A zero-balance savings account is an account where you do not have to maintain a minimum balance. There is no penalty attached to this minimum balance account. Individuals who opt for this zero-balance account include students, salaried employees, and those without a regular income. These accounts are highly beneficial for those seeking a secondary account to save money. Opening a Union Bank Zero Balance Account online is one of the easiest and accessible banking solutions. 

What is a Union Bank Zero Balance Account? 

Union Bank of India gives you the flexibility of opening a zero-balance account online. With this account, account holders do not have to worry about maintaining the minimum balance. This account is ideal for students, offering digital convenience and financial inclusivity. Apart from maintaining the minimum balance, Union Bank of India offers a range of other banking services, including deposits, withdrawals, and fund transfers. Account holders can also utilize their ATM cards and online banking facilities with their accounts. 

Step-by-Step Process to Open Union Bank Zero Balance Account Online 

To open a Union Bank Zero Balance Account online, follow these steps. They are:  

  • Visit the official Union Bank of India website to begin the process.  
  • Click the “Accounts and Deposits” drop-down button.  
  • Select the Savings option from the list.  
  • There are various savings account option that caters to the needs of a diverse set of customers.   
  • Select your preferred Zero Balance account and click the “Apply Now” button.  
  • Fill in the basic details for account opening. This includes Name, Mobile Number, Email, Pin code, City, and Description. Check the checkbox for the terms and conditions.  
  • Click the Apply Now button.  
  • A bank representative will contact you to verify the details you have entered.  
  • You will be asked to submit your PAN card, address proof, photograph, and Aadhar card. Once you have uploaded the documents, you will receive a confirmation email.  
  • On approval of the application, you will receive a welcome kit containing your ATM card, passbook, and other relevant information.  

Eligibility Criteria for Union Bank Zero Balance Account  

The following are some of the eligibility criteria that must be met when opening a Union Bank Zero Balance Account.  

  • You must be an Indian Citizen, an NRI, or represent an HUF.  
  • You must be 18 years of age or above.  
  • If you already have a Union Bank account, you are not allowed to open another one.  
  • You must have your mobile number linked to Aadhaar for KYC purposes. For other accounts, there are no restrictions, but they are designed for digitally savvy users.  

Documents Required to Open a Union Bank Zero Balance Account Online  

The following is the list of documents required to open a Union Bank Zero Balance Account online. They are:  

Identity Proof:  

  • Aadhar card, Passport, Voters ID card, Driving License  
  • Recent Passport-size photograph  
  • PAN or Form 60  

Address Proof:  

  • Utility Bills  
  • Property or Municipal Tax Receipt  
  • Pension Payment Order with address  

For Non-Resident Indians:  

  • Passport, Proof of residential address, residence visa  
  • Passport-size photographs  
  • Documents issued by the Government or the Embassy for the Address Proof  

For HUF Identity:  

  • Joint Hindu Family Letter  
  • Karta’s Declaration Form  
  • For Karta and Co-Parceners:  
  • Individual identity and address proof  
  • Recent Passport-Sized Photograph  

Types of Union Bank Zero Balance Account  

Some of the accounts that fall in the list of Union Bank Zero Balance Account include the following:  

Union Digital Savings Account  

It is a paperless online savings account that is opened instantly with the help of an Aadhaar and a PAN card. It offers zero or low minimum balance along with digital banking access and a virtual debit card. Fund transfers, bill payments, and deposits can be easily managed with the Union Bank app. This is ideal for technically competent customers who want to enjoy the convenience of online banking without the need for branch visits.  

Savings Bank Account for Pensioners  

Aimed at the retired communities who are receiving their monthly pension directly into their account. The account offers free cheque book and passbook facilities along with priority customer service. There are no minimum balance requirements. It also ensures hassle-free pension disbursal and easy access to banking services.  

Saving Bank Account for Students  

The account is designed for students to begin their savings account journey, while also developing the necessary financial discipline. The account comes with no minimum balance and comes with an ATM/debit card. The account encourages the use of digital banking access for fee payments, transfers, and various UPI usage.  

Pradhan Mantri Jan Dhan Yojana Savings Account  

This is a government-initiated zero-balance account to promote financial inclusion for all citizens. It provides access to a RuPay debit card, accidental insurance, and direct benefits transfers. There is no minimum balance requirement, and accounts can be opened at any bank branch. Through this bank account, individuals and urban areas access formal banking and government subsidies.  

Key Features & Benefits of Union Bank Zero Balance Account  

Here are some of the key features and benefits of the Union Bank Zero Balance account.   

  • No Minimum Balance: The Union Bank Zero Balance Account provides the flexibility of maintaining a zero minimum balance.  
  • Free Debit Card: A complimentary debit card is included with the Union Bank Zero Balance account.   
  • Digital Transactions: Unlimited free transactions are available via UPI, NEFT, and RTGS.   
  • Free Online Services: E-statements and SMS alerts are provided to customers at no additional charge.   
  • Online Account Opening: Account opening is made simple with a digital KYC process. This eliminates the need for branch visits.   
  • Accident Insurance: Most Union Bank Zero Balance Accounts come with personal accident insurance coverage.  
  • Digital Access: The account can be easily opened through digital access, utilizing the mobile app and net banking platform. 

Frequently Asked Questions  

1. What do you mean by Union Bank Zero Balance Account?  

Union Bank of India offers a zero-balance savings account, allowing customers to maintain a zero balance without incurring any fees or penalties.  

2. What documents are required to open a Union Bank Zero Balance account?  

Some of the documents required to open an account include ID proof, Address Proof, and photographs. Additional documents may be required for specific categories of applicants.  

3. Can I convert my existing account to a Zero Balance account?  

Yes. You can convert your existing account to a Zero Balance account by contacting the banking authorities and complying with the required formalities.  

4. What are the benefits of having a Zero Balance account?  

Benefits include no minimum balance, online banking, debit card use, and complimentary ATM withdrawals within set limits.  

5. What is the maximum withdrawal limit that comes with the Union Bank Zero Balance account?  

The maximum withdrawal limit associated with the Union Bank Zero Balance Account is Rs. 25,000 from an ATM and Rs. 50,000 from the POS/ POS/e-commerce limit.  

6. Are there any fees associated with the Union Bank Zero Balance account?  

There are no charges associated with maintaining a Union Bank Zero Balance account. However, you may incur additional charges, including cheque book charges, ATM usage fees, and other applicable fees that may vary from time to time.   

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given that this type of data may change over time, we cannot guarantee the accuracy of the information supplied or included within it. It is anticipated that the user will confirm with the relevant source before making any choices or taking any actions.