Union Bank of India Basic Savings 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

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.

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

Account activation

Nil

Inoperative account

Nil

Deactivation/Reactivation of account

Nil

Collection of cheque

Free

Payment received through electronic channels

Free