Union Bank of India Savings Account

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

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.

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