Union Bank of India Savings Account

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Union Bank of India Savings account

A savings account is basic type of bank account which offers a low interest rate but at the same time, is a safe and convenient way of storing money. A savings account is often the first bank account for many as it is very easy to open and operate. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings account

Advantages of having a savings account

There are several advantages to having a savings account. Following is an overview:

  • Liquidity: You can deposit and withdraw money from a savings account as per your requirements, without the fear of penalty fees. This varies with the type of account opened.
  • Interest income: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Paying bills: With the advent of digital banking, it is extremely easy to pay your utility bills etc.
  • Transfer with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home, where there is fear of burglars.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation

Disadvantages:

  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Union Bank of India Savings Account

A Union Bank of India savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Union Bank of India Savings Account.

Features and Benefit of Union Bank of India Savings Account

There are various benefits to having a savings account with Union Bank of India. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Union Bank of India Savings Accounts

Basic Savings Bank Deposit Account (BSBDA)

  • No minimum balance required.
  • ATM card or ATM-cum-Debit Card provided
  • RuPay Debit Card will be provided to all the a/c holders.
  • Deposit and withdraw cash at bank branch as well as ATMs with ease
  • Receipt/credit of money through electronic payment channels
  • Deposit/collection of cheques drawn by Central/State Government agencies and departments
  • No limit on the number of deposits
  • A maximum of four withdrawals allowed in a month, including ATM withdrawals.
  • No charges for the above-mentioned facilities.

Regular Savings Bank Account

  • Free ATM cum Debit card
  • 2 Free Cheque Books per year
  • Free Accidental Insurance cover by Debit Card usage.
  • Any Where / Any Time Banking through -Branch Banking/ATM Banking/Net Banking/Phone Banking.
  • Free Internet Banking Facility
  • U- Mobile facility – facilitates Balance Enquiry, NEFT, Bill Payment, Mobile Recharge etc. through your mobile phone.
  • Earn Reward points on your Debit card transactions.
  • Zero balance facility.
  • Nomination facility.

Union Family Savings Scheme

  • Minimum 2 & maximum 6 family members (accounts) can form a group under this scheme.
  • Family members include Grand Parents, Father, Mother, Spouse, Brother, Sister, Son, Daughter.
  • 2 Books per account free personalized multicity cheque books per year
  • Unlimited Free Inter Sol Transactions Per Month (Excluding Cash)
  • Unlimited Free NEFT/RTGS
  • Free ATM/Debit Card

Union Flexi Savings Deposit

  • Has Integrated features of Savings Deposit and Fixed Deposit
  • Liquidity with higher interest returns on surplus funds.
  • A Passbook will be issued to the depositor with all the details of SB Flexi Account, the linked FD Flexi Account, TDS adjustment, if any
  • Nomination facility available.
  • TDS is applicable on the deposits in the linked FD Flexi Account
  • No loan / overdraft / lien will be permitted against the linked FD Flexi Account under this Scheme

Union Flexi Plus Savings Deposit

  • Has Integrated features of Savings Deposit and Fixed Deposit
  • Liquidity with higher interest returns on surplus funds.
  • A Passbook will be issued to the depositor with all the details of SB Flexi Account, the linked FD Flexi Account, TDS adjustment (if any)
  • Nomination facility available.
  • TDS is applicable on the deposits in the linked FD Flexi Account
  • No loan / overdraft / lien will be permitted against the linked FD Flexi Account under this Scheme

Union Bank of India Savings Account Minimum Balance

The minimum balance required in Union Bank of India savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
Basic Savings Bank Deposit Account (BSBDA) -
Regular Savings Bank Account Metro w/o CB: Rs. 500, with CB: Rs. 1000
Urban w/o CB: Rs. 500, with CB: Rs. 1000
Semi Urban w/o CB: Rs. 250, with CB: Rs. 500
Rural w/o CB: Rs. 100, with CB: Rs. 250
For Pensioners w/o CB: Rs. 20, with CB: Rs. 250
Union Family Savings Scheme AQB: Rs. 1 Lakh
Union Flexi Savings Deposit Rs. 50, 000
Union Flexi Plus Savings Deposit Rs. 5, 00, 000

Union Bank of India Savings Account Interest Rate

Union Bank of India savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Union Bank of India Savings Account Charges

Different Union Bank of India savings account have a different schedule of charges. It is best to contact Union Bank of India directly for the most up to date charges.

How to open a Union Bank of India Savings Account

Union Bank of India savings account opening is easy and hassle-free. You can visit your nearest Union Bank of India branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Alternatively, you can open a savings account online. You need to fill the online account opening form. It is also possible to check the status of your application form by referencing the tracking number.

Union Bank of India Savings Account FAQS

What is the best interest rate on a Union Bank of India saving account?

The interest rates can go up to 4%. For the latest interest rates, it is best to contact the nearest Union Bank of India branch.

Who is eligible to open a Basic Savings Account with Union Bank of India?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account. The zero-balance account is suited for all those who cannot keep a minimum average balance in the account. The account has been specifically introduced keeping in mind the needs of those who cannot maintain a regular balance.

Is it possible to open a Union Bank of India savings account online?

Yes, you can open a Union Bank of India savings account online. You need to fill the online account opening form on their website. It is also possible to check the status of your application form by referencing the tracking number.

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