Union Bank Savings Account
Union Bank of India is one of the leading banks in India which provide a variety of saving bank products to different types of customers based on the individual needs. The Union Bank saving products renders various terminal benefits that satisfy the financial and investment needs of the customers.
Interest rate applicable for the saving accounts of the bank is 4% per annum on daily products basis which is credited generally credited twice a year (Feb and Aug).
Types of Union Bank savings accounts:
1. Basic saving bank deposit account:
- This is a basic account which needs not to be maintained by any minimum balance, which means one can even withdraw the whole amount from the account.
- Basic features like cash deposit, withdrawal, receipt/ transmission of funds via electronic payment systems (NEFT, RTGS and IMPS), etc are included in the account.
- RuPay debit card comes with the account free of cost, which along with the cash withdrawals from the branch can be used to withdraw money for a maximum of 4 times in a month. The total number of deposits in a month is not fixed. One can deposit any number of times in the account.
- No extra or penalty charges are levied on any service provided under this account including non operation or activation of inactive account
2. Regular saving bank account:
- This is a new generation account which can be accessed either through branches or ADCs (Alternate Delivery Channels) like ATM, net banking and mobile banking.
- Earning and redemption of reward points on debit card usage is an important feature that can be enjoyed with a free of cost issued ATM cum debit card with account. The debit card usage also entitles one to claim for Accidental Insurance benefits attached with account.
- The account comes with other features like nomination and zero minimum balance facility.
- Two cheque books are offered free of cost to the customers twice a year.
- The account can be accessed through mobile via 'U mobile' facility which makes it easier to do balance enquiry and mobile recharges.
Union Bank of India savings account charges:
For all the categories of accounts in UBI (Regular, Basic or Flexi deposit) debit card issuance is done free of cost. Account closing within 14 days has also been exempted from any charges, however different may be levied on various categories depending upon the scheme detail if account is being closed after a period of 14 days.