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Union Bank of India Savings Account

All resident Indian individuals and clubs, associations, societies, etc. are eligible to open a savings account with Union Bank of India. The bank offers good interest rates and a plethora of other benefits like net banking facilities. It also offers a zero balance facility to students opening such accounts.
  • Saving deposits balance up to Rs.25 lakh: 3.50% p.a. 
  • Savings deposits balance above Rs.25 lakh: 4% p.a. 
  •  Minimum balance up to Rs.1,000 based on account type 

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.

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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