 days) & SB interest will be payable for normal delay

  • Upon mandate, ECS/RTGS facility will be extended on levying normal charge

  • Cash deposit of Rs 50000 or above, PAN No. is required to be quoted in deposit chalan

  • Settlement of deceased a/c : Balance amount will be paid to the Nominee or legal heir(s) if nomination is not in force, on submission of Heirship certificate, indemnity bond and surety etc. Depending on the amount of claim documents to be submitted.

  • On loss of passbook, duplicate may be issued on submission of relevant documents, letter of indemnity and realisation of charge

United Bonanza Current Deposit Schemes:


A deposit scheme which combines liquidity of current deposit account and return of fixed deposit with value addition.

Eligibility :

Anyone eligible to open current deposit account of the bank is eligible to open United Bonanza Current Deposit A/c.


  • Minimum Initial Deposit & Balance :

The account shall be opened with minimum initial deposit of Rs.1.00 lac and minimum balance to be maintained Rs.1.00 lac


  • Automatic Transfer of Fund to Fixed Deposit :

At the option of the depositor at the time of opening of the account, the balance in United Bonanza Current Deposit account in excess of Rs.l lac or any higher limit as may be, specified by the depositor shall automatically be converted into Fixed Deposit in multiple of Rs. 10,000/- or in multiple of any other higher limit as specified by the depositor without requiring the compliance of formalities for opening of Fixed Deposit account for the purpose.


  • Period of Fixed Deposit :

Fixed Deposits under this scheme shall be for any period ranging from 15 days to 45 days but by default 15 days, as may be opted by the account holder at the time of opening of the United Bonanza Current Deposit account. The period shall remain fixed for all Fixed Deposits to be created until the mandate for period of Fixed Deposit is changed by the depositor in writing to the Bank. (No loan facility against FDs under the scheme).


  • Procedure for Reverse Sweep :

If, at any point of time, in the process of operation of UBCDA/C , the balance in the account falls below the minimum level of Rs. 1 lac or if the balance is found short to honour the cheque drawn on the said account presented for payment, the required fund in multiple of Rs. 10,000/- shall automatically be transferred from Fixed Deposits to United Bonanza Current Deposit Account. The reverse sweep of Fixed Deposits shall be "last in first out" basis. This will allow the depositor to earn interest uninterrupted on the remaining balance in the Fixed Deposits under the scheme.


  • Value Addition :

  • Two (2) cheque books of 25 leaves each free p.m. to UBCD A/C.holders.

  • Issue of statement at fortnightly interval free of charge.

  • No folio charge shall be levied in the UBCD A/c.

  • Free DD purchase favouring UBI for any amount both against cash or transfer transaction. Other than UBI, BM can allow upto 25% concession & RM can allow upto 50% concession on transfer entry & no concession for cash DD unless specifically permitted by RM.

  • ATM Card facility free of charge if ATM facility available at the branches.

  • MBS facility - free cash withdrawal of Rs. 15,000/- per occasion.

  • Mobile Banking - free


United Gold & Platinum Current Scheme


Introduction :

With a view to make the Current Deposit Scheme of the Bank more customer friendly, increase Bank's market share (quantitatively and qualitatively) in low cost deposit by attracting new constituents from corporate, business houses, institutions etc. and also to add competitive edge to our Current Deposit product, Bank has launched a Scheme named as United Gold Current & United Platinum Current.


  • Objective : Mobilizing low cost deposit and hence increasing the net interest income.

  • Target Group : Public & Private Limited Companies, Corporate, Whole sellers, Traders, Hospitals and Nursing Homes, Companies / Firms engaged in Service Industry, Partnership Firms, Proprietorship Firms, Individuals etc.

  • Coverage : The Scheme shall be operative from all branches.

  • Eligibility :Anyone who is eligible to open Current Deposit Account with the Bank is eligible to open accounts under the Scheme subject to fulfillment of the terms and conditions given below. Existing Current Deposit Account holders shall also be eligible for benefit under the scheme upon satisfying these terms and conditions.

  • Minimum Balance in the account:- Similar to normal current deposit accounts.

  • Average Balance:-

i.United Gold Current :-


    • Rural : Quarterly Average Balance of Rs. 20,000/-

    • Semi-Urban : Quarterly Average Balance of Rs. 30,000/-

    • Urban : Quarterly Average Balance of Rs. 50,000/-

    • Metro : Quarterly Average Balance of Rs. 60,000/-

ii. United Platinum Current :-

    • Rural : Quarterly Average Balance of Rs. 50,000/-

    • Semi-Urban : Quarterly Average Balance of Rs.1,00,000/-

    • Urban : Quarterly Average Balance of Rs. 1,50,000/-

    • Metro : Quarterly Average Balance of Rs.2,00,000/-

In case of fall in balance below minimum level as specified above, Incidental Charge applicable as under :


  • United Gold Current : Rs. 200 as penalty & benefits will not be extended in subsequent month
  • United Platinum Current : Rs. 300 as penalty & benefitsw will not be extended in subsequent month
  • Modus Operandi :- The procedure for opening accounts and maintenance of the same are given hereunder along with other operational guidelines for branches :-

  • The customers who are willing to avail benefits of United Gold/Platinum Current Deposit Account shall apply for the same. In case of existing customers, existing Current Accounts may be converted into Gold/Platinum Account.

  • For observing maintenance of quarterly average balance in the account, a year, divided into four quarters, April to June, July to September, October to December and January to March and quarterly average balance in all the Accounts shall be checked on the last working day of each quarter.

  • Existing Accounts :- Facility under the scheme shall be extended on the basis of average balance in the account during last 90 days from the date of application.

  • New Accounts :- New customers willing to avail benefits under the scheme should open Current Account and maintain the required average balance for a quarter. Thereafter, benefits under the scheme shall be extended. Re-evaluation in these accounts shall also be done as explained above.

In case, if any account fails to qualify the average balance criteria, it will cease to get add on benefits under the scheme during the .following quarter.

On application, customer can switch over from Normal Current Account to Gold Current and Platinum Current. However, switching from Gold to Platinum and vice versa would be effective from the following quarter only.


6.Advantages :- Gold / Platinum Account holders shall be extended following facilities :-


  • ATM-cum-Debit Card; Internet Banking, Tele Banking :- Free, provided:

  • The facilities are available with the branch where the account is maintained.

  • The account is in the name of individual(s) and proprietorship firms only.

  • Where account is in the name of more than one person, for availing the services, operating instruction must be "either or survivors". A maximum of two ATM-cum-Debit Card would be issued on an account irrespective of the number of account holders.

b. In the accounts under the scheme, following numbers of Cheques shall be issued Free of cost :-

i. United Gold Current :- One cheque book of 25 leaves per month

ii.United Platinum Current :- Two cheque books of 25 leaves each per month.


f. Statements :-

i. United Gold Current :- Fortnightly free

ii. United Platinum Current :- Weekly free


g. Folio Charges :-


i.United Gold Current :- Two folio free per month. (40 transactions constitute one ledger folio)


ii.United Platinum Current :- Free (altogether)


Accidental Insurance under United Suraksha Yojana:- Insurance cover under this facility shall be extended free of cost for the first year Thereafter, normal insurance premium will be realized on renewal. Partners of a partnership firm and directors of a Pvt. Ltd. Co’s may also apply individually for insurance cover under this facility.


Add-on Benefits :


i.Free remittance to UBI a/c and other Bank A/c (i.e.) PO/DD/NEFT/ RTGS/INTERSOL upto an amount of 4 times of Quarterly Average Balance (QAB) ceiling per occasion. The number of such remittance is restricted to 6 per month.

ii.Free collection of outstation cheques upto QAB balance per month on centre where our branch exists.

iii. Cash handling charges is free upto 2 times of QAB respectively for Metro, Urban, Semi-Urban & Rural Branches (including PO/DD) on single occasion per day, in addition to existing free limit.

iv. Cash Withdrawal: Free at local base branch & Limit of Rs. 60,000 (Metro), Rs. 50,000 (Urban), Rs. 30,000 (Semi-Urban) & 20,000 (Rural) through self cheques at non base / outstation branch.

v. Personalized cheque book (after branch exhausts the present stationery)

i.Free remittance to UBI a/c and other Bank A/c (i.e.) PO/DD/NEFT/ RTGS/INTERSOL upto an amount of 4 times of Quarterly Average Balance (QAB) ceiling per occasion. The number of such remittance is restricted to 10 per month.

ii.Free collection of outstation cheques upto QAB balance per month on centre where our branch exists.

iii. Cash handling charges is free upto ceiling of QAB respectively for Metro, Urban, Semi-Urban & Rural Branches (including PO/DD) on single occasion per day in addition to existing free limit.

iv. Cash Withdrawal: Free at local base branch & through self cheques at non base / outstation branch.

v. Personalized cheque book (after branch exhausts the present stationery)

vi. Waiver of Processing Charge in Retail Credit.

  • Withdrawal against un-cleared balance :- Withdrawal against unclear balance capped at 60% of day's unclear balance, or minimum average balance in account whichever is less. The Branches shall observe the following guidelines for extending the facility :

    • The facility shall be available only to the account where KYC norms have been complied with.

    • The constituent needs to apply for this facility

    • Credit worthiness, integrity and past dealings of the constituents should be checked before allowing the facility.

8)Charges :- a) Fall in QAB will attract Rs. 200 and Rs. 300 in Gold Current and Platinum Current Deposit A/cs as penalty & benefits will not be given in the subsequent month.

b) All other charges except those mentioned under facilities/ add-ons shall be applicable.


UNITED PREMIUM CURRENT DEPOSIT A/C (Schme Code : CAUPM)

Target Group : Public & Private Limited Companies, Corporate, Whole sellers, Traders, Hospitals and Nursing Homes, Companies/Firms engaged in Service Industry, Partnership Firms, Proprietorship Firms, Individuals etc.

Coverage : The Scheme shall be operative from all branches.

Eligibility : Anyone who is eligible to open Current Deposit Account with the Bank is eligible to open accounts under the Scheme subject to fulfillment of the terms and conditions given below. Existing Current Deposit Account holders shall also be eligible for benefit under the scheme upon satisfying these terms and conditions.

Minimum Balance in the account :- Similar to normal current deposit accounts.

Average Balance :- Quarterly Average Balance of Rs.2,50,000/- irrespective locations.


In case of fall in balance below minimum level as specified above, Incidental Charge applicable as under :


  • Fall in QAB will attract Rs. 500 as penalty & benefits will not be given in the subsequent month.

  • All concessions given to customer shall be recovered if the account is closed within one year.

  • All other charges except those mentioned under facilities/ add-ons shall be applicable.

Modus Operandi :- The procedure for opening accounts and maintenance of the same are given hereunder along with other operational guidelines for branches :-

  • The customers who are willing to avail benefits of United Premium Current Deposit Account shall apply for the same. In case of existing customers, existing Current Accounts may be converted into Premium Account subject to fulfilment of terms and conditions.

  • For observing maintenance of quarterly average balance in the account, a year, divided into four quarters, April to June, July to September, October to December and January to March and quarterly average balance in all the Accounts shall be checked on the last working day of each quarter.

  • Existing Accounts :- Facility under the scheme shall be extended on the basis of average balance in the account during last 90 days from the date of application.

  • New Accounts :- New customers willing to avail benefits under the scheme should open Current Account and maintain the required average balance for a quarter. Thereafter, benefits under the scheme shall be extended. Re-evaluation in these accounts shall also be done as explained above.

In case, if any account fails to qualify the average balance criteria, it will cease to get add on benefits under the scheme during the .following quarter.

On application, customer can switch over from Normal Current Account to Premium Current. However, switching from Normal CD/Gold / Platinum to Premium and vice versa would be effective from the following quarter only.


Advantages :- Premium Account holders shall be extended following facilities :-


ATM-cum-Debit Card, Mobile Banking (United Mobile), Tele Banking (United Voice) : Free, subject to the following :


    a) The A/c holder under the scheme should apply for availing the services in prescribed application form.

    b) The A/c should be in the name of individual(s) and proprietorship firm only.

    c) Where A/c is in the name of more than one person, operating instruction must be either or survivor(s).

    d) All other provisions of extant guidelines shall be adhered to.

In the accounts under the scheme, following numbers of Cheques shall be issued Free of cost :-


United Premium Current - One cheque book of 100 leaves free per month.


Statements : Weekly free.


Folio Charges: Free.


Accidental Insurance under United Suraksha Yojana : Insurance cover under this facility shall be extended free of cost for the first year Thereafter, normal insurance premium will be realized on renewal. Partners of a partnership firm and directors of a Pvt. Ltd. Co’s may also apply individually for insurance cover under this facility.


Free remittance : Free Remittance will be provided if issued in favour of UBI A/c (Name of the Payee) to the debit of Gold/ Platinum Current A/c. For remittance where payee is other than UBI A/c (Name of the payee), a concession of 25% in service charges for issuing DDs/Pos may be allowed.


Add-on Benefits :


i.Free remittance to UBI a/c and other Bank A/c (i.e.) PO/DD/NEFT/ RTGS/INTERSOL upto an amount of 4 times of 4 times of Quarterly Average Balance (QAB) ceiling per occasion. The number of such remittance is restricted to 10 per month.

ii.Free collection of outstation cheques upto QAB balance per month on centre where our branch exists.

iii. Cash handling charges is free upto ceiling of QAB (including PO/DD) irrespective of locations on single occasion per day in addition to existing free limit.

iv. Cash Withdrawal: Free at local base branch & through self cheques at non base / outstation branch upto limit of QAB.

v. Personalized cheque book (after branch exhausts the present stationery).

vi. Waiver of Processing Charge in Retail Credit.

Vii Signature verification free of charge.

Viii Stop Payment & Standing Instruction, No dues/ Balance Confirmation Certificate in A/c free of charge.


Withdrawal against un-cleared balance :- Withdrawal against unclear balance capped at 60% of day’s unclear balance, or minimum average balance in account whichever is less. The Branches shall observe the following guidelines for extending the facility :

a)The facility shall be available only to the account where KYC norms have been complied with.

b)The constituent needs to apply for this facility

c)Credit worthiness, integrity and past dealings of the constituents should be checked before allowing the facility.


United Anand Deposit Scheme


Objective : To facilitate customers in having term deposits in units and instant facility of overdraft.

Eligibility :


Individuals, Sole Proprietorship, Partnership firm, Association, Club, Societies, Trust & Companies etc are eligible to open an account under the scheme.

Minimum Deposit :

Initial deposit of Rs. 10,000/- and in multiple of Rs.1,000/- thereof with no ceiling. Further deposit of minimum Rs. 5,000/- or in multiple of Rs. 1,000/- with no upper ceiling.

Period of Deposit :

Minimum : 12 months.

Maximum : 60 months.

Reverse Sweep :-

In case of premature withdrawal, part amount in multiple of Rs. 1,000/- may be allowed without affecting the whole amount. Last portion of the deposit shall only be affected. Customer has to apply for premature withdrawal and number of units to be withdrawn.

Interest of Deposit :-

As applicable for R.I.P scheme.

Issuance of Pass Book :

Specially designed Pass Book will be issued to the depositor instead of deposit receipt / certificate.

Overdraft :

A current account is simultaneously opened with zero balance and cheque book facility. Maximum permissible amount is 90% of the term deposit. In case the overdraft is availed against deposits made on different dates with variable interest rate, interest on OD will be linked to the highest rate of interest enjoyed by the depositor in his account.

Interest on Overdraft :-

1.50 % higher than the interest offeredto the customer at present.

Documentation :-


i) Letter set-off ii) Letter of continuity iii) Promissory Note


Premature closure-effect on OD Limit :-


Premature closure allowed, but OD limit if availed will be reduced on pro-rata basis. If OD balance more than the reduced limit, the difference will be adjusted with the proceeds of the prematured withdrawal.


United Term Deposit Schemes (F.D / RIP / RD)


Eligibility :

1) F.D & RIP can be opened by individuals either singly or jointly, partnership firms, private & public limited companies, HUF,trust, association, illeterate person, blind including minors etc

2) RD can be opened only by individuals singly or jointly with other individuals / in name of minor to be operated by his natural or legal guardian / illeterate person / blind persons.


Documents required :

  • One Pass Port size photograph (Deposit of & upto Rs 10000, photo is not required).

  • Xerox copy of Pan Card/GIR No/ or declaration in form 60 or 61.

  • Address proof documents viz voters ID card/driving license/telephone/electricity bill, etc.

Interest Payment :


  • In case of F.D. interest is paid on monthly discounted rate/quarterly/half yearly/yearly basis subject to application of TDS.

  • In case of RIP interest is compounded on quarterly basis but accrued on every half year. Interest is payable on maturity alongwith principal but subject to application of TDS.

  • In case of RD, interest is calculated on quarterly rest and is paid on maturity but exempted from TDS.

Eligible Amount (No maximum limit) :


  • In case of F.D. Min Rs.1000-/- and in multiple of Rs.500/-

  • In case of RIP Min Rs.1000/- and in multiple of Rs.500/-

  • In case of R.D. Min Rs.50/- and multiple thereof.

Period of Deposit :-

  • In case of F.D. 7 days to 10 years (minimum period is changed as per decision of the Bank).

  • In case of RIP 6 months to 10 years (in multiples of one quarter).

  • In case of RD 1 year to 10 years (in multiples of one quarter).

Premature Payment & Penalty for premature closure :

Premature closure is allowed and interest is payable for the tenure it remained with the Bank. Penal interest 1% will be charged wef 05.06.07 for premature closure beyond 14 days. Closure within a period of 14 days will, however, not attract any interest.


Loan Facilities : Marging on accrued value of deposit :


  • OD against 10% Margin subject to annual review of limit.

  • Term Loan :

  • (i) One year or remaining period of maturity whichever is earlier 5%.

    (ii) Two years or remaining period of maturity whichever is earlier 15%.

    (iii) Three years or more or remaining period of maturity whichever is earlier 20%.

Rate of interest against Demand Loan :


    1. Against bank's own TD - 1.5% above the rate of interest on deposit with no ceiling.

    2. Against 3rd party deposit with our bank - 2.5% above the rate of interest on deposit with no ceiling.

FD 7 days to 120 months Rs 1000/- and above in multiple of Rs 500/- Monthly, Quarterly, Half yearly, yearly or on maturity and subject to application of TDS.
RIP 6 months to 120 months Rs 1000/- and above in multiple of Rs 500/- Interest is paid alongwith principal on maturity, the interest is calculated on quarterly rest but accrued on every half year and subject to application of TDS.
RD 1 year to 120 months Rs 50/- and in multiple thereof Interest compounded on quarterly rest and is payable on maturity and exempted from TDS


Common features of Domestic Term Deposit Schemes :


a) Joint Operation Mode :


1) Either or Survivor / Any one or Survivor or Survivors - any one of the depositors can receive amont on maturity but for other operations joint mandate is required.

2) Former or Survivor - first depositor can execute all operation with out mandate of others.

3) On death of one depositor / depositors, the survivor(s) can make premature closure, receive maturity amount or avail loan against the deposit till maturity.


b) Payment of interest and matured / prematured Amount :


  • The Matured /prematured proceeds less than Rs 20000/- may be paid in cash on discharge of receipt duly signed by a/c holder on revenue stamp of re 1/-, or credited in SB/CD/OD a/c or paid by issuing PO (without charge)/DD ( with charge) or renewed in the name of depositor(s) as per request of depositor(s) with out affixng revenue stamp

.
c) Overdue Iterest :


  • No overdue interest is payable for deposit encashed after maturity

  • When reinvested in any TD scheme,

    • retrospective effect is allowed if overdue period is more than 14 days

    • Interest for overdue period will be allowed at Savings interest rate

d) Insurance Coverage :

Under United Suraksha Yojana scheme, insurance coverage upto Rs 1.25 lac is allowed to depositors by paying nominal premium of Rs 17/- only per depositor per year.


e) Settlement of deceased a/c & Payment to Nominee / Legal Heir(s) :

  • Individual depositor (s) can nominate one person as nominee.

  • In the event of death of all depositor(s), nominee [legal heir(s) where nomination not in force] becomes entitiled to the deposit and payment thereon on prodution of document of identity( in case of nominee), heirship certificate, bond of indemnity and surety in case of legal heir(s).

  • Nominee/ Legal Heir(s) can Premature deposit without penal charge or receive payment on maturity.

  • Overdue interest at SB interest rate will be allowed for overdue period.

f) Duplicate Certificate / Passbook :

  • On loss of certificate or pass book, duplicate may be issued on submission of requisite document, letter of indemnity & realisation of charge.


United Flexi Deposit


Introduction :


It is one kind of Recurring Deposit with the flexibility of monthly installment. Interest earned under this scheme is not applicable to TDS.

Eligibility :

Any individual singly or jointly.

Rate of Installment :


i) Core monthly installment : Rs.50/- or in multiple thereof.

ii) Depositor has to deposit core deposit compulsorily but has the option to deposit more than the core amount.

iii) in any particular month, monthly installment will not exceed ten times of the core amount.


Period of Deposit :


For any period between 1 and 10 years in multiple of complete years.


Rate of Interest :


As applicable to Term Deposit and payable half-yearly in September and March every year on the monthly product of Minimum balance maintained between 10th and last day of each month.


Premature Closure :


Premature closure is allowed but penalty for premature closure will be as applicable for normal term deposit scheme.


Loan against Deposit :


Loan as per prevailing rule of the Bank.


Advantage :


1.Interest earned under this scheme is not subject to TDS.


2.Monthly installment is flexible.


United Capital Gain Accounts Scheme :


Eligibility :


A deposit or deposits may be made under the provisions of section 54, 54B, 54D, 54F or 54G of the I.T Act 1961 by any depositor intending to avail of the benefit under the said section or sections of the Act, as the case may be, in accordance with the provisions of this scheme.


Types of Deposits :


Two types of accounts can be opened under this scheme viz., Account-A and Account-B. Account-A shall be in the form of Savings Deposit and Account-B shall be in the form of Term Deposits.


Application Form and other stationeries :


    1. Application for opening accounts under this scheme should be made in Form- A for both Account-A and Account-B as per option of the depositor.

    2. For Account-A, usual Saving Bank Pass Book will be issued and for Account-B, usual Term Deposit Receipts will be issued viz., Fixed Deposit, Re-investment Plan, etc. However, each passbook or Term Deposit Receipt, as the case may be should bear a superscription with the words "Capital Gain Account Scheme" at prominent place(s) by means of bilingual rubber stamp.

    3. Any account opened under this scheme may be transferred from one branch to another at the option of the depositor(s).

    4. Conversion of the Deposit Accounts is permissible from Account-A to Account-B or vice-versa and for such purpose the depositor should apply on Form-B.

Interest :


    1. Interest at such rate that may be specified by the RBI from time to time for Bank's usual deposits will be allowed for accounts opened under this scheme.

    2. The usual Savings Bank interest rate for Account-A and usual term deposit interest rate for Account-B will be allowed.

Withdrawal from the account :

For making initial withdrawal from Account-A, the depositor should apply in Form-C together with the Pass Book. If the withdrawal is permitted, necessary entry must be made in the Pass Book forthwith. For subsequent withdrawal, the utilization certificate should be furnished, in duplicate, in Form-D.

Payments exceeding Rs 20000/- should be made by means of Demand Draft, Pay Orders, etc. For withdrawal from Account-B, the proceeds along with the accrued interest be credited in Account-A and drawings will be allowed as indicated above. The amount so withdrawn be utilized within 60 days from the date of drawing


Charge or alienation :


The amount stand at the credit of any depositor shall not be offered as security for any loan as guarantee and shall not be charged in any manner.


Closure of Account :


The account(s) can be closed, if applied for in Form-G with the approval of the Assessing Officer under whose jurisdiction his I.T.File is maintained. If any nomination has been granted in respect of the accounts, the disposal of such accounts be made as per guideline provided in the scheme.


Other features :


The tax payers can avail of the benefit of exemption from Capital Gains, only if the amount of Capital Gains or the net consideration is deposited with the Bank on or before their due date of filing return of income. All of our branches, other than branches classified as ‘Rural’ are authorized to open accounts and accept deposits under this scheme.

You have a wide range of choice of deposits through as many as 10 different schemes offered by UBI. You may select them according to your best suited mode of meeting.