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Union Bank of India Regular Savings Bank Account

The Regular Savings Bank Account offered by Union Bank of India provides new generation banking facilities with the simplest application procedures. Applicants can apply for an account on the mobile app, online, through tabulous banking or at a bank branch. Customers can enjoy anytime banking anywhere with access to Internet banking, mobile app banking, phone banking and ATM banking. Students can get the extra benefit of zero balance requirements. Regular savings accounts have very low minimum balance requirements and minimal service charges.

Bank Union Bank of India
Category Regular Savings Bank Account
Initial Deposit Requirements Varies between geographical areas
Minimum Average Balance Requirements (MAB) Varies between geographical areas
Quarterly Average Balance Varies between geographical areas
Eligibility Residents of India that include Illiterates, Pardanashin Women, Visually Impaired persons, Minors, Clubs, Associations, Societies, etc. Trusts, Institutions and Agencies specifically permitted by the RBI are also eligible
Debit Card Offered ATM cum Debit card
Interest Rate 4% per annum on a daily balance paid every quarter in April, July, October and January.

Balance Requirements of Union Bank of India Regular Savings Bank Account

The minimum balance and average quarterly balance (AQB) required in a regular savings bank account depends on the geographic location of the bank branch at which the deposit is held. Pensioners are also given special preference with regards to minimum balance requirements. Given below is the minimum balance and average quarterly balance required.

Category With Cheque Book Without Cheque Book
Metro Rs.1,000 Rs.500
Urban Rs.1,000 Rs.500
Semi Urban Rs.500 Rs.250
Rural Rs.250 Rs.100
Pensioners Rs.250 Rs.20

Services Offered with Union Bank of India Regular Savings Bank Account

The following services are offered with a Union Bank of India Regular Savings Bank Account.

Passbook and e-Statements Passbook is issued free of cost
Insurance Free Accidental Insurance cover under debit card
Cheque Book 2 cheque books issued free per year
Cash Withdrawal No limit on the number of cash withdrawals made through branch banking, Union Bank of India Debit Card, or Internet banking.
Internet Banking Free facility of Internet banking with Self User Creation and Password Reset.

Features of UBI Savings Bank Deposit Account

Some of the important features of Union Bank of India Savings Account have been listed below.

Easy Application Open an account through Union Selfie & M-passbook app, online, on the phone or at the bank branch.
Joint Accounts Any two or more individuals can open a joint account except a minor.
Student Accounts Zero balance savings account for students is available under this scheme.
Phone Banking Any time banking through your registered phone number. Generate your ATM pin by calling the toll-free IVR.
Mobile Banking U-Mobile is a facility available for customers to check their balance, transact through NEFT, pay bills, recharge and more on their mobile phones.
Tabulous Banking Available for opening accounts from your office or home.
ATM Banking Withdraw, Deposit, NEFT, IMPS, Union e-cash and Mutual Funds Investments.
Remittance Facilities Remittance products including NEFT, IMPS, Union e-cash and Mutual Funds Investments available.
Reward Points Earn rewards by spending on your debit card.
Standing Instructions Place standing instructions for bills, insurance premiums, installments, fixed and recurring deposits, and more.
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.

Fees and Charges for Union Bank of India Regular Savings Bank Account

For the Regular Savings Bank Account, the important fees and charges applicable are listed below.

Service / Product Fees & Charges
Neft/RTGS inward Nil
Neft outward Rs.3 to Rs.29 per transaction
RTGS outward Rs.29 to Rs.63 per transaction
Electronic Clearing Service Rs.4 per transaction
Chequebook issuance Free up to 40 leaves. Rs.4 per leaf thereafter
Account activation Free
Statement of accounts Free
Duplicate statement or passbook Rs.62 per folio, or Rs.1,507 for the maximum entries. Entries that are more than 1 year old will be charged at Rs.77 per folio, or Rs.7,533 for the maximum.
Customer induced debit entries 60 entries free per quarter. Rs.17 charged per entry thereafter
SMS banking Rs.15 per quarter
Standing instructions One time charge of Rs.58
Inoperative account If minimum balance is maintained, no charges are applicable. If the balance is below the minimum limit, the following charges apply: Metro and Urban- Rs.230 Semi-Urban and Rural - Rs.85
Account closure Within 14 days, no charges are applicable. Closure of account within 12 months costs Rs.173 for accounts with cheque book and Rs.130 for accounts without cheque book.

Charges for Shortfall of Average Quarterly Balance

Type of account Minimum Balance Shortfall Charges
With Cheque Book Upto Rs.250 Rs.29
Rs.251-500 Rs.58
Rs.501-1000 Rs.115
Without Cheque Book Upto Rs.350 Rs.22
Rs.251-500 Rs.43
Pensioners Nil Nil

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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