United Bank of India Savings Account

UBI Savings Account Details
Minimum Balance Requirement
  • Zero-balance for several accounts
  • With a cheque book, it is Rs. 500
  • Without cheque book, it is Rs. 50 for rural branches and Rs. 100 with metro/urban/semi-urban
Interest Rate 3.00% to 3.50%
Types of Accounts
  • UBI Regular SB Account
  • UBI Basic SB Account
  • UBI Children SB Account
  • UBI Bonanza Savings Account

United Bank of India (UBI) Savings Account gives the customers an exquisite banking experience. There are different types of savings bank (SB) acc. for regular customers, senior citizens, pensioners, non-pensioner senior citizens, women, minors, salaried individuals, and other entities. The bank offers a 3.50% interest rate maximum on the standard account. There are options for auto-sweep and reverse-sweep, higher interest-earning schemes, and other facilities.

In this post, we will discuss UBI Savings Account Interest Rate, Types of SB Accounts (eligibility and features), and frequently asked questions.

NOTE: UBI has been amalgamated with Punjab National Bank (PNB), with effect from 1 April, 2020. The new customers can refer to the updated details of the SB account by visiting the official website of PNB.

United Bank of India Savings Account Interest Rate

Here are details about UBI Savings Account Interest Rate:

  • The interest rate is 3% and 3.50% on a savings account with a balance lower than Rs. 100 crores and balance over Rs. 100 crores, respectively
  • The interest is calculated on a daily basis.
  • The interest amount is payable on a half-yearly basis in June and December

Types of United Bank of India Savings Account

Here are the top 4 types of UBI Savings Account:

1. United Bank of India Regular Savings Account

The United Bank Regular Savings account comes with several facilities such as Nomination, cheque book/Passbook, ATM-cum-Debit Card, Standing Instruction for fund transfer to another account, instant credit up to Rs. 15,000 for outstation cheque collection, Safety lockers or safe custody of articles. Also, under the United Suraksha Scheme, a person can get insurance coverage with up to Rs. 1.25 lakhs benefit on paying a premium of Rs. 17 per year.

Eligibility Criteria

Here are the eligibility norms:

  • It is possible to open the account in the name of an individual or two or more individuals
  • Account for individual minors operated solely or by a natural guardian
  • Minors or 13 years of age or above can operate the acc. individually
  • A joint account is also allowed jointly or severally with former, survivor clause, or either of survivor
  • An illiterate individual can open the acc. jointly with an illiterate. However, in the case of the survivor, the same should be literate
  • The account is also possible for blind people, society, club, or association
UBI Regular SB Account Details
Minimum Balance Requirement
  • Rs. 500 for acc. with cheque book facility
  • Without cheque book Rs. 50 and Rs. 100 for acc. in rural India, or metro/semi-urban/urban branches, respectively
  • Zero-balance for accounts of senior citizen/ visually challenged/pensioner/agricultural or industrial labourer/women/or female guardian to a minor/girl student of higher education under the National incentive scheme/low-income families/and those for financial inclusion
Operation Mode
  • Survivor/s: Any account holder to operate the acc. but for change or status or closure, there is a need for a joint mandate
  • Otherwise, the primary account holder can operate, change the status or close the acc.
  • The survivors can close the acc. or operate it in case of a depositor’s death
Required Documents
  • Submission of PAN Card xerox copy or declaration in Form 60 or 61
  • Two passport-size photographs
  • Proof of address and identity such as Ration Card/Voter ID Card/Driving Licence/Electricity Bill/Passport/Certificate from a customer that will satisfy the bank
Withdrawal Limits
  • Cash or Cheque: Amount withdrawn through withdrawal slip is up to Rs. 2,000 from a bearer. The same by self is Rs. 20,000.
  • Illiterate acc. holder can also withdraw an amount with no limit with a withdrawal slip as there is no facility for a cheque book
  • Rs. 10 per withdrawable is chargeable if the number of withdrawals is over 50 in a calendar half-year
Other Terms and Conditions
  • One can switch over to a CD account in 14 days after making the first payment in the acc. Or he/she can get the money back at no applicable charges or without any notice
  • The customer must inform the bank in case of a change in the registered address
  • In case of theft/damage/loss of ATM Card, Passbook, chequebook, etc. inform the branch as soon as possible
  • Returning a cheque for any fund need is a criminal offence
  • ECS/RTGS facility is extendable on normal charges upon a mandate
  • PAN number is required in the deposit challan for a cash deposit of Rs. 50,000 and more

2. United Bank of India Basic Savings Account

The UBI Basic Savings Account is for the unbanked population who do not or cannot avail of the basic banking facilities because of the service charges or minimum balance requirement. This is a zero-balance account. Every branch of the bank will offer this savings account. All KYC norms will apply to the acc. The account is transferable to a normal SB account after the necessary KYC verification.

The target group includes industrial/agricultural labourers or families in rural/urban areas. Also, the account is available for non-pensioner senior citizens. One can opt for the nomination facility.

Eligibility Criteria

Here are the eligibility norms:

  • In the name of a sole acc. holder or that of two or more individuals (for a joint account)
  • It is also operable with either or survivor, former, or survivor clause
  • Account operable by the natural guardian in the name of minor
  • Minor’s age in this case if 13 for an individual account
  • Illiterates can also open the account with ‘Former or Survivor; as the mode of operation
  • Here, the illiterate can operate the acc. but is a survivor

Features of UBI Basic Savings Account

Here are the details:

UBI Basic Savings Account Details
Minimum Balance Zero-balance account
Number of Transactions
  • No restriction on deposits
  • The maximum allowance for free transactions in a month is 5
  • After this. Rs. 5 will apply for every additional transaction on withdrawal
ATM-cum-Debit Card No issuance of ATM Card
Cheque Book
  • The minimum balance requirement for the account with cheque book facility is Rs. 250
  • In every calendar year, the customer will get a free cheque book that has 10 leaves
  • Charges will apply on subsequent issuance of cheques
Incidental Charges/Service Charges
  • There are no incidental charges in case of account closure or inoperative account
  • Other service and incidental charges will apply as per the norms of the UBI Savings Account
Accidental Insurance Cover United Suraksha Yojana is extended to customers who are willing to pay the annual premium

3. United Bank of India Children Savings Account

A minor can open an SB account in their name at UBI. Also, he/she can operate it solely. The minimum age limit for the applicant is 10 years or above. The intention of the acc. is to inculcate the habit of savings and banking among children. The applicant has to submit the duly filled and signed an account opening form. On the top of the acc. there the rubber stamp will read as ‘United Children Savings A/c.’ A nomination facility is available. You can deposit in the SB account through a pay-in-slip.

Eligibility Criteria

Here are the eligibility norms:

  • Minimum age of the applicant 10 years or above (single acc. holder)
  • Illiterate children cannot open the United Bank Savings Account
  • The child attains majority at 18
  • If he/she is under a Court-appointed guardian, then he/she attains majority at 21
  • No need to take a new form for those attaining majority
  • However, the person must submit his/her latest photograph
  • If the signature style varies, one can take a new specimen card

Features of UBI Children Savings Account

Here are the details:

UBI SB Acc. for Children Details
Initial Deposit Amount Rs. 50
Minimum Balance Rs. 50
Introduction
  • The applicant has to abide by the introducer norms according to the norms (including verification of address)
  • KYC policies also apply
Collection of Cheque Cheques in the minor’s name are collected through this account
Passbook
  • The acc. holder will receive a specially designed and colourful Passbook
  • One will get another Passbook if the original is lost or damaged
  • No charges apply on the issuance (at first instance) of Passbook in case of damage/loss
Withdrawals
  • Withdrawals allowed through the provided colourful cheque book that is specially designed
  • Each cheque book has 10 leaves (free of cost)
  • In case the customer does not choose to operate an account. with cheque facility, then cash withdrawal is possible through a withdrawal slip
  • But the minor can opt for only one of the options – withdrawal through cheque or withdrawal through a slip
  • No overdrawing facility
Transfer of Account
  • One can transfer the account from a branch to another free-of-cost
  • The child has to submit a written request for the acc. transfer

4. United Bank of India Bonanza Savings Schemes

UBI has a savings scheme to boost liquidity for savings acc. customers. The scheme combines the benefits of the SB account as well as the interest of an FD (Fixed Deposit) acc. When opening the UBI Saving Account, the deposit will receive an in-built arrangement. This facility is the permission to automatically transfer the balance over a certain amount to the FD account. The transfer is for a specific period as per the instruction of the acc. holder. The FD amount will earn the Term Deposit rate as set by the bank.

Eligibility Criteria

Here are the eligibility norms:

  • Anyone eligible to open an SB account at UBI
  • Single and joint accounts
  • Current employees of the bank
  • Senior citizens, ex-employees, spouse of passed away employees

Features of UBI Bonanza Savings Scheme

Here is more about the product:

United Bank Bonanza Savings Scheme Details
Minimum Balance Rs. 10,000
Tenure of FD
  • The tenure for Fixed Deposit in this scheme is for 6 months to 1 year
  • 6 months is the minimum FD duration
Penalty on Premature Closure
  • A penalty charge is applicable on the premature closure of Fixed Deposit
  • 1% penalty on premature closure or/and transfer of FD to Bonanza SB Acc.
Transfer of SB Acc. Funds to the FD Acc.
  • If the balance in the savings account is over Rs. 10,000 or more
  • Then the balance is transferable to a Fixed Deposit in the multiples of Rs. 1,000
  • There is no requirement for compliance with the formalities of opening an FD account for this facility
Reverse Sweep
  • Reverse Sweep will apply if the UBI Savings Account balance falls below the minimum requirement of Rs. 10,000
  • The transfer is in the multiples of Rs. 1,000 from the FD to Bonanza SB acc.
  • The transfer is on the last in first out basis
  • The remaining balance in the Fixed Deposit will earn the applicable interest
  • For operational convenience, the outstanding FD balance will show in the ledger of the United Bonanza Savings Account
Value-Added Services
  • Free transfer of FD created under the scheme
  • Free ATM Card in the first year
  • Free cheque book
  • Free issuance of one DD/PO per month of up to Rs. 5,000

Frequently Asked Questions on United Bank Savings Account

Here are the UBI Savings Account FAQs:

Here is the information:

  • Female customers with a sole account or as guardian to the minor child
  • Salary account holders
  • Visually handicapped individuals
  • Agricultural/industrial labourers from urban or rural areas
  • Senior citizens
  • Primary co op credit society financed by the bank
  • Low-income families from urban or rural areas
  • Pensioners
  • Non-pensioner senior citizens
The bank will accept the nomination in favour of only one individual for an account.

Here is a list of the respective entities:

  • State Housing Boards
  • Societies
  • Govt. Departments
  • Water and sewerage/drainage boards
  • State/District Level Housing Coop Societies
  • Any professional, business, trading (e.g., lawyers, CAs, etc) whether such concern is a Partnership firm or Proprietorship or an association/company
  • Panchayat Samities
  • State Text Book Publishing Corporations
  • Metropolitan Development Authority
  • Municipal Corporation or Committees
  • Bodies depending on the performance of functions as per budgetary allocations

Here is more information:

  • An SB or current deposit holder who has a satisfactory relationship with the bank for the last 6 months
  • A confirmed employee or subordinate staff of the bank
  • Any scheduled bank
  • A gazetted officer
  • Councillor of a Corporation
  • President/Pradhan of Gram Panchayat
  • Chairman of Municipality

Here are the respective details:

  • A person who submits Photo Identity Card or Passport issued by a Government Department or Election Commission
  • For self-drawn cheques of any bank, the individual will have to submit PAN Card, Election ID, latest telephone bill/electricity bill, Certificate from a reputed customer as accepted by the bank, Driving Licence with latest salary slip signed by designated authority/credit card statement