Union Bank of India Savings Account

Step 2: Take a selfie and use the app to scan your PAN and Aadhaar cards. 

Step 3: Carry your original documents to the bank branch for verification. 

Step 4: Your account number will be generated immediately.  

Step 5: Alternatively, visit the Union Bank Savings Account page and fill out an application to start the process.

Union Bank of India Savings Account Interest Rates: 

The interest rates on Union Bank of India savings account are listed in the table below: 

Types of Union Bank Savings Accounts:

1. Basic Savings Bank Deposit Account

1. This is a basic savings account which does not require the holder to maintain any minimum balance.

1. This account carries facilities like cash deposit, cash withdrawal, credit / receipt of funds via electronic payment channels or by cheques.

1. Account holders shall be provided with an ATM / ATM cum Debit / RuPay Debit Card with this account.

1. There is no upper limit on the number of deposits an account holder can make in a month.

1. Account holders can make a maximum of 4 withdrawals in a month, including from branches and ATMs.

1. There is no charge levied for any of the services provided under this account.

1. Furthermore, no penalty fee shall be levied for non-operation or activation of an inactive account.

2. Savings Bank Account (SBGEN)

1. This savings account offers the facility of anytime, anywhere banking via branches, ATMs, net and phone banking.

1. Account holders are issued ATM cum Debit cards without any issuing charge and can earn reward points on their debit card spends.

1. This account comes with Zero Balance Facility, which means that even students can open a Regular Savings Bank Account.

1. Along with a debit card, account holders also get 20 free cheque leaves per year, along with Accidental Insurance Cover on debit card usage, free of charge.

1. This account also comes with U-Mobile facility which lets you make a balance enquiry, do a mobile recharge, make NEFT transfers and bill payments, all through your mobile phone.

3. Union Savings Flexi Deposit Account

1. All Flexi Deposit account holders shall be issued a debit card free of charge.

1. With this account, the customer shall also be issued a Passbook which contains all details of the SB Flexi Account, linked FD Flexi Account and any TDS adjustment.

1. Account holders can avail up to 5 cheque books, free of charge each year along with NEFT/RTGS facility, also free of charge.

1. You may also avail nomination facility with this savings account.

1. Upon maturity, customers have the option to roll over their deposit for another term.

4. Savings Bank Account for Pensioners (SBPEN)

1. Individuals drawing regular pension are eligible for this type of account.

1. There is no minimum balance required.

1. You will be provided a debit card with a daily ATM cash withdrawal limit of Rs.25,000 and a daily ATM POS limit of Rs.50,000.

1. Free Personal Accident Insurance (Death) cover worth Rs.2 lakh is provided.

1. You can make 5 free monthly transactions at Union Bank of India ATMs.

5. Savings Bank Account for Students (SBZER)

1. This account can be opened by students aged above 10 years to 25 years who are enrolled in regular courses.

1. Minors aged below 10 years can open this type of account with a parent or guardian.

1. You will be provided a debit card with a daily ATM cash withdrawal limit of Rs.25,000 and a daily ATM POS limit of Rs.50,000.

1. Free Personal Accident Insurance (Death) cover worth Rs.2 lakh is provided.

1. You can avail of 10 free withdrawals per half-year after which Rs.25 per transaction will be charged.

6. Basic Saving Bank Deposits Account-Small Accounts

1. This account can be opened under the government's PMJDY scheme.

1. There is no minimum balance required.

1. A RuPay debit card will be issued to the account holders.

1. The account balance should not exceed Rs.50,000.

1. You can make 4 free withdrawals per month.

7. Union Super Salary Account (USSA)

1. This account is available in three variants for employees who are drawing regular salary.

1. There is no requirement of minimum balance.

1. The debit cards offered to USSA- I, USSA- II, and USSA-III are Classic card, Platinum card, and Signature Card /RuPay select debit card, respectively.

1. A daily ATM cash withdrawal limit of up to Rs.1 lakh and a daily ATM POS limit of up to Rs.3 lakh are offered.

1. Other benefits include Personal Accident Insurance (Death) cover, Air Accident Insurance, personalised cheque book, etc.

8. Savings Flexi Deposit Scheme (SBNFD)

1. This type of account offers the benefits of both savings account and fixed deposit.

1. The minimum balance required is Rs.50,000.

1. The deposit tenure is 46 days to 1 year.

1. A platinum debit card is issued to the account holders.

1. You get a daily ATM cash withdrawal limit of Rs.75,000 and a daily ATM POS limit of Rs.1.5 lakh.

9. Savings Flexi Deposit Scheme (SBNFP)

1. This account can be opened by individuals and Government Department bodies who wish to earn more interest on their savings deposits.

1. The minimum balance required is Rs.10 lakh.

1. The deposit tenure is 46 days to 90 days.

1. The minimum Sweep Out amount is Rs.5 lakh.

1. You can avail of unlimited free cheque leaves.

10. CAPITAL GAIN SB ACCOUNT (SBCAP)

1. You must invest the account funds in the selected assets within the time frame provided to qualify for capital gains tax exemption.

1. Deposits can be made through the Savings Bank Account Scheme (Account-A) or through Term Deposits with Cumulative or Non-Cumulative Interest (Account-B).

1. There is no maximum deposit period.

1. A nomination facility is available.

11. MACT CLAIMS SB ACCOUNT (MACT)

1. Customers with MACT accounts have the option of receiving compensation amounts awarded by the Motor Accident Claim Tribunal.

1. There is no minimum balance required.

1. Withdrawals can be made via withdrawal forms or through Bio-Metric authentication.

1. A nomination facility is available.

12. SPECIAL SB SCHEMES VARIANT - I (SB Premium) SBPRE

1. Individuals who maintain a good balance in their accounts can open this type of account.

1. A platinum debit card will be issued to you.

1. You can avail of a daily ATM cash withdrawal limit of Rs.75,000 and a daily ATM POS limit of Rs.1.5 lakh.

1. Other benefits offered are Personal Accident (Death) cover, Air Accident Insurance, 60 free cheque leaves per year, etc.

13. SPECIAL SB SCHEMES VARIANT - II (SB High Networth Customers) SBHNI

1. This type of account is suitable for individuals who maintain a very high average balance in their accounts.

1. A Signature Card /RuPay select debit card will be issued to you.

1. You can avail of a daily ATM cash withdrawal limit of Rs.1 lakh and a daily ATM POS limit Rs.3 lakh.

1. Other benefits include free Personal Accident (Death) cover, Air Accident Insurance, 100 free cheque leaves per year, and a free NEFT facility.

14. Union Digital Saving Account (UDSA)

1. All Indian residents can open this type of account.

1. No minimum balance is required.

1. A classic card will be issued to you.

1. You can avail of a daily ATM cash withdrawal limit of Rs.25,000 and a daily ATM POS limit of Rs.50,000.

Features and Benefits of Union Bank Savings Account:

The savings accounts offered by Union Bank of India come with the following features and benefits: 

1. The application process is easy and hassle free.  
2. You can open a savings account jointly.  
3. Phone Banking, Mobile Banking, Tabulous Banking, and ATM Banking are available. 
4. You have the option of earning reward points on your debit card. 
5. Student Accounts can have a zero balance. 

1. Remittance options include NEFT, Mutual Funds, IMPS, and Union e-cash. 
2. Standing instructions can be set up for bills, insurance premiums, fixed deposits, recurring deposits, EMIs, etc. 
3. Accidental insurance is available. 
4. The facility of nomination is available.  
5. Each year, two free chequebooks and 20 free chequebook leaves are issued. 

1. You can use the U-Mobile app to pay bills, check balance, recharge your mobile, etc.  
2. Passbooks and e-Statements are provided at no extra cost. 
3. You can make any number of withdrawals via internet banking, debit cards, and branches.  

Minimum Balance Requirements:

The minimum balance that must be maintained for a regular savings account is mentioned in the table below: 

Documentation Required for Union Bank Savings Accounts:

In order to apply for a Union Bank Savings Account, Customers must furnish the following documents:

1. Individual & Joint Applicants

1. ID Proof - Passport/PAN Card/Voter ID Card/Driving License/Job Card issued by the NREGA/Aadhar Card

1. Address Proof - Passport/Voter ID Card/Driving License/Job Card issued by the NREGA/Aadhar Card or Letter.

2. Non-Resident Indian Applicants

1. Copy of Passport & Resident Visa

1. Valid Documentation of foreign Residence

1. Passport sized photographs

1. NRI applicants must be introduced by a member of the Indian Embassy / Notary Public / Banker / local customer who has undergone the complete KYC procedure.

3. Proprietary Concern

1. Certificate of Registration (in case of a registered concern).

1. Any documents indicating the activities of the concern, for e.g. License or certificate issued by Municipal Authorities under the Shop & Establishment Act, etc.

1. A certificate or document of registration issued by the Service tax / Sales Tax / Professional Tax authority.

1. CST/VAT Certificate.

1. Sales and Income Tax Returns.

1. License issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, etc.

1. Importer/Exporter code (IEC) issued by the Office of the Directorate General of Foreign Trade (DGFT).

1. Recent passport sized photo of the proprietor.

Trusts & Foundations:

1. Trust Deed or Certificate of Registration
2. List of Trustees
3. Settlers Declaration
4. An official and valid document with regard to the person holding the power of Attorney to carry out transaction on behalf of the Trust / Foundation.
5. Document indicating the resolution of the trust's managing committee for opening and operating the account.

Societies, Associations, Clubs, and Other Organizations

1. Registration Certificate (in case of a registered body).
2. List of members on the Managing Committee, along with their bio-data.
3. Bye laws
4. Document indicating the resolution of the organization's Managing Committee to open the account and also delegate authority to operate the said organization's accounts.
5. ID and address proof for all members of the Managing Committee.
6. Passport sized photographs of all members of the organization.

Eligibility Criteria:

The eligibility criteria that must be met in order to open a savings account with Union Bank of India are mentioned below: 

1. Institutions, agencies, associations, societies, trusts, clubs that are registered with the RBI. 
2. Minors and Purdanasheen Ladies. 
3. Illiterate individuals. 
4. Visually impaired individuals. 
5. Indian residents. 

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.