Union Bank of India Savings Account

Union Bank of India Savings Account Interest Rates: 

The interest rates on Union Bank of India savings account are listed in the table below: 

Types of Union Bank Savings Accounts:

1. Basic Savings Bank Deposit Account

• This is a basic savings account which does not require the holder to maintain any minimum balance.
• This account carries facilities like cash deposit, cash withdrawal, credit / receipt of funds via electronic payment channels or by cheques.
• Account holders shall be provided with an ATM / ATM cum Debit / RuPay Debit Card with this account.
• There is no upper limit on the number of deposits an account holder can make in a month.
• Account holders can make a maximum of 4 withdrawals in a month, including from branches and ATMs.
• There is no charge levied for any of the services provided under this account.
• Furthermore, no penalty fee shall be levied for non-operation or activation of an inactive account.

2. Savings Bank Account (SBGEN)

• Enjoy benefiting from flexible banking services via phone banking, ATMs, branches, and online banking whenever it's convenient for you 
• Students and new account holders can start the account with a zero-balance option 
• Obtain a complimentary ATM/debit card and accrue reward points for each purchase you make 
• Check balances, send money via NEFT, and pay bills right away with the U-Mobile feature 
• Take advantage of free accidental debit card usage insurance and 20 complimentary check leaves each year. 

3. Union Savings Flexi Deposit Account

• Debit cards are given to owners of Flexi savings accounts at no cost 
• Customers may extend their savings accounts for an additional term once they reach the maturity period 
• A Passbook with details about the savings bank flexi account, any TDS changes, and more is automatically sent to account holders 
• The ability to nominate is what sets a Flexi savings account apart. 

4. Savings Bank Account for Pensioners (SBPEN)

• This kind of savings account is available to those who receive regular pensions 
• Here, a minimum balance of maintenance is not required 
• A free Rs.2 lakh Personal Accident Insurance (Death) policy is offered to account members 
• Five transactions per month are free for pensioners 
• Using the given debit card, you can take out Rs.25,000 in cash per day from ATMs. 

5. Savings Bank Account for Students (SBZER)

• This account can be opened by students aged above 10 years to 25 years who are enrolled in regular courses.
• Minors aged below 10 years can open this type of account with a parent or guardian.
• You will be provided a debit card with a daily ATM cash withdrawal limit of Rs.25,000 and a daily ATM POS limit of Rs.50,000.
• Free Personal Accident Insurance (Death) cover worth Rs.2 lakh is provided.
• You can avail of 10 free withdrawals per half-year after which Rs.25 per transaction will be charged.

6. Basic Saving Bank Deposits Account-Small Accounts

• This account can be opened under the government's PMJDY scheme.

• There is no minimum balance required.

• A RuPay debit card will be issued to the account holders.

• The account balance should not exceed Rs.50,000.

• You can make 4 free withdrawals per month.

7. Union Super Salary Account (USSA)

• This account is available in three variants for employees who are drawing regular salary.

• There is no requirement of minimum balance.

• The debit cards offered to USSA- I, USSA- II, and USSA-III are Classic card, Platinum card, and Signature Card /RuPay select debit card, respectively.

• A daily ATM cash withdrawal limit of up to Rs.1 lakh and a daily ATM POS limit of up to Rs.3 lakh are offered.

• Other benefits include Personal Accident Insurance (Death) cover, Air Accident Insurance, personalised cheque book, etc.

8. Union Digital Saving Account (UDSA)

• All Indian residents can open this type of account.

• No minimum balance is required.

• A classic card will be issued to you.

• You can avail of a daily ATM cash withdrawal limit of Rs.25,000 and a daily ATM POS limit of Rs.50,000.

Interest Rate on Union Bank Savings Accounts for Senior Citizens 

• The Union Bank of India offers older persons an extra rate on deposits up to Rs.5 crores.
• All domestic term deposit plans, however, offer this extra benefit.
• Senior adults who live in Union Bank are granted a savings account interest rate that is 0.50% more than the standard interest rate.
• Super senior people, however, have a different rate. Super senior citizens who live benefit from a 0.75% higher interest rate than the ordinary rate. 

Features of Union Bank Savings Account:

The savings accounts offered by Union Bank of India come with the following features and benefits: 

• The application process for a savings account is simple, quick, and hassle-free 
• Opening a joint savings account is an option offered by the bank 
• With the offered debit cards, you can accrue alluring reward points 
• Upon opening a savings account, you can access phone banking, tubulous banking, ATM banking, and mobile banking 
• Union e-cash, NEFT, IMPS, and mutual funds are among the remittance alternatives available to you 
• Additionally, accidental insurance is offered.  

Union Bank Maximum Balance for Savings Accounts 

A Union Bank savings account does not have a maximum balance requirement. Investors must, however, continue to be mindful of the deposit limits and make sure that all account operations comply with income tax laws. 

Minimum Balance Requirements:

The minimum balance that must be maintained for a regular savings account is mentioned in the table below: 

Documents Required for Union Bank Savings Accounts:

In order to apply for a Union Bank Savings Account, Customers must furnish the following documents:

• Aadhaar Card 
• PAN Card 
• Scanned image up to 1 MB for identification or proof 
• Proof of Address (POA) scanned image, up to 1 MB in size 
• A scanned signature up to one megabyte in size 
• When opening an account, a mobile device must be brought to the branch for OTP and verification. 

Eligibility Criteria:

The eligibility criteria that must be met in order to open a savings account with Union Bank of India are mentioned below: 

• Institutions, agencies, associations, societies, trusts, clubs that are registered with the RBI. 
• Minors and Purdanasheen Ladies. 
• Illiterate individuals. 
• Visually impaired individuals. 
• Indian residents. 

Benefits of Union Bank Savings Accounts 

Now let's examine the advantages of opening a Union Bank of India savings account: 

• Since they believe this is a safe place to keep their money, customers choose savings accounts here 
• To ensure that your money is safe and secure, Union Bank of India employs a few security procedures 
• Interest is generated on the amount you put in a savings account 
• Additionally, Union Bank of India provides favorable interest rates on saved sums. As a result, savings increase consistently over time 
• The best method to reach your financial objectives is to open a savings account. 

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