UCO Bank is a premiere commercial Indian financial institution, headquartered at Kolkata. Being in the public domain, the bank offers a range of mass banking products and services.
UCO Bank: Company Information
Established in 1943, UCO Bank is the brain child of Mr. G.D.
Birla, an eminent Indian industrialist. He proposed the establishment of an entirely Indian bank, both in terms of capital and management.
Thus, The United Commercial Bank Ltd. was formed, with its registered head office at Kolkata (previously Calcutta). In 1985, the name was officially changed to its present form for ease of use.
In 1969, the Government of India nationalized the bank, along with 13 other banking institutions.
UCO Bank Fixed Deposit Interest Rates
With this event, UCO Bank drifted towards the concept of mass banking. To aid priority sector banking, UCO Bank opened branches in rural areas. During 1970s, the bank considered massive business restructuring.
According to the 2009 data, the bank has 35 regional offices and over 2,000 branches and extension centers across India.
Of them, over 1,200 branches are interconnected through CBS (Core Banking Solution) technology. The bank’s overseas operations include branches at Hong Kong and Singapore, along with a representative office at Kuala Lampur, Malaysia.
According to the 2008-09 financial report, the bank’s total income has crossed Rs7,000 crore.
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In the given year, UCO Bank generated net profits of over Rs400 crores.
UCO Bank: Products and Services
UCO Bank offers a bouquet of products and services, which are classified as:
Deposits: The bank has a range of deposit products that includes savings accounts, recurring deposits, current accounts and term deposits.
Some of the featured products are no-frills accounts, the Lakshmi Yojana, the Kuber Yojana and the money-back recurring scheme.
Loans: Loan and advance products are the primary source of revenue for UCO Bank.
To cater to different financial needs, the bank offers auto, home, educational, personal, pensioner and real estate loans.
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UCO Swabhiman is a low-interest reverse mortgage plan for senior citizens. For working women, the bank offers the UCO Nari Shakti scheme.
The UCO Trader loan is meant to extend financing to enterprise clients.
NRI corner: Catering to the financial requirements of non-resident Indians (NRIs), UCO Bank has developed specific deposit, savings and loan products. Remittance services are available through selected branches.
UCO Bank is trying to capitalize on modern banking technology, such as online and mobile delivery channels.
UCO e-banking allows tax submission, utility bill payment and account management.