Union Bank of India offers a unique account which has the benefit of a Union Bank of India savings account as well as a Fixed deposit. Anyone can open this account singly or jointly with a minimum of Rs.50,000. Any balance in the account over Rs.50,000 will be swept into the Flexi Deposit in multiples of Rs.10,000. If the balance in the savings account falls below Rs.50,000, cash will be swept back from the Flexi deposit in multiples of Rs.5,000 so that the minimum balance is maintained. The period of deposit for all the sweeps will remain the same as chosen by the customer.
|Bank||Union Bank of India|
|Category||Savings Flexi Deposit Account|
|Initial Deposit Requirements||Rs 50,000|
|Sweep out facility (Transferring funds from SB to term deposit)||Initial deposit is Rs.10,000 minimum, and in multiples of Rs.10,000 thereafter.|
|Sweep in (Transferring funds from term deposit to SB)||In multiples of Rs.5,000|
|Period of Deposit||46 days to 1 year. NRI deposits can be opened for a minimum period of 1 year.|
|Eligibility||Any individual can open this account, singly or jointly. NRIs are also eligible.|
|Debit Card Offered||Union Bank of India International Debit card|
|Interest Rate||Rates applicable to Savings Bank Deposit and Fixed Deposit, paid on a quarterly basis on the Fixed Deposit Flexi Account. Currently, savings bank account interest is 4% per annum. Fixed deposit interest ranges between 8% and 9% per annum depending on the period of the deposit.|
Services Offered with UBI Savings Flexi Deposit Account
The following services are offered with a Union Bank of India Savings Flexi Deposit Account.
|Passbook and e-Statements||Passbook is issued free of cost. It will contain information related to SB Flexi Account, the linked FD Flexi Account, and TDS adjustment if any.|
|NEFT/RTGS||Unlimited fund transfer allowed|
|Cheque Book||5 cheque books (20 leaves each) issued free per year|
Features of UBI Savings Bank Deposit Account
Some of the important features of Union Bank of India Savings Flexi Deposit Account have been listed below.
|Dual Benefit||You get the benefit of flexible bank savings and the benefit of a fixed deposit with higher interest in one account.|
|Joint Accounts||Any two or more individuals can open a joint account|
|Tax Deducted at Source||The linked FD Flexi Account is liable for TDS.|
|Loan or Overdraft||Loan or OD is not available against the FD Flexi Account.|
|Deposit Receipt||No separate deposit receipt shall be issued to the holder. The passbook will contain all relevant information.|
|Remittance Facility||NEFT and RTGS. The services are free as long as the minimum balance is maintained.|
|Nomination Facility||Available. One person can be nominated by filling up the Form prescribed under the Banking Companies(Nomination) Rules, 1985. For minors, the person legally empowered to operate the account can make the nomination.|
Fees and Charges for Union Bank of India Savings Flexi Deposit Account
For the Savings Flexi Deposit Account, the important fees and charges applicable are listed below.
|Service / Product||Fees & Charges|
|Minimum Balance Shortfall Penalty||Nil|
|Neft outward||Rs.3 to Rs.29 per transaction|
|RTGS outward||Rs.29 to Rs.63 per transaction|
|Electronic Clearing Service||Rs.4 per transaction|
|Chequebook issuance||Rs.4 per leaf if the minimum balance is not maintained, or the limit of 5 cheque books has been crossed|
|Statement of accounts||Free|
|Customer induced debit entries||60 entries free per quarter. Rs.17 charged per entry thereafter|
|Duplicate statement or passbook||Rs.62 per folio, or Rs.1,507 for the maximum entries. Entries that are more than 1 year old will be charged at Rs.77 per folio, at Rs.7,533 for the maximum.|
|Standing instructions||One time charge of Rs.58|
|SMS banking||Rs.15 per quarter|
|Account closure||Within 14 days, no charges are applicable. Closure of account within 12 months costs Rs.173 for accounts with cheque book and Rs.130 for without cheque book.|
|Inoperative account||If minimum balance is maintained, no charges are applicable. If the balance is below the minimum limit, the following charges apply: Metro and Urban- Rs.230 Semi-Urban and Rural - Rs.85|
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.