Union Bank Savings Account

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.

Types of Savings Account by UBI

1. Regular Savings Account

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.

2. Union Family Savings Scheme

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.

3. Union Flexi Account

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.

4. Union Flexi Plus Savings Deposit

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.

5. Union Capital Gain Deposit Scheme

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:

• Deposits can be made under Savings Bank Account or Term Deposits
• Interest will be paid on the deposits as per the rates stipulated by Reserve Bank of India (RBI)
• NRE funds are not eligible
• Nomination facility is available

6. Union Super Salary Account

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.

7. Union Super Salary Account For Defence/Paramilitary Personnels

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.

8. Special Salary Package for Government Employees

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.

9. Basic Savings Bank Account

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.

UBI Savings Account Opening Guidelines

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:

• You can open the account individually or jointly. Moreover, the Union Bank of India saving account can be operated by survivor or either.
• The Union Bank Personal Savings account can also be opened & maintained by the minors –under complete operation & supervision of the natural guardians. As minors would reach the age of 13 years, they can continue operating the account for themselves.
• Saving account also facilitates clubs, associations, societies, and other similar institutions.
• There is the provision of ATM cum Debit cards for all accountholders.
• The Union Bank savings account offers access to instant credit of around INR 15,000 against collecting outstation cheques.
• Availability of the facility of cheque book & passbook.
• The savings account by the UBI also comes up with the Life Insurance benefit of around INR 1.25 Lakh for the minimal premium amount of INR 17 every year. This facility is available under the unique Scheme of United Suraksha.

Minimum Balance in UBI Savings Account

Account holders have to hold the following minimum balance in the account:

UBI Savings Account Opening Process

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-

• 2 passport-sized photographs
• Proof of residence or address
• PAN Card or a self-signed Declaration Form 60/61 as per the IT Act

You can also opt for Union Digital Savings Account for receiving value-added services such as mobile /SMS banking and Internet Banking.

Union Bank Savings Account Interest Rate 2024

w.e.f 15/12/2020

Note that interest rates are subject to change.

Union Bank Mobile App

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.