Union Bank of India Savings Account

Following is a detailed table representing Union Bank of India Savings Account Interest Rate-

This is a primary savings bank account that has all of the fundamental banking functions of a savings bank account.

• It can be opened individually or jointly and operated by either victim or survivor.
• Minors can also open it to allow the natural guardian to operate it. Minors can operate their own accounts once they reach the age of 13.
• An uneducated person, as well as a literate person, can open it.
• This account is accessible to people who are blind.
• This account is also available for organizations such as associations, clubs, societies, and similar organizations.
• Interest is paid on a daily basis twice a year, in June and December.
• There is a cheque book and a passbook available.

The following are the eligibility requirements for a Savings Account-

• Native American.
• Trusts, groups, government agencies, religious institutions, clubs, and other organizations that the RBI has approved.

To open an account, the applicant needs to go to the nearest branch. To start a savings bank account, the applicant must be introduced by an existing SB A/c or Current Account holder who has held a satisfactory account with the bank for the past six months or longer.

• Passport, valid driver's license, Permanent Account Number (PAN) card, Voter ID card, Aadhaar Card, Government-issued photo identity card, NREGA Card, and so on.
• Passport, driver's license, another bank's passbook, utility or phone bills, ration card, etc.
• Photographs in passport size.
• Form of application

Following are the various types of Savings Accounts that can be opened at Union Bank of India-

• This is a simple savings account that does not have a minimum balance requirement.
• This account allows for cash deposits, cash withdrawals, and credit/receipt of payments via electronic payment methods or checks.
• With this account, account holders will receive an ATM / ATM cum Debit / RuPay Debit Card.
• Account users are limited to four withdrawals per month, including those from branches and ATMs.
• There is no maximum number of deposits that an account holder can make in a month.
• There is no fee for any of the services supplied through this account. Furthermore, there will be no penalty fee for not operating or activating an inactive account.

• All Flexi Deposit account holders will receive a debit card at no cost.
• Account holders are entitled to up to 5 free cheque books each year, as well as free NEFT/RTGS transfers.
• With this account, the user will additionally receive a Passbook, including information about the SB Flexi Account, the associated FD Flexi Account, and any TDS adjustments.
• With this savings account, you may also make nominations.
• Customers can roll over their deposits for another term when they reach maturity.

• This savings account lets you bank when and where you wish using branches, ATMs, the internet, and phone banking.
• Account holders receive ATM/Debit cards free of charge and can earn reward points on debit card purchases.
• Because this account has a Zero Balance Facility, even students can create a Regular Savings Bank Account.
• This account also has the U-Mobile feature, which allows you to check your balance, recharge your phone, make NEFT transactions, and pay bills all from your phone.
• Along with a debit card, account members receive 20 free check leaves each year, as well as free Accidental Insurance Coverage on debit card usage.

• This type of account is available to people who get a regular pension.
• There is no needed minimum balance.
• You will be given a debit card with an Rs.25,000 daily ATM cash withdrawal limit and an Rs.50,000 daily ATM POS limit.
• Union Bank of India ATMs offer five free monthly transactions.
• Personal Accident Insurance (Death) coverage worth Rs.2 lakh is provided for free.

• Students enrolled in regular courses between the ages of 10 and 25 can open this account.
• Minors under the age of ten can open this sort of account with the assist of a parent or guardian.
• Personal Accident Insurance (Death) coverage worth Rs.2 lakh is provided for free.
• You will be given a debit card with an Rs.25,000 daily ATM cash withdrawal limit and an Rs.50,000 daily ATM POS limit.
• You can make ten free withdrawals per half-year period, after which you will be charged Rs.25 per transaction.

• For employees who receive regular pay, there are three options for this account.
• There is no minimum balance required.
• Classic card, Platinum card, and Signature Card /RuPay select debit card are the debit cards available to USSA- I, USSA- II, and USSA-III, respectively.
• Personal Accident Insurance (Death) coverage, Air Accident Insurance, a customized cheque book, and other advantages are also available.
• There is a daily cash withdrawal limit of up to Rs.1 lakh and a daily ATM POS limit of up to Rs.3 lakh.

• To qualify for capital gains tax exemption, you must invest the account money in the specified assets within the time frame specified.
• Deposits can be made via the Savings Bank Account Scheme (Account-A) or with Term Deposits that pay either cumulative or non-cumulative interest (Account-B).
• There is no time limit on deposits.
• There is a nomination service accessible.