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  • Union Bank of India Savings Account

    Union Bank of India Savings Account

    There are multiple banks in India which offer a variety of savings accounts for different kinds of customers. One of the leading among them is Union Bank of India.Union Bank of India offers a different types of Savings Accounts which have been designed to address different financial and investment needs of customers while offering multiple benefits. Wish to know more about Union Bank Savings Accounts? Read on.

    Union Bank of India Savings Account Interest Rate

    For its Savings Accounts, Union Bank provides very attractive rates of interest. Interest shall be applicable at the rate of 4% per annum n a daily product basis. Interest shall be credited either twice a year (in February and August) or at the time of account closure.

    Types of Union Bank Savings Accounts

    Union bank offers the following types of Savings Accounts:

    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.

    Regular Savings Bank Account

    • This savings account offers the facility of anytime, anywhere banking via branches, ATMs, net and phone banking.
    • Account holders are issued ATM cum Debit cards without any issuing charge and can earn reward points on their debit card spends.
    • Account holders can also avail nomination facility on this account.
    • This account comes with Zero Balance Facility, which means that even students can open a Regular Savings Bank Account.
    • Along with a debit card, account holders also get 2 free cheque books per year, along with Accidental Insurance Cover on debit card usage, free of charge.
    • This account also comes with U-Mobile facility which lets you make a balance enquiry, do a mobile recharge, make NEFT transfers and bill payments, all through your mobile phone.

    Union Savings Flexi Deposit Account

    • All Flexi Deposit account holders shall be issued a debit card free of charge.
    • With this account, the customer shall also be issued a Passbook which contains all details of the SB Flexi Account, linked FD Flexi Account and any TDS adjustment.
    • Account holders can avail up to 5 cheque books, free of charge each year along with NEFT/RTGS facility, also free of charge.
    • You may also avail nomination facility with this savings account.
    • Upon maturity, customers have the option to roll over their deposit for another term.

    Union Bank of India Minimum Balance Requirement

    • Basic Savings Bank Deposit Account – No minimum balance requirement.

    • Regular Savings Bank Account
      Centers With Cheque book Without Cheque book
      Metro 1000 500
      Urban 1000 500
      Semi-urban 500 250
      Rural 250 100
      Pensioners 250 20

      Union Bank of India Savings Account Charges

      Savings Account Type Debit Card Fee Account Closure Fee
      Basic Bank Savings Deposit A/c Free of charge

      Within 14 days of opening – Nil

      After 14 days of opening: Different charges for different categories of applicants.

      Regular Savings Bank Deposit A/c Free of charge

      Within 14 days of opening – Nil

      After 14 days of opening: Different charges for different categories of applicants.

      Union Savings Flexi Deposit A/c -

      Within 14 days of opening – Nil

      After 14 days of opening: Different charges for different categories of applicants.

      Eligibility – Union Bank of India Savings Accounts

      Regular Savings Bank Account

      • All resident individuals (for Single Accounts) / 2 or more individuals (in case of Joint Accounts), visually impaired or illiterate persons, Purdah Nasheen ladies and minors.
      • Clubs, Associations, Societies, Trusts, and Agencies / Institutions which have been specifically permitted by the RBI.

      Union Savings Flexi Deposit Account

      Individuals who are singly or jointly eligible to open a Savings Account can open a Union Savings Flexi Deposit Account. Additionally, non-resident Indians (NRIs) who are eligible to open a Savings Account as per the existing rules and regulations, are also eligible for this type of Savings Account.

      Documentation Required for Union Bank Savings Accounts

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

      Individual & Joint Applicants

      • ID Proof – Passport/PAN Card/Voter ID Card/Driving License/Job Card issued by the NREGA/Aadhar Card
      • Address Proof – Passport/Voter ID Card/Driving License/Job Card issued by the NREGA/Aadhar Card or Letter.

      Non-Resident Indian Applicants

      • Copy of Passport & Resident Visa
      • Valid Documentation of foreign Residence
      • Passport sized photographs
      • NRI applicants must be introduced by a member of the Indian Embassy / Notary Public / Banker / local customer who has undergone the complete KYC procedure.

      Proprietary Concern

      • Certificate of Registration (in case of a registered concern).
      • Any documents indicating the activities of the concern, for e.g. License or certificate issued by Municipal Authorities under the Shop & Establishment Act, etc.
      • A certificate or document of registration issued by the Service tax / Sales Tax / Professional Tax authority.
      • CST/VAT Certificate.
      • Sales and Income Tax Returns.
      • License issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, etc.
      • Importer/Exporter code (IEC) issued by the Office of the Directorate General of Foreign Trade (DGFT).
      • Recent passport sized photo of the proprietor.

      Trusts & Foundations

      • Trust Deed or Certificate of Registration
      • List of Trustees
      • Settlers Declaration
      • An official and valid document with regard to the person holding the power of Attorney to carry out transaction on behalf of the Trust / Foundation.
      • Document indicating the resolution of the trust’s managing committee for opening and operating the account.

      Societies, Associations, Clubs and Other Organizations

    • Registration Certificate (in case of a registered body).
    • List of members on the Managing Committee, along with their bio-data.
    • Bye laws
    • Document indicating the resolution of the organization’s Managing Committee to open the account and also delegate authority to operate the said organization’s accounts.
    • ID and address proof for all members of the Managing Committee.
    • Passport sized photographs of all members  of the organization.

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