Some of the most popular products of UBI are explained in some detail here.
United Bank of India: Deposit Products: The bank offers a range of banking solutions for savings and deposits. Some of these include:
United Saving Bank Account: The bank offers these accounts for individual account holders, joint account holders, societies, housing boards, Panchayat Samitis and cooperative societies, among others. These accounts have a limit of 50 free ATM cash withdrawals every 6 months of a calendar year. The bank has a minimum balance requirement of Rs. 500 for accounts with chequebook facility for all branches across metros, urban, semi-urban and rural areas. Without chequebook facility, the minimum balance requirement is Rs. 50 for rural branches, and Rs. 100 for other branches. The bank provides zero minimum balance for special categories such as pensioners, visually handicapped people, etc.
United Bank of India Fixed Deposits: United Bank of India offers fixed deposits for a period ranging from 15 days to 10 years. The account holder can hold the account singly or jointly. The interest due on the account is payable as per the preferences of the account holder and can be made monthly, quarterly, half-yearly, yearly or even at the end of the deposit tenure.
United Bank of India Re-Investment Plans: The reinvestment plans for United Bank of India are similar to fixed deposits except that the interest is payable on maturity of the plan. The minimum amount that has to be invested should be Rs. 1,000, and higher amount thereon will be in multiples of Rs. 500. The bank offers the scheme for 6 months to 10 years.
United Bank of India Recurring Deposits: Offered for a period of 6 months to 10 years, the account can be opened by individuals jointly or singly as with fixed deposit schemes. The scheme has a minimum monthly instalment of Rs. 50, and any sum in multiples thereof can be submitted every month by the account holder.
United Bonanza Savings Schemes: The account takes the best of savings accounts and fixed deposits. The scheme transfers the savings account balance above a specified limit to a fixed deposit for a specified period. Any person who is eligible to open a savings account can opt for this savings-cum-deposit option also. The minimum balance required under this scheme is Rs. 10,000. Any amount in the account above the minimum balance or a higher specified sum is made into a fixed deposit in multiples of Rs. 1,000. The account holder can opt for any tenure between 6 months to a year for the fixed deposit scheme. In case the savings account balance falls below Rs. 10,000, then the fixed deposits would be transferred to the savings account on a last-in-first-out basis.