Union Bank of India Savings Account

Note: Interest rates are updated as of 16th March 2023.

Read more: Savings Account Interest Rates 2023

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Savings Bank Account (SBGEN)

Union Bank offers facilities of this Savings Bank Account to single individuals, two or more individuals, minors, illiterate persons, blind people, Hindu Undivided families, clubs, associations, committees, societies, schools, trusts, executors, administrators, institutions/agencies permitted by RBI, pensioner and staff members. The account offers below-mentioned features to its customers:

• Quarterly average balance to be maintained with cheque book facility in rural area is as less as Rs. 250, semi-urban area is Rs. 500, urban area is Rs. 1,000 and metro area is Rs. 1,000
• Quarterly average balance to be maintained without cheque book facility in rural areas is Rs. 100, semi-urban areas in Rs. 250, urban areas is Rs. 500 and metro areas is Rs. 500
• ATM cash withdrawal limit per day is Rs. 25,000
• POS limit per day is Rs. 50,000
• The account offers classic debit card for free
• There are no charges applicable on issuance of debit card. Annual maintenance charges will be applied as applicable
• 5 free ATM transactions including financial and non-financial per month from Union Bank’s ATM
• 3 free ATM transactions including financial and non-financial per month from other bank’s ATM in metro cities and 5 free transactions including financial and non-financial per month from other bank’s ATM at non-metro ATMs
• Personal accident insurance cover with debit card of Rs. 2 lakhs (subject to change from time to time)
• No charges will be applied on closing the account within 14 days or after 12 months
• Charges are applicable on closing the account between 15 days to 12 months

UNION MUSKAAN – Saving Bank Account for Minors

This Union Bank savings account is curated for minors of any age who are under the guardianship of a parent/guardian. Only parents and guardians can operate this savings account. The quarterly average balance to be maintained in this account is Rs. 1,000. The account offers below mentioned benefits:

• A platinum debit card is issued to the parent/guardian
• There are no charges applicable at the time of debit card However, annual maintenance charges are applicable on the debit card
• ATM cash withdrawal limit per day is Rs. 5,000
• POS limit per day is Rs. 25,000
• 50 + GST will be charged for not maintaining quarterly average balance
• Personal accident insurance (death) cover with debit card of Rs. 2 lakh. The bank will provide Rs. 2 lakh on the accidental death of a parent/guardian. An additional Rs. 2 lakh will be provided by RuPay on accidental death of a parent/guardian
• 25% concession in ROI on education loan
• One free DD/NEFT per month to make payment of any amount to school/college fee/upfront fee only
• Personalised cheque book having 20 leaves a year
• No charges are applicable on closing the account within 14 days or after 12 months. However, charges will be applicable on closing the account between 15 days to 12 months

Savings Bank Account for Pensioners (SBPEN)

This savings account by Union Bank is designed for pensioners who are drawing regular pension. There is no need to maintain minimum balance for this savings account. Below mentioned are the features provided by the bank for this savings account:

• Classic debit card for free. However, there will be annual maintenance charges applicable on the debit card
• ATM cash withdrawal limit per day is Rs. 25,000
• POS limit per day is Rs. 50,000
• Personal accident insurance cover with debit card of Rs. 2 lakhs (subject to change from time to time)
• There are no charges on SMS banking services
• No charges for not maintaining quarterly average balance
• No charges on closing the account within 14 days or after 12 months
• Charges will be applicable on closing the account between 15 days to 12 months

Union Bank Savings Bank Account for Students

This savings account by Union Bank is designed for students who are above 10 years of age and up to 25 years of age. Students pursuing a regular course can open this account. Once the child completes the age of 25, the account will be automatically converted to a normal savings account. Students can avail cheque book once they become major. For students who are minors and are below 10 years of age, the account will be operated by parents/guardians in that case. There is no minimum balance to be maintained for this type of savings account in Union Bank.

• Classic debit card for free with annual maintenance charges applicable on the debit card
• ATM cash withdrawal limit per day is Rs. 25,000
• POS limit per day is Rs. 50,000
• Personal accident insurance cover with debit card of Rs. 2 lakhs (subject to change from time to time)
• No charges on closing the account within 14 days or after 12 months
• Charges will be applicable on closing the account between 15 days to 12 months
• There will be no passbook provided. However, monthly statement of the account will be provided by the bank

Basic Saving Bank Deposits Account – Small Accounts (BSBDS)

This account is opened under PMJDY scheme of government. Individuals can apply for this account on the basis of self-attested photograph and by providing a declaration on the account opening form. Individuals are not allowed to open this account in the name of institutions, organizations, non-resident Indians, and staff. This savings account by Union Bank is valid for 12 months thereafter, the account can be extended after 12 months if the individual provides the original proof of valid documents. Below mentioned are the features provided by this account:

• No minimum quarterly average balance to be maintained
• Free RuPay debit card with no issuance charges on the card and no annual maintenance charges
• 4 free withdrawals are allowed per month
• All withdrawals and transfers in a month should not exceed Rs. 10,000

Basic Saving Bank Deposits Account (BSBDA)

This savings account by Union Bank can be opened by individuals who can open regular savings bank account. To open this account, individuals need to declare that they are not maintaining any BSBDA account with any other bank. There is no minimum balance requirement to maintain this account. Below mentioned are the features provided by this savings account:

• RuPay classic debit card is issued to the customer free of cost and there are no annual maintenance charges on this card
• 4 withdrawals per month are free including branch, bank’s ATM and other ATM
• ATM cash withdrawal limit per day is Rs. 25,000
• POS limit per day is Rs. 50,000
• Personal accident insurance cover with debit card of Rs. 2 lakhs (subject to change from time to time)
• Cheque book for this account is not provided, customers can withdraw money through withdrawal slip
• There are no charges levied on closing the account

Union Super Salary Account (USSA)

This savings account by Union Bank is designed for salaried individuals who are drawing regular salaries. The account has three variants. The first variant called USSA – I can be availed by individuals who have a gross salary of Rs. 25,000 per month. The second variant called USSA -II can be availed by individuals who have a gross salary of Rs. 25,000 to Rs. 74,999 per month. The third variant called USSA – III can be availed by individuals who have a gross salary of Rs. 75,000 per month. Below mentioned are the features offered by this account:

• There is no requirement to maintain quarterly average balance
• ATM card provided is different for all the variants. USSA – I variant is issued Platinum ATM card. USSA – II and USSA – III variants are issued Signature and RuPay Select ATM card respectively
• ATM cash withdrawal limit for USSA – I variant is Rs. 75,000 per day. For USSA – II and USSA – III variants, the ATM withdrawal limit is Rs. 1,00,000 per day
• POS limit for USSA – I variant is Rs. 1,50,000 per day. POS limit for USSA – II and USSA – III variants is Rs. 3,00,000
• There are no charges levied on issuing a debit card and no charges applicable on annual maintenance of debit card
• The customer is provided 40 cheque leaves per year for USSA -I variant. 60 cheque leaves a year for USSA – II variant. 100 cheque leaves a year for USSA – III variant

Savings Flexi Deposit Scheme (SBNFD)

This savings account offered by Union Bank comes with fixed deposit. Individuals, non-government bodies, organizations and agencies are eligible to open this account. To maintain this account, an individual must maintain a minimum balance of Rs. 50,000. Below mentioned are the features offered by this savings account:

• A platinum debit card is issued to the customer free of cost. However, annual maintenance charges are applicable on the debit card
• ATM cash withdrawal limit per day is Rs. 75,000
• POS limit per day is Rs. 1,50,000
• Period of term deposit is 46 days to 1 year
• Free and unlimited RTGS and NEFT facility
• Sweep out amount minimum of Rs. 10,000 and in multiples of Rs. 10,000 up to 1 Crore per day
• Sweep in and out is Rs. 5,000 and in multiples of Rs. 5,000

Savings Flexi Deposit Scheme (SBNFP)

This savings account by Union Bank is also a type of savings account that comes with fixed deposit. This account is curated for government department bodies, high value customers in order to earn income on the surplus funds available in the savings account. Customers willing to open this account with Union Bank must know that they need to maintain a minimum balance of Rs. 10,00,000 to maintain this savings account. Below mentioned are the features offered by this type of savings account by Union Bank:

• Weekly sweep out facility available
• Period of term deposit is 46 days to 90 days
• Free personalized cheque leaves
• Unlimited and free RTGS, NEFT and DD facility
• Sweep out amount minimum of Rs. 5,00,000 and should be in multiples of Rs. 5,00,000
• No charges on depositing cash up to Rs. 50,00,000 per month in base/non-base branch
• No charges on closing the account within 14 days or after 12 months

MACT Claims SB Account (MACT)

This type of account by Union Bank can be opened to receive compensation amount given under Motor Accident Claim Tribunal. The customer can claim the compensation directly in this account. All individuals of any age group are eligible to apply for this account. However, in case of minors, the account can be accessed by the guardian. The account offers below mentioned features:

• The account can be opened with zero balance and no minimum balance is required to be maintained
• This account can be operated by a single person only. In case of minors, the guardian can operate this account
• Withdrawal can be made through withdrawal forms or through bio-metric authentication
• The customer is allowed to open this account at the nearest branch from the residence or as directed by the court
• Account transfer facility is not available in this savings account
• Rate of interest on this account is applicable as applicable to regular savings bank account

Special SB Schemes Variant – I (SB Premium) SBPRE

This savings account by Union Bank can be opened by individuals who can maintain good balances in their account and cam maintain a regular savings bank account. Customers need to maintain quarterly average balance of Rs. 15,000. This account offers the below-mentioned features to its customers:

• A platinum debit card is issued which is free of cost and there are no annual charges levied to maintain the card
• Access to ATM is unlimited and free at the bank’s branch. However, at other bank’s ATMs only 10 transactions are free per month
• ATM cash withdrawal limit is Rs. 75,000 per day
• POS limit is Rs. 1,50,000 per day
• No charges on availing SMS banking services
• NEFT facility is free. However, only transactions are free from RTGS per month
• A charge of Rs. 150 + GST will be levied on not maintaining the quarterly average balance
• 60 free personalized cheque leaves per year. Thereafter, charges are levied
• No charges are applicable on closing the account

Special SB Schemes Variant – II (SB High Networth Customers) SBHNI

This account by Union Bank is specially designed for individuals who can manage to maintain high balances in their regular savings account. It is a type of account that offers additional features and facilities to normal savings account. Customers are expected to maintain Rs. 1,00,000 as quarterly average balance. Below mentioned are the features offered by this account:

• Signature/RuPay select debit card is issued free of cost and there are no annual maintenance charges on the card
• Unlimited and free ATM access at bank’s ATM and other bank’s ATM
• ATM cash withdrawal limit is Rs. 1,00,000 per day
• POS limit is Rs. 3,00,000 per day
• 100 free personalized cheque leaves per year. Thereafter, charges are levied
• Free NEFT, RTGS, Demand Draft and IMPS facility
• A charge of Rs. 500 + GST will be levied on not maintaining the quarterly average balance
• 50% concession on 1^styear of locker rent
• No charges are applicable on closing the account

Union Digital Saving Account (UDSA)

This Union Bank digital savings account can be opened by any individual in his/her name. A joint account cannot be opened in this type of savings account. The account can be opened with zero balance and there is no minimum balance required for this account. Customers can register for this account through Union Bank’s internet banking, U-Mobile, or by visiting the branch. The account offers below mentioned features:

• A classic debit card is issued to the customer free of cost but an annual fee is charged for this card
• ATM cash withdrawal limit is Rs. 25,000 per day
• POS limit is Rs. 50,000 per day
• Cheque book charges are applicable as per normal savings account

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Applicants of Union Bank of India savings account need to furnish some documents in order to open the bank account. The requirement is different for different accounts. Below-mentioned are the documents that need to be provided by the applicant at the time of opening a savings account in Union Bank.

• Proof of identity
• Address proof
• Passport size photograph
• Duly filled application form

Union Bank allows its customers to open a savings account online. If customers want to open an account online, they need to provide below mentioned documents:

• Original Aadhaar card
• Mobile linked to Aadhaar card for OTP
• Original PAN card
• Scanned image of your photograph of size up to 1 Mb
• Scanned image of proof of identity of size up to 1 Mb
• Scanned image of your signature of size up to 1 Mb

The customer needs to carry his/her mobile phone in person to the branch for OTP verification while account opening

Below mentioned applicants are eligible to open a savings account with Union Bank of India:

• Any individual in single name
• Two or more individuals
• Minors
• Illiterate individuals, Blind people
• Hindu Undivided Families
• Clubs, Associations, Committees, Societies
• Schools, Trusts, Executors, Administrators
• Institutions/Agencies specially permitted by RBI
• Pensioners and Staff members

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If the applicant wants to open Union Bank savings account online, he/she will have to follow the below-mentioned process. There are two ways to open Union Bank savings account online. Firstly, the customer can visit Union Bank’s corporate website www.unionbankofindia.co.in, then navigate on “Digital Banking” > “Self Service Banking” > “Online Account Opening” > “Saving Account” or the customer can also follow the below mentioned process to open a savings account online.

Step 1: Go to Union Bank’s official website, navigate towards savings account and fill in all the mandatory fields and upload the documents as asked

Step 2: A reference number will be generated on saving the application, and an SMS will be sent to you on the mobile number entered in application details

Step 3: The system will ask you to submit the duly filled application form

Step 4: Upon submitting the application form, the customer needs to visit the branch with the unique reference number and the KYC documents as mentioned in the online application form along with original documents and photocopies, two passport size recent photographs for verification and submission

Step 5: The bank official will further complete the verification process

Step 6: Once the verification process is completed, you need to make some deposit in your savings account which may vary depending on the type of savings account you are opening with the bank. In case of zero balance savings account, there is no need to deposit any amount

Step 7: Once you are thorough with all the processes, the bank official will provide you will all the relevant documents and a debit card

To open Union Bank savings account offline, the customer will have to visit the nearest bank’s branch. Below-mentioned steps explain how to open Union Bank savings account offline.

Step 1: Visit the nearest branch of Union Bank and fill in the savings account application form

Step 2: Provide your basic details to the bank official and choose the type of savings account you want to open

Step 3: Once you provide all your basic details, provide the bank official with a self-attested PAN card and Aadhaar card

Step 4: If it’s not a zero balance savings account, you will have to deposit some money in the savings account depending on the type of account you are opening. Collect all the documents and submit the documents with the deposit cash slip or DD and other proof of your identity

Step 5: Once the verification is successful, your account will be opened

The bank will provide you with welcome kit and documents to help you operate the account.

Q. Which mobile banking app can I use to access my savings account in Union Bank?

Ans. You can use Union Bank’s mobile banking app Vyom to access your savings account through your mobile phone.

Q. How can I check my savings account balance in Union Bank?

Ans. You can check your savings account balance in Union Bank by giving a missed call to 09223008586. There are other ways to check Union Bank savings account balance. Click here to know more.

Q. How can I block my credit/debit card immediately in Union Bank?

Ans. To block your credit card or debit card, you need to call on Union Bank’s toll-free customer care number 1800 22 22 44 to get your cards blocked immediately.

Q. What are the ways to apply for a chequebook in Union Bank?

Ans. There are many ways to apply for a new chequebook in Union Bank:

• By visiting the branch and submitting the form to apply for a new chequebook
• Internet banking
• Mobile banking
• By calling the customer care
• By visiting the nearest Union Bank ATM

Q. How can I stop the payment of my cheque in Union Bank?

Ans. To stop the payment of your cheque, you can call Union Bank’s toll-free customer care at 1800 22 2244. You can also visit the nearest branch with a written request to stop the payment of your cheque.