Union Bank offers a no-frills zero balance bank deposit account to those who wish to save up only a minimal amount in their bank account. You can make any number of deposits in the bank account and withdraw money from your account up to 4 times. You will also get an ATM card, a RuPay Debit Card, or an ATM-cum-Debit card.
|Bank||Union Bank of India|
|Category||Basic Savings Bank Deposit Account|
|Initial Deposit Requirements||Nil|
|Minimum Average Balance Requirements (MAB)||Nil|
|Quarterly Average Balance||Nil|
|Eligibility||Residents of India except Societies, Trusts, NRIs, etc.|
|Debit Card Offered||ATM card or Union Bank of India Debit Card or RuPay Debit Card|
|Interest Rate||Not specified|
Services Offered with UBI Basic Savings Bank Deposit Account
The following services are offered with a Union Bank of India Basic Savings Bank Deposit Account.
|Passbook and e-Statements||Passbook is issued free of cost|
|SMS Banking Charges||Not applicable|
|Cheque Book||No chequebook facility|
|Cash Withdrawal||4 withdrawals per month, including branch and ATM withdrawals|
|Internet Banking||Receipt or credit of money through electronic payment channels is available|
Features of Union Bank Basic Savings Bank Deposit Account
Some of the important features of Union Bank of India Basic Savings Bank Deposit Account have been listed below.
|KYC Compliance||A Basic Savings Account can be opened with relaxed KYC norms. Only two photographs of the applicant is required.|
|Family restrictions||Any number of family members can open these accounts.|
|Nomination Facility||One person can be nominated by submitting the form prescribed under the Banking Companies (Nomination) Rules 1985. For minors, the person with rights to operate the account can make a nomination on the minor’s behalf.|
|Overdraft facility||Overdraft of Rs.5,000 may be granted at the bank’s discretion subject to its policy and the credit history of the customer.|
|North Eastern Provisions||For individuals from the North Eastern states, the account will be considered a zero balance account. A clean overdraft facility of Rs.500 is available once a year. North East states include Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.|
|Limit on credits to the account||The total amount of credits in the account should not exceed Rs.1 lakh per annum. There are no limits on the number of credit entries for deposits of cheques or cash into the account.|
|Limit on debits to the account||30 debit transactions are allowed free of cost every 6 months. These include debit transactions through ECS and ATMs. Entries above the limit will be charged at Rs.5 per transaction.|
|Maximum Balance Limit||At any point of time, the balance in the account must not exceed Rs.50,000. If this limit is crossed, the account will be deactivated. A letter will be sent to the account holder. Upon providing KYC documents and compliance to regular norms, the account will be changed to a savings account and be activated again.|
Fees and Charges for UBI Basic Savings Bank Deposit Account
For the Union Bank of India Savings Account, there are no fees and charges applicable. All services are provided free of cost. Any applicable charges for crossing the limits of the account are mentioned below.
|Service / Product||Fees & Charges|
|Withdrawals||30 debit entries are free of cost for every 6 months. Debit entries after the limit will be charged at Rs.5 per entry.|
|Credit transactions||For all credits made to the account, there are no charges and no limits imposed.|
|Chequebook issuance||Not applicable|
|Deactivation/Reactivation of account||Nil|
|Collection of cheque||Free|
|Payment received through electronic channels||Free|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.