Union Bank of India Savings Account

All Indian residents, including clubs, organizations, and societies, are eligible to open a Union Bank of India Savings Account. The bank also provides competitive interest rates as well as various perks, such as net banking. It also provides zero-balance accounts to students.

Here we will talk about Union Bank of India saving account opening process, interest rates, features and types of Union Bank of India Savings Account.

Union Bank of India Saving Account Interest Rate 2024

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

Tenure

Union Bank of India Interest Rates on Saving Account

7-14 Days

3

15 -30 Days

3

15 -30 Days

3

46 -90 Days

4.05

91-120 Days

4.3

121-180 Days

4.4

181 Days to <1 Year

5.25

1 Year

6.3

> 1 Year to 443 Days

6.6

444 Days

6.7

445 days to 598 days

6.6

599 Days

7

600 Days to 2 Years

6.6

> 2 Years to 3 years

6.7

>3 Years to 5 Years

6.7

>5 Years to 10 Years

6.7

Characteristics of the Union Bank of India Savings Account

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.

Who is Eligible for a Savings Account from the Union Bank of India

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.

Union Bank of India Saving Account Opening

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.

Charges Over Union Bank of India Savings Account

Charges

Amount (Rs.)

NEFT Outward charges

Rs. 3 to Rs. 29

RTGS Outward charges

Rs. 29 to Rs. 63

Electronic Cleaning

Rs. 4 per transaction

Cheque Book Order

Rs. 4 per leaf

Passbook

Rs. 62 per folio

SMS Banking

Rs. 15 per quarter

Customer induced debit entries

Rs. 17

Standing instructions

Rs. 58

Account closure

Rs. 173

Required Documents

  • 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

Types of Savings Accounts in Union Bank of India

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

1) Basic Savings Account

  • 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.

2) Flexi Savings 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.

3) Savings Bank Account (SBGEN)

  • 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.

4) Pensioners Savings Account

  • 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.

5) Students Savings Account

  • 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.

6) Super Salary Account

  • 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.

7) Capital Gain SB Account

  • 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.
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