Table of Contents
Types of Union Bank Savings Accounts
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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.
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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.
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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.
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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
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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.
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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:
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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.
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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.
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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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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.