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UCO Bank is a government owned commercial bank in India, which was known as United Commercial Bank initially. It was incorporated in 1943 and has its headquarters in Kolkata.
UCO bank net banking facility launched online funds transfer benefit at low service charges. There are two types of net banking facility provided by UCO bank. Personal banking facility is one of its types which is meant for retail customers who maintain their normal saving account. Corporate banking is another type of net banking facility which is meant for large organizations in order to maintain their huge financial account. UCO Bank customers can avail the online banking facility by filling in the online application form which is available on the UCO Bank website.
Various modes of e fund transfer available through UCO Bank are:
IMPS
The IMPS is very easy to use, cost efficient and time saving service which is cheaper compared to cheque clearing system.
Funds Transfer through NEFT/RTGS
UCO also offers online fund transfer via National Electronic Funds Transfer (NEFT) wherein individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country.
IFSC is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. UCO Bank IFSC code is used by the NEFT system to identify the originating bank branches and/or the destination bank branches.
List of UCO Bank Codes are available with all the bank-branches participating in NEFT and list of bank-wise branches participating in NEFT and their IFSCs is available on the website of Reserve Bank of India.
UCO Bank customers can access their internet banking services to transfer funds through RTGS which is the continuous real-time transfer of fund. The minimum cut off amount that can be remitted through RTGS is Rs 2 lakh. There is no maximum amount stipulated for RTGS transactions. The beneficiary customer can obtain the IFSC code from his bank branch. The IFSC code can also be figured out from the cheque leaf or through the RBI website.
ECS
UCO Bank also has ECS mode of payment and receipt for transactions that are periodic in nature. ECS is used by institutions for making recurrent payment of funds toward distribution of interest, salary, etc., or for payment of charges towards miscellaneous bills.
UCO Bank ECS Credit scheme also enables e fund transfer using MICR codes which is a numeric code that uniquely identifies a bank-branch participating in the scheme. This is a 9 digit code to identify the location of the bank branch wherein the first 3 characters of the code represent the city, the next 3 represent the bank and the last 3 represent the bank’s branch.
Indo-Nepal Remittance Facility
UCO Bank branches in India which are all NEFT enabled, also offer the e fund transfer option called Indo-Nepal Remittance Facility which is a cross-border remittance scheme used to transfer funds from India to Nepal, enabled through NEFT. This was launched to provide a safe and affordable means for migrant Nepalese workers in India to remit money to their families in Nepal.