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Latest Update: The Union Bank of India revealed its end-to-end IT integration of all its branches of the erstwhile Andhra Bank. The merger of the Union Bank of India and the Andhra Bank had come into effect on 1st April, 2020.
Union Bank of India (UBI), one of the leading banks in India, started its operations in the year 1950. Since then, the bank has grown significantly with 174 branches and 35 regional offices across the nation. UBI and its operations conform strongly to the concept of nationalization. Therefore, it keeps coming up with advanced products & services to help every class of customers with best banking facilities. Union Bank Savings Account is one such product that gives a wide options for all class people to save their money and earn interest. Read on to get a detailed guide on this.
It offers the Facility of anytime and anywhere banking to the account holders. The account also offers several facilities including access to ATM cards, net banking, nomination facility, and the zero balance facility. You can also avail joint account feature here.
Key Features | Facilities |
---|---|
Type of ATM/Debit Card | Classic card |
Debit Card charge | Issue charge –Free. Annual maintenance charge –As per applicable charges |
ATM Cash Withdrawal Limit | Rs.25,000 per day |
POS Limit | Rs. 50,000 per day |
Free personal accident insurance (Death) cover with debit card | Rs 2 Lakhs (by bank), Rs 1 Lakhs (additional by RuPay) T&C |
SMS Banking Charges | As per applicable charges |
As the name goes, family members can open this account, and link the members together as a group. Family members include grand parents, father, mother, spouse, brother, sister, son and daughter. All added ones can become eligible to enjoy its benefits.
Minimum two & maximum six members can form a group under this scheme. The group has to maintain Average Quaterely Balance (AQB) of Rs.1 lakh in SB account or Rs.10 lakhs in the Term Deposit in order to avail the benefits.
Key Features | Facilities |
---|---|
atm cum debit card | Free, No issuance Charge |
ATM Withdrawal | Rs.25,000 per day |
Shopping Limit -POS | Rs.25,000 per day |
Combined Limit(ATM+POS) | Rs.50,000 per day |
Accidental insurance Cover upon usage of Debit card | Rs.2 Lacs |
NEFT/RTGS | Unlimited Free |
This account is highly liquid with integrated features of the Savings Deposit and Fixed Deposit. It also attracts higher interest returns on surplus funds. Account holders are provided the debit card facility free of charge. The customers can also avail the passbook facility. There is also the Offering of the nomination facility.
Key Features | Facilities |
---|---|
Minimum balance in SB | Rs. 50,000 |
ATM Cash Withdrawal Limit | Rs. 75,000 per day |
ATM POS Limit | Rs. 150,000 per day |
RTGS, NEFT | Unlimited Free |
IMPS | As per applicable charges |
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This savings scheme is designed for high-value customers or department bodies for earning additional Income as interest on surplus fund in the respective saving deposits.
Key Features | Facilities |
---|---|
Minimum balance in SB | Rs. 10,00,000 |
Personalized Cheque Leaves | Unlimited Free |
RTGS, NEFT & DD | Unlimited Free |
If the account holder wishes to ensure tax exemption from tax on the respective Capital gains, they can invest some balance in the account in the respective assets within the stipulated period. The deposits can be made under Account-A savings bank account scheme of the bank. Some of the important features are:
Employees who regularly draw salary from the respective accounts are eligible to apply for this type of savings account. The debt card charges are free and the account holders are given the ATM cash withdrawal limit of INR 25,000.
Key Features | Facilities |
---|---|
Quarterly Average Balance | Nil |
Type of ATM/Debit card | Classic card |
Debit Card charges | Issue charge – Free. Annual Maintenance Charge - Free |
ATM Cash Withdrawal Limit | Rs. 25000 per day |
POS Limit | Rs. 50000 |
Personal Accident Death cover with account | Rs 2 Lakhs |
SMS Banking Charges | As per applicable charges |
This savings account is well-suited for professionals in the field of defence and paramilitary. The savings account comes up with a lucrative salary package to empower the personnel with hassle-free banking facility.
The eligibility criteria are - Serving personnels of Army, Navy, Air Force, BSF, CISF, CRPF, Cobra, NDRF, NDMA, ITBP, NSG, NCB, NDMA, NCRB, RAF, SSB, Border Roads Organization, NCC, Indian Coast Guard etc.
Key Features | Facilities |
---|---|
Zero Balance Account | No minimum balance requirements |
NEFT/RTGS | Unlimited free electronic fund transfer facility across all banks in India |
Insurance Cover | Free Accidental coverage by Debit Card usage |
Loans | Waiver of processing charges on Home Personal and Car loans |
This savings account is meant for individuals working with state governments, central government, autonomous bodies, corporations, boards, and other similar entities. The bank offers a comprehensive salary package to these personnel.
The special salary package will contain benefits under two variants – Net salary up to Rs.50,000 per month and Net salary above Rs.50,000 per month.
Key Features | Up to Rs.50,000 | Above Rs.50,000 |
---|---|---|
Zero Balance Savings Account | Yes | Yes |
ATM cum Debit Card | RuPay Classic Debit Card with Name | RuPay Platinum Debit Card with Name |
Daily ATM withdrawal Limit | Rs. 25,000 | Rs. 40,000 |
Daily Point of Sales limit | Rs. 25,000 | Rs. 60,000 |
Total Daily Limit (ATM+POS) | Rs. 50,000 | Rs. 1,00,000 |
With this savings account, the account holder is not required to hold any minimum balance. The account has basic facilities like cash withdrawal, cash deposits, transfer of funds with the help of electronic payments, and so more.
Key Features | Facilities |
---|---|
Quarterly Average Balance | Nil |
Type of ATM/Debit card | RuPay Classic card |
Debit Card charges | Issue charge – Free. Annual Maintenance Charge - Free |
Number of Withdrawals | 4 per month free (including branch, own ATM &other ATM) |
ATM Cash Withdrawal Limit | Rs.25,000 |
ATM POS Limit | Rs.50,000 |
The bank has a simple process of opening UBI savings account with lucrative features. Here’s the highlight of a few important features of the saving account:
Account holders have to hold the following minimum balance in the account:
Areas | Without Cheque Book | With Cheque Book |
---|---|---|
Metro | 500 | 1000 |
Urban | 500 | 1000 |
Semi Urban | 250 | 500 |
Rural | 100 | 250 |
You can open via both online & offline mode. The official website of the bank gives all details of opening account online, all you have to do is fill important personal details and submit. The bank officials will contact you for further process.
In offline, you have to visit the nearest branch of UBI along with following documents. The customer service at the bank will guide you with the further process-
You can also opt for Union Digital Savings Account for receiving value-added services such as mobile /SMS banking and Internet Banking.
w.e.f 15/12/2020
Period | < Rs. 2 Cr |
---|---|
7 – 14 Days | 3.00 |
15 – 30 Days | 3.00 |
31 – 45 Days | 3.00 |
46 – 90 Days | 3.75 |
91 - 120 Days | 4.25 |
121 to 180 Days | 4.30 |
181 Days to <1 Year | 4.50 |
1 Year | 5.25 |
>1 Year to 2 Years | 5.30 |
>2 Year to 3 Years | 5.50 |
>1 Year to 3 Years | - |
>3 Years to 5 Years | 5.55 |
>5 Years to 10 Years | 5.60 |
Note that interest rates are subject to change.
UBI offers access to open savings account via mobile banking app. Download “Union Selfie & M-Passbook.” New users will be prompted to open an account with bank using “Union Selfie”. Take selfie and scan the Aadhar & PAN card on the app. You will instantly get access to the account number. You can activate the number by visiting the branch wherein you have submitted documents for verification.